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Volumen 12 (2021): Edición 2 (December 2021)

Volumen 12 (2021): Edición 1 (May 2021)

Volumen 11 (2020): Edición 3 (November 2020)

Volumen 11 (2020): Edición 2 (October 2020)

Volumen 11 (2020): Edición 1 (March 2020)

Volumen 10 (2019): Edición 2 (September 2019)

Volumen 10 (2019): Edición 1 (April 2019)

Volumen 9 (2018): Edición 2 (July 2018)

Volumen 9 (2018): Edición 1 (March 2018)

Volumen 8 (2017): Edición 2 (September 2017)

Volumen 8 (2017): Edición 1 (March 2017)

Volumen 7 (2016): Edición 2 (September 2016)

Volumen 7 (2016): Edición 1 (March 2016)

Volumen 6 (2015): Edición 2 (September 2015)

Volumen 6 (2015): Edición 1 (March 2015)

Volumen 5 (2014): Edición 3 (September 2014)
“Novel solutions or novel approaches in Operational Research” co-published with the Slovenian Society INFORMATIKA – Section for Operational Research (SDI-SOR), Edición Editors: Ksenija Dumičić (University of Zagreb), Lidija Zadnik Stirn (University of Ljubljana), and Janez Žerovnik (University of Ljubljana)

Volumen 5 (2014): Edición 2 (June 2014)

Volumen 5 (2014): Edición 1 (March 2014)
Special Edición: Embedded Systems Applications: Future Society Applications

Volumen 4 (2013): Edición 2 (December 2013)

Volumen 4 (2013): Edición 1 (March 2013)

Volumen 3 (2012): Edición 2 (September 2012)
"Innovative Approaches to Operations Research Methodology and Its Applications in Business, Economics, Management and Social Sciences" co-published with the Slovenian Society INFORMATIKA - Section for Operational Research (SDI-SOR)

Volumen 3 (2012): Edición 1 (June 2012)

Volumen 2 (2011): Edición 2 (June 2011)

Volumen 2 (2011): Edición 1 (January 2011)

Volumen 1 (2010): Edición 1-2 (January 2010)

Detalles de la revista
Formato
Revista
eISSN
1847-9375
Publicado por primera vez
19 Sep 2012
Periodo de publicación
2 veces al año
Idiomas
Inglés

Buscar

Volumen 10 (2019): Edición 2 (September 2019)

Detalles de la revista
Formato
Revista
eISSN
1847-9375
Publicado por primera vez
19 Sep 2012
Periodo de publicación
2 veces al año
Idiomas
Inglés

Buscar

13 Artículos
access type Acceso abierto

Editorial for the special issue: “Advances and Trends in Post-transition Countries: Statistical Modelling Approach”

Publicado en línea: 16 Sep 2019
Páginas: 1 - 5

Resumen

Abstract

This special issue of Business Systems Research is highlights recent advances and trends in post-transition countries, taking into account statistical modelling approach. Nine papers that have been selected for this special issue present improvements and new techniques (methodology) in statistical modelling and their use in various aspects of development in post-transition countries

Palabras clave

  • statistical modelling
  • post-transition countries
access type Acceso abierto

Analysis of Higher Education Indicators Coherency in Central and Eastern Europe

Publicado en línea: 16 Sep 2019
Páginas: 6 - 17

Resumen

Abstract

Background: Higher education has the main role in generating innovative activity in knowledge-based economies. Therefore, the efficiency of the higher education sector reflects the alignment of the higher education policy with government expenditure. However, countries in Central and Eastern Europe (CEE region) have been struggling with national budget optimisation, which can cause fiscal stress and thus affect the efficiency of higher education.

Objectives: The main objective is to examine mutual interaction of higher education indicators, through formulating financial models that connect performance and financial indicators.

Methods/Approach: A total of 4 higher education indicators were analysed and observed in the time period of 10 years in selected CEE countries. The statistical analysis was based on panel data models.

Results: The main result of the paper is the analysis of coherency of selected higher education indicators in selected CEE countries in order to establish functional links between government expenditure and efficiency through formulating financial models.

Conclusions: Formulated financial models can predict the behaviour of selected performance indicators, depending on financial indicators. Therefore, the obtained models can contribute to the efficient allocation of funds and comprehensive macro-level decision making assessments in higher education policy reforms.

