<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper reports the results of a mail survey of capital budgeting practices among Croatian firms and compares the results with those from similar studies in the USA, UK, Sweden, and other European countries. It is based on a questionnaire sent to 200 firms selected from 400 of the best Croatian firms (special edition of Privredni vjesnik) and to 34 banks from a ranking of Croatian banks (special edition of Privredni vjesnik). The response rate was 25,21%. The goal of the empirical survey was to determine the present application of quantitative capital budgeting methods, cost of capital and cash flow estimation, risk analysis and application of a real options approach in capital budgeting practices in Croatian firms. This is the first empirical survey of Croatian capital budgeting practices that has been undertaken.</abstract>

Faculty of Economics, University of Zagrebu, Kennedyev trg 6, 10000 Zagreb, Croatia

Faculty of Economics, University of Zagreb, Kennedyev trg 6, 10000 Zagreb, Croatia

Capital Budgeting Practices: A Survey of Croatian Firms

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper examines the hypothesis that in SEE transitional economies there are two key success factors to insure the successful development of tourism. The first factor is the building up of an active role of government in structuring a state tourism strategy focused on increasing the international competitiveness of the given country's tourism sector. This would speed up the process of tourism development in a sustainable way, since the preservation of space and benefits for the local population should be the main strategic goals of future tourism development in SEE. The second success factor is the elaboration of tourism development master plans at a local level within the country, carried out with the broad involvement of stakeholders with a strong orientation towards pragmatic implementation. This paper uses the case study of Croatia, the most successful country in terms of tourism in SEE.</abstract>

Tourism Master Plans An Effective Tourism Destination Management Tool in SEE

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This study aimed to test the money base, money supply, credit capacity, industrial production index, interest rates, inflation and real exchange rate data of Turkey during the years 1997 - 2006. These were tested through the monetary transmission mechanism and passive money hypothesis, using the vector error correction model-based causality test. Empirical findings showed that the passive money supply hypothesis of the new Keynesian economy is supported in part by accommodationalist views and differs from those of structuralist and liquidity preference theories. However, the monetary transmission mechanism has established that long-term money supply only affects general price levels, while production is influenced by interest rates in the new period of the Turkish economy. Empirical findings show that in this new period, interest transmission mechanisms are at the forefront.</abstract>

Market Risk Group, Is Bank, Istanbul, Turkey

The Monetary Transmission Mechanism in the New Economy: Evidence from Turkey (1997-2006)

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper analyzes and compares investment climates and trends in the South Caucasus and Central Asia. The analyses and comparisons were conducted in view of the impacts of transitional progress, economic development, and the energy reserves from these regions on the inflow of foreign direct investment. Improvement of the investment climate by accelerating the transition process and reducing investment risks can be seen as the most important determinants of FDI inflows into the countries of these two regions. Structural diversification of South Caucasian and Central Asian natural resource-based economies would be essential in ending dependence on the energy and mining sectors and would have positive long-term effects on economic growth and the investment climate, and attract other, additional types of FDI.</abstract>

Investment Climate and Foreign Direct Investment Trends in the South Caucasus and Central Asia

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Small and medium sized entrepreneurship (SME) is often considered a contemporary phenomenon. Why have so many authors dedicated their work to this field? The main reason is that SME influences society and contributes to the economic development of its region. This analysis emphasizes endogenous factors for success. The situation in the Moravia-Silesian Region (the northeast region of the Czech Republic) in which we applied factor analysis on a research sample supported our hypothesis. Moreover, we used VRIO analysis to clearly interpret our research findings.</abstract>

How to Gain Success in SME? A Case Study of a region in the Czech Republic.

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">The New Institutional Economics integrates the theory of institutions into mainstream economics. Institutions are formally and informally the "rules of the game" in society. As such, institutions structure economic activity and influence its outcomes at both micro and macro levels. This paper reviews the empirical literature, focussing on its relevance to transitional economies. We conclude that institutions matter profoundly for economic growth and development. However, although empirical research has increased understanding of the role of institutions in the economy, many questions remain open, especially for transition economies. Knowledge gaps that invite further investigation include: transmission channels between institutions and national output; the issue of mutual endogeneity between institutions and economic growth; the structure and size of the institutional framework and its influence on economic performance; and the links between success in integration with the EU of transition economies, financial support from the EU and the quality of institutions.</abstract>

University of Sarajevo School of Economics and Business, Trg Oslobodenja 1, 71000 