Palabras clave

  • higher education
  • government expenditure
  • UNESCO higher education indicators
  • panel data models
  • CEE region

JEL Classification

  • H52
access type Acceso abierto

Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’

Publicado en línea: 16 Sep 2019
Páginas: 18 - 36

Resumen

Abstract

Background: This article examines the productivity of domestic firms in the case of the foreign ownership.

Objectives: Foreign direct investments affect the competitive competences of domestic firms; thus, the objective is to see the way foreign ownership drives the growth of domestic firms.

Methods/Approach: The study uses standard models to analyse productivity; they are applied to data sets of Macedonia, a Southeast European economy, and it is concluded that foreign ownership has a major role in domestic firms’ restructuring processes increasing their productivity.

Results: Surely, the results support the principal notion that the augmented presence of foreign firms is to influence the restructuring and business activity of domestic companies positively.

Conclusions: Our analysis verifies that foreign ownership has influenced the overall economy and particularly domestic-owned firms with the constant increase in employment and especially direct export.

Palabras clave

  • foreign firms
  • domestic firms
  • productivity

JEL Classification

  • D20
  • F21
  • G32
  • O12
  • P30
access type Acceso abierto

Determinants of Tax Morale in Croatia: an Ordered Logit Model

Publicado en línea: 16 Sep 2019
Páginas: 37 - 48

Resumen

Abstract

Background: A lower tax morality leads to an increased readiness to become active in the unofficial economy and causes the lack of public revenues.

Objectives: The aim of this paper is to investigate determinants that shape tax morale of Croatian citizens.

Methods/Approach: An ordered logit model is employed to evaluate which determinants shape tax morale of Croatian citizens. Data for the research were collected from 2,000 face-to-face interviews conducted in Croatia in late 2015.

Results: The descriptive analysis illustrates that 52 percent of respondents reported a high level of tax morale, 26 percent of respondents have a low tax morale, while 8 and 14 percent have a mid-low and a mid-high tax morale, respectively. The ordered logit analysis revealed that gender, age, financial situation, region, and participation in the unofficial economy have an impact on the tax morale.

Conclusions: Besides socio-demographic, socio-economic, and spatial determinants, a great number of sanctions for participation in informal activities also shapes tax morale of the Croatian citizens. More precisely, marginal effects show that those perceiving the expected sanctions as “normal tax or social security contributions due, plus a fine or a prison sentence” have by 6.3 percentage points higher probability of reporting the highest tax morale than others.

Palabras clave

  • Croatia
  • ordered logit model
  • tax evasion
  • tax morale

JEL Classification

  • C25
  • H26
  • K42
  • O17
access type Acceso abierto

Impact of Internal Migration on Population Redistribution in Slovenia

Publicado en línea: 16 Sep 2019
Páginas: 49 - 60

Resumen

Abstract

Background: In most countries, data on migration refer only to flows between administratively or statistically defined zones that are changing over time. When different numbers, sizes, and shapes of areas are chosen for analysis of internal migration, different results are generated. This problem is recognised as the Modifiable Areal Unit Problem (MAUP).

Objectives: The paper analyses the impact of inter-municipal migration on population redistribution in Slovenia in 2000–2014 by considering the MAUP. Namely, the number of analysed municipalities increased by 19 in the considered period.

Methods/Approach: We analysed the MAUP effects and estimated internal migration statistics by producing a large number of aggregations using the IMAGE Studio software.

Results: Several statistics that measure the direction and pace of population concentration, as well as the correlation between measures of migration intensity and national development, have been calculated.

Conclusions: The results for Slovenia show that the migration efficiency decreases with the development process measured by the human development index.

Palabras clave

  • internal migration
  • MAUP
  • population redistribution
  • zonal aggregation

JEL Classification

  • C10
  • C43
  • C49
  • O15
access type Acceso abierto

Measurement of Export Market Concentration for the Largest European Economic Integrations

Publicado en línea: 16 Sep 2019
Páginas: 61 - 72

Resumen

Abstract

Background: By joining different regional economic trade agreements, countries achieve preferential trade liberalisation. There are four main types of regional economic agreements in the world today: free trade area, customs union, common market, and economic and monetary union.

Objectives: The goal of this paper is the measurement of the export market concentration for the largest European regional economic integrations in the period between 1995 and 2016.

Methods/Approach: Various concentration measures have been used in the measurement of export market concentration, but the emphasis is placed on the standardized Herfindahl-Hirschman index as the basic measure of trade concentration.

Results: Results of the analysis have shown that the highest concentration level of trade with countries worldwide is among the European Free Trade Association (EFTA) countries, whereas the EU-15 countries seem to have the lowest concentration level. On the other side, the Central European Free Trade Agreement (CEFTA) countries have the highest concentration level of trade with countries from the same group, and again the EU-15 countries have the lowest concentration level, which indicates that the CEFTA countries implemented deeper integration processes related to mutual intra-regional trade.

Conclusions: Deep integration processes led to lower values of export market concentration indices for intra-regional trade among countries of the same regional economic integration in comparison to trading with countries worldwide.

Palabras clave

  • European regional economic integrations
  • export market concentration
  • intra-regional trade
  • standardized concentration measures

JEL Classification

  • C43
  • F15
access type Acceso abierto

Shedding Light on the Doing Business Index: a Machine Learning Approach

Publicado en línea: 16 Sep 2019
Páginas: 73 - 84

Resumen

Abstract

Background: The World Bank (WB) acknowledged the importance of business regulatory environment and therefore created a metric which ranks 190 countries based on their level of business regulation for domestic firms measured by the Doing Business Index (DBI).

Objectives: The question which attracted our attention is whether all the observed entities should be given the same weighting scheme.

Methods/Approach: The approach we propose as an answer is two-fold. First, we cluster the countries covered by the DBI. In the next step, we apply the statistical multivariate Composite I-distance Indicator (CIDI) methodology to determine new, data-driven weights for each of the retained clusters.

Results: The obtained results show that there is a difference between the weighting schemes proposed by the CIDI methodology.

Conclusions: One can argue that one weighting scheme does not fit all the observed countries, meaning that additional analyses on the DBI are suggested to explore its stability and its weighting scheme.

Palabras clave

  • CIDI methodology
  • Doing Business Index
  • international business
  • machine learning algorithms

JEL Classification

  • C43
  • C38
  • F23
  • M16
access type Acceso abierto

Achieving Portfolio Diversification through Cryptocurrencies in European Markets

Publicado en línea: 16 Sep 2019
Páginas: 85 - 107

Resumen

Abstract

Background: Cryptocurrencies represent a specific technological innovation in financial markets that keeps getting more and more popular among investors around the world. Given the specific characteristics of the cryptocurrencies, this paper examines the possibility of their use as a diversification instrument.

Objectives: This paper examines the direction and strength of the relationship between the selected cryptocurrencies and important financial indicators on the European Union market. Since cryptocurrencies are a novelty in the financial system, the empirical literature in this area is rather scarce.

Methods/Approach: In order to assess diversification properties of cryptocurrencies for European traders, a comprehensive econometric analysis was carried out. The first part of the analysis refers to the estimation of the multivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, whereas the second part focuses on wavelet transforms.

Results: Bitcoin and Ripple proved as a possible diversification instrument on most of the observed European markets since corresponding coefficients of unconditional correlation are negative.

Conclusions: The relationship between the value of the cryptocurrencies and selected indices is generally very weak and slightly negative, indicating that some cryptocurrencies can serve as a means of diversification. However, investors need to take into account the extreme volatility, exhibited in all existing cryptocurrencies.

Palabras clave

  • Bitcoin
  • portfolio diversification
  • volatility clustering
  • wavelet
  • cryptocurrencies

JEL Classification

  • G11
  • C32
  • F31
  • C58
access type Acceso abierto

Employers’ Perceptions of Business and Economics Graduates’ Competencies in Croatia

Publicado en línea: 16 Sep 2019
Páginas: 108 - 123

Resumen

Abstract

Background: The issue of graduates’ competencies is not a new one, but was brought back into the spotlight after the 2007-2008 Global Financial Crisis and the ensuing disturbances in the labour market. These disturbances were manifested through an increased unemployment rate, with a significant share of highly educated people.

Objectives: This paper provides an insight into employers’ assessment of the importance and sufficiency of the competencies acquired by business and economics university bachelor graduates in Croatia.

Methods/Approach: The methodology applied in this research includes the importance-performance analysis (IPA) that provides a two-dimensional importance-satisfaction grid. Data for the IPA analysis were collected by the structured questionnaire.

Results: Results indicated that employers are satisfied with specific competencies (business and economic) and that the emphasis of business and economics higher education institutions (HEI) should be placed on generic competencies.

Conclusions: Findings imply that mobility of highly educated people could be caused by the level and quality of specific competencies of bachelors with a degree from Croatian economics higher education institutions. Additionally, the conclusion of the conducted study indicates a need for implementation of student-oriented teaching methods, the introduction of obligatory internship, and introduction of courses oriented towards the development of generic competencies.

Palabras clave

  • competencies
  • importance-performance analysis - IPA
  • business and economics
  • demographics and finance
  • Croatia

JEL Classification

  • A22
  • G01
  • I21
  • J11
access type Acceso abierto

Technology Acceptance Model for the Internet Banking Acceptance in Split

Publicado en línea: 16 Sep 2019
Páginas: 124 - 140

Resumen

Abstract

Background: In today’s dynamic environment, electronic banking and electronic commerce have become an inevitable aspect of financial services, so the question of acceptance and use of this kind of technology arises.

Objectives: The aim of this research is to determine whether the motivation for using the Internet banking in the city of Split, Croatia, can be explained by perceived ease of use and perceived usefulness as the main elements of the technology acceptance model.

Methods/Approach: For the purposes of the research, a survey analysis was applied to the sample of 282 working residents of Split. The gender and age structure of the sample was harmonized with the population to make the results more credible. In order to test the research hypothesis, logistic regression models were used.

Results: The results confirmed that both elements of the technology acceptance model significantly influence the acceptance of the Internet banking in the city of Split.

Conclusions: It is concluded that demographic and economic characteristics and perception of individuals affect the acceptance and use of the Internet banking in the city of Split. The results showed that both elements of the technology acceptance model influence the acceptance of the Internet banking.

Palabras clave

  • internet banking
  • logistic regression
  • survey analysis
  • technology acceptance model (TAM)

JEL Classification

  • O39
  • C52
  • C83
  • G29
access type Acceso abierto

Assessing Tourist Revisit Intention through the Sports and Recreational Services Offered

Publicado en línea: 16 Sep 2019
Páginas: 141 - 150

Resumen

Abstract

Background: Sports and recreational tourism are forms of tourism that imply active involvement of tourists in various sports activities during their vacation, and it can be said that the main motive of such a vacation is a sport.

Objectives: This research aimed to determine the relationship between sports and recreational activities and tourist satisfaction based on the questionnaire related to the behaviour and satisfaction of tourists during their stay in Montenegro.

Methods/Approach: Regression analysis has been conducted in order to assess the interaction between sport-recreational activities and previous experience in Montenegro, and their effect on tourist revisit intention.

Results: Empirical results demonstrate the influence of sports and recreational services on tourist satisfaction measured by tourists’ revisit intentions. Distinguishing between sports, and health, spa and wellness facilities and services, the findings indicate that health, spa, and wellness facilities and services have a higher impact on revisit intention than sports activities. In addition, the interaction effect between different sports and recreational activities and previous experience in Montenegro did not provide a more amplified effect on tourist satisfaction.

Conclusions: Establishing closer links between workers who provide sports services and those providing other tourist services is one of the main challenges in the future of the development of sports tourism in Montenegro, as one of the most critical aspects that can provide tourist satisfaction. The data study can be used for more efficient and effective decision making and strategy development of sports and recreational activities in the tourism industry.

Palabras clave

  • sport
  • recreational
  • tourism
  • satisfaction
  • revisit intention

JEL Classification

  • M21
access type Acceso abierto

Social Responsibility and Loyalty in Public Relations Codes

Publicado en línea: 16 Sep 2019
Páginas: 151 - 162

Resumen

Abstract

Background: It is believed that social responsibility, the value that is strongly involved in the contemporary corporate behaviour, has also become the core value for public relations practitioners and their associations. However, there are ethical doubts concerning the question to whom a PR practitioner is actually responsible (or loyal) in the first place: to the client, the employer, the public, or society in general?

Objectives: This research aims to describe how social responsibility is articulated in the documents that can be considered as the crown of public relations ethics – the codes of ethics – and additionally, how the value of loyalty corresponds to the value of social responsibility.

Methods/Approach: The research is based on the content analyses of 13 codes of ethics that are delivered by 18 public relations associations at the international and the national level in the USA and the European Union.

Results: Although the phrase “social responsibility” is not mentioned in codes directly, the value of social responsibility is present in very diverse ways. When the value of loyalty came into the correlation with social responsibility, the research has shown that these values exist as a separate principle.

Conclusions: The public relations are a profession that tends to be socially responsible and tends to show that loyalty to clients and organizations is subordinated to public and social responsibility. Thus, the codes show that contemporary public relations, at least at the normative level, approach the two-way symmetric model and mostly promote “idealistic social role” of public relations.

Palabras clave

  • public relations
  • ethics
  • social responsibility
  • loyalty
  • ethic codes

JEL Classification

  • M14
  • D8
access type Acceso abierto

Financial Stability of Insurance Companies in Selected CEE Countries

Publicado en línea: 16 Sep 2019
Páginas: 163 - 178

Resumen

Abstract

Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability.

Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017.

Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth.

Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.

Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.

Palabras clave

  • insurance companies
  • soundness
  • Central and Eastern European countries

JEL Classification

  • G22
  • L25
  • L22
13 Artículos
access type Acceso abierto

Editorial for the special issue: “Advances and Trends in Post-transition Countries: Statistical Modelling Approach”

Publicado en línea: 16 Sep 2019
Páginas: 1 - 5

Resumen

Abstract

This special issue of Business Systems Research is highlights recent advances and trends in post-transition countries, taking into account statistical modelling approach. Nine papers that have been selected for this special issue present improvements and new techniques (methodology) in statistical modelling and their use in various aspects of development in post-transition countries

Palabras clave

  • statistical modelling
  • post-transition countries
access type Acceso abierto

Analysis of Higher Education Indicators Coherency in Central and Eastern Europe

Publicado en línea: 16 Sep 2019
Páginas: 6 - 17

Resumen

Abstract

Background: Higher education has the main role in generating innovative activity in knowledge-based economies. Therefore, the efficiency of the higher education sector reflects the alignment of the higher education policy with government expenditure. However, countries in Central and Eastern Europe (CEE region) have been struggling with national budget optimisation, which can cause fiscal stress and thus affect the efficiency of higher education.

Objectives: The main objective is to examine mutual interaction of higher education indicators, through formulating financial models that connect performance and financial indicators.

Methods/Approach: A total of 4 higher education indicators were analysed and observed in the time period of 10 years in selected CEE countries. The statistical analysis was based on panel data models.

Results: The main result of the paper is the analysis of coherency of selected higher education indicators in selected CEE countries in order to establish functional links between government expenditure and efficiency through formulating financial models.

Conclusions: Formulated financial models can predict the behaviour of selected performance indicators, depending on financial indicators. Therefore, the obtained models can contribute to the efficient allocation of funds and comprehensive macro-level decision making assessments in higher education policy reforms.

Palabras clave

  • higher education
  • government expenditure
  • UNESCO higher education indicators
  • panel data models
  • CEE region

JEL Classification

  • H52
access type Acceso abierto

Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’

Publicado en línea: 16 Sep 2019
Páginas: 18 - 36

Resumen

Abstract

Background: This article examines the productivity of domestic firms in the case of the foreign ownership.

Objectives: Foreign direct investments affect the competitive competences of domestic firms; thus, the objective is to see the way foreign ownership drives the growth of domestic firms.

Methods/Approach: The study uses standard models to analyse productivity; they are applied to data sets of Macedonia, a Southeast European economy, and it is concluded that foreign ownership has a major role in domestic firms’ restructuring processes increasing their productivity.

Results: Surely, the results support the principal notion that the augmented presence of foreign firms is to influence the restructuring and business activity of domestic companies positively.

Conclusions: Our analysis verifies that foreign ownership has influenced the overall economy and particularly domestic-owned firms with the constant increase in employment and especially direct export.

Palabras clave

  • foreign firms
  • domestic firms
  • productivity

JEL Classification

  • D20
  • F21
  • G32
  • O12
  • P30
access type Acceso abierto

Determinants of Tax Morale in Croatia: an Ordered Logit Model

Publicado en línea: 16 Sep 2019
Páginas: 37 - 48

Resumen

Abstract

Background: A lower tax morality leads to an increased readiness to become active in the unofficial economy and causes the lack of public revenues.

Objectives: The aim of this paper is to investigate determinants that shape tax morale of Croatian citizens.

Methods/Approach: An ordered logit model is employed to evaluate which determinants shape tax morale of Croatian citizens. Data for the research were collected from 2,000 face-to-face interviews conducted in Croatia in late 2015.

Results: The descriptive analysis illustrates that 52 percent of respondents reported a high level of tax morale, 26 percent of respondents have a low tax morale, while 8 and 14 percent have a mid-low and a mid-high tax morale, respectively. The ordered logit analysis revealed that gender, age, financial situation, region, and participation in the unofficial economy have an impact on the tax morale.

Conclusions: Besides socio-demographic, socio-economic, and spatial determinants, a great number of sanctions for participation in informal activities also shapes tax morale of the Croatian citizens. More precisely, marginal effects show that those perceiving the expected sanctions as “normal tax or social security contributions due, plus a fine or a prison sentence” have by 6.3 percentage points higher probability of reporting the highest tax morale than others.

Palabras clave

  • Croatia
  • ordered logit model
  • tax evasion
  • tax morale

JEL Classification

  • C25
  • H26
  • K42
  • O17
access type Acceso abierto

Impact of Internal Migration on Population Redistribution in Slovenia

Publicado en línea: 16 Sep 2019
Páginas: 49 - 60

Resumen

Abstract

Background: In most countries, data on migration refer only to flows between administratively or statistically defined zones that are changing over time. When different numbers, sizes, and shapes of areas are chosen for analysis of internal migration, different results are generated. This problem is recognised as the Modifiable Areal Unit Problem (MAUP).

Objectives: The paper analyses the impact of inter-municipal migration on population redistribution in Slovenia in 2000–2014 by considering the MAUP. Namely, the number of analysed municipalities increased by 19 in the considered period.

Methods/Approach: We analysed the MAUP effects and estimated internal migration statistics by producing a large number of aggregations using the IMAGE Studio software.

Results: Several statistics that measure the direction and pace of population concentration, as well as the correlation between measures of migration intensity and national development, have been calculated.

Conclusions: The results for Slovenia show that the migration efficiency decreases with the development process measured by the human development index.

Palabras clave

  • internal migration
  • MAUP
  • population redistribution
  • zonal aggregation

JEL Classification

  • C10
  • C43
  • C49
  • O15
access type Acceso abierto

Measurement of Export Market Concentration for the Largest European Economic Integrations

Publicado en línea: 16 Sep 2019
Páginas: 61 - 72

Resumen

Abstract

Background: By joining different regional economic trade agreements, countries achieve preferential trade liberalisation. There are four main types of regional economic agreements in the world today: free trade area, customs union, common market, and economic and monetary union.

Objectives: The goal of this paper is the measurement of the export market concentration for the largest European regional economic integrations in the period between 1995 and 2016.

Methods/Approach: Various concentration measures have been used in the measurement of export market concentration, but the emphasis is placed on the standardized Herfindahl-Hirschman index as the basic measure of trade concentration.

Results: Results of the analysis have shown that the highest concentration level of trade with countries worldwide is among the European Free Trade Association (EFTA) countries, whereas the EU-15 countries seem to have the lowest concentration level. On the other side, the Central European Free Trade Agreement (CEFTA) countries have the highest concentration level of trade with countries from the same group, and again the EU-15 countries have the lowest concentration level, which indicates that the CEFTA countries implemented deeper integration processes related to mutual intra-regional trade.

Conclusions: Deep integration processes led to lower values of export market concentration indices for intra-regional trade among countries of the same regional economic integration in comparison to trading with countries worldwide.

Palabras clave

  • European regional economic integrations
  • export market concentration
  • intra-regional trade
  • standardized concentration measures

JEL Classification

  • C43
  • F15
access type Acceso abierto

Shedding Light on the Doing Business Index: a Machine Learning Approach

Publicado en línea: 16 Sep 2019
Páginas: 73 - 84

Resumen

Abstract

Background: The World Bank (WB) acknowledged the importance of business regulatory environment and therefore created a metric which ranks 190 countries based on their level of business regulation for domestic firms measured by the Doing Business Index (DBI).

Objectives: The question which attracted our attention is whether all the observed entities should be given the same weighting scheme.

Methods/Approach: The approach we propose as an answer is two-fold. First, we cluster the countries covered by the DBI. In the next step, we apply the statistical multivariate Composite I-distance Indicator (CIDI) methodology to determine new, data-driven weights for each of the retained clusters.

Results: The obtained results show that there is a difference between the weighting schemes proposed by the CIDI methodology.

Conclusions: One can argue that one weighting scheme does not fit all the observed countries, meaning that additional analyses on the DBI are suggested to explore its stability and its weighting scheme.

Palabras clave

  • CIDI methodology
  • Doing Business Index
  • international business
  • machine learning algorithms

JEL Classification

  • C43
  • C38
  • F23
  • M16
access type Acceso abierto

Achieving Portfolio Diversification through Cryptocurrencies in European Markets

Publicado en línea: 16 Sep 2019
Páginas: 85 - 107

Resumen

Abstract

Background: Cryptocurrencies represent a specific technological innovation in financial markets that keeps getting more and more popular among investors around the world. Given the specific characteristics of the cryptocurrencies, this paper examines the possibility of their use as a diversification instrument.

Objectives: This paper examines the direction and strength of the relationship between the selected cryptocurrencies and important financial indicators on the European Union market. Since cryptocurrencies are a novelty in the financial system, the empirical literature in this area is rather scarce.

Methods/Approach: In order to assess diversification properties of cryptocurrencies for European traders, a comprehensive econometric analysis was carried out. The first part of the analysis refers to the estimation of the multivariate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, whereas the second part focuses on wavelet transforms.

Results: Bitcoin and Ripple proved as a possible diversification instrument on most of the observed European markets since corresponding coefficients of unconditional correlation are negative.

Conclusions: The relationship between the value of the cryptocurrencies and selected indices is generally very weak and slightly negative, indicating that some cryptocurrencies can serve as a means of diversification. However, investors need to take into account the extreme volatility, exhibited in all existing cryptocurrencies.

Palabras clave

  • Bitcoin
  • portfolio diversification
  • volatility clustering
  • wavelet
  • cryptocurrencies

JEL Classification

  • G11
  • C32
  • F31
  • C58
access type Acceso abierto

Employers’ Perceptions of Business and Economics Graduates’ Competencies in Croatia

Publicado en línea: 16 Sep 2019
Páginas: 108 - 123

Resumen

Abstract

Background: The issue of graduates’ competencies is not a new one, but was brought back into the spotlight after the 2007-2008 Global Financial Crisis and the ensuing disturbances in the labour market. These disturbances were manifested through an increased unemployment rate, with a significant share of highly educated people.

Objectives: This paper provides an insight into employers’ assessment of the importance and sufficiency of the competencies acquired by business and economics university bachelor graduates in Croatia.

Methods/Approach: The methodology applied in this research includes the importance-performance analysis (IPA) that provides a two-dimensional importance-satisfaction grid. Data for the IPA analysis were collected by the structured questionnaire.

Results: Results indicated that employers are satisfied with specific competencies (business and economic) and that the emphasis of business and economics higher education institutions (HEI) should be placed on generic competencies.

Conclusions: Findings imply that mobility of highly educated people could be caused by the level and quality of specific competencies of bachelors with a degree from Croatian economics higher education institutions. Additionally, the conclusion of the conducted study indicates a need for implementation of student-oriented teaching methods, the introduction of obligatory internship, and introduction of courses oriented towards the development of generic competencies.

Palabras clave

  • competencies
  • importance-performance analysis - IPA
  • business and economics
  • demographics and finance
  • Croatia

JEL Classification

  • A22
  • G01
  • I21
  • J11
access type Acceso abierto

Technology Acceptance Model for the Internet Banking Acceptance in Split

Publicado en línea: 16 Sep 2019
Páginas: 124 - 140

Resumen

Abstract

Background: In today’s dynamic environment, electronic banking and electronic commerce have become an inevitable aspect of financial services, so the question of acceptance and use of this kind of technology arises.

Objectives: The aim of this research is to determine whether the motivation for using the Internet banking in the city of Split, Croatia, can be explained by perceived ease of use and perceived usefulness as the main elements of the technology acceptance model.

Methods/Approach: For the purposes of the research, a survey analysis was applied to the sample of 282 working residents of Split. The gender and age structure of the sample was harmonized with the population to make the results more credible. In order to test the research hypothesis, logistic regression models were used.

Results: The results confirmed that both elements of the technology acceptance model significantly influence the acceptance of the Internet banking in the city of Split.

Conclusions: It is concluded that demographic and economic characteristics and perception of individuals affect the acceptance and use of the Internet banking in the city of Split. The results showed that both elements of the technology acceptance model influence the acceptance of the Internet banking.

Palabras clave

  • internet banking
  • logistic regression
  • survey analysis
  • technology acceptance model (TAM)

JEL Classification

  • O39
  • C52
  • C83
  • G29
access type Acceso abierto

Assessing Tourist Revisit Intention through the Sports and Recreational Services Offered

Publicado en línea: 16 Sep 2019
Páginas: 141 - 150

Resumen

Abstract

Background: Sports and recreational tourism are forms of tourism that imply active involvement of tourists in various sports activities during their vacation, and it can be said that the main motive of such a vacation is a sport.

Objectives: This research aimed to determine the relationship between sports and recreational activities and tourist satisfaction based on the questionnaire related to the behaviour and satisfaction of tourists during their stay in Montenegro.

Methods/Approach: Regression analysis has been conducted in order to assess the interaction between sport-recreational activities and previous experience in Montenegro, and their effect on tourist revisit intention.

Results: Empirical results demonstrate the influence of sports and recreational services on tourist satisfaction measured by tourists’ revisit intentions. Distinguishing between sports, and health, spa and wellness facilities and services, the findings indicate that health, spa, and wellness facilities and services have a higher impact on revisit intention than sports activities. In addition, the interaction effect between different sports and recreational activities and previous experience in Montenegro did not provide a more amplified effect on tourist satisfaction.

Conclusions: Establishing closer links between workers who provide sports services and those providing other tourist services is one of the main challenges in the future of the development of sports tourism in Montenegro, as one of the most critical aspects that can provide tourist satisfaction. The data study can be used for more efficient and effective decision making and strategy development of sports and recreational activities in the tourism industry.

Palabras clave

  • sport
  • recreational
  • tourism
  • satisfaction
  • revisit intention

JEL Classification

  • M21
access type Acceso abierto

Social Responsibility and Loyalty in Public Relations Codes

Publicado en línea: 16 Sep 2019
Páginas: 151 - 162

Resumen

Abstract

Background: It is believed that social responsibility, the value that is strongly involved in the contemporary corporate behaviour, has also become the core value for public relations practitioners and their associations. However, there are ethical doubts concerning the question to whom a PR practitioner is actually responsible (or loyal) in the first place: to the client, the employer, the public, or society in general?

Objectives: This research aims to describe how social responsibility is articulated in the documents that can be considered as the crown of public relations ethics – the codes of ethics – and additionally, how the value of loyalty corresponds to the value of social responsibility.

Methods/Approach: The research is based on the content analyses of 13 codes of ethics that are delivered by 18 public relations associations at the international and the national level in the USA and the European Union.

Results: Although the phrase “social responsibility” is not mentioned in codes directly, the value of social responsibility is present in very diverse ways. When the value of loyalty came into the correlation with social responsibility, the research has shown that these values exist as a separate principle.

Conclusions: The public relations are a profession that tends to be socially responsible and tends to show that loyalty to clients and organizations is subordinated to public and social responsibility. Thus, the codes show that contemporary public relations, at least at the normative level, approach the two-way symmetric model and mostly promote “idealistic social role” of public relations.

Palabras clave

  • public relations
  • ethics
  • social responsibility
  • loyalty
  • ethic codes

JEL Classification

  • M14
  • D8
access type Acceso abierto

Financial Stability of Insurance Companies in Selected CEE Countries

Publicado en línea: 16 Sep 2019
Páginas: 163 - 178

Resumen

Abstract

Background: Financial stability or soundness of insurance companies has gained importance over the years, especially after the financial crisis of 2008. Various stakeholders such as policy makers, regulators, the insured, etc. are interested in keeping the insurance sector stable since it contributes to overall financial stability.

Objectives: The authors explore the determinants of insurers’ soundness in selected countries in Central and Eastern Europe. The analysis covers life, non-life and composite insurers that operated in Croatia, Hungary, and Poland in the period 2013 – 2017.

Methods/Approach: A set of insurer – specific, industry – specific and macroeconomic variables are taken into consideration for having a potential influence on soundness measured by the Z-score. The variables include the size based on total assets, the share of premium ceded to reinsurance, claims growth, gross written premium growth, the premium to surplus ratio, market shares held by the five largest insurers, the share of gross written premium in the gross domestic product (GDP) and the GDP per capita growth.

Results: The findings reveal that soundness of Croatian insurers is positively influenced by the size of an insurer. Both in Hungary and Poland reinsurance plays an important factor positively affecting soundness.

Conclusions: Each of the insurance markets covered by the analysis reveals its characteristics and offers guidelines on factors influencing financial stability.

Palabras clave

  • insurance companies
  • soundness
  • Central and Eastern European countries

JEL Classification

  • G22
  • L25
  • L22

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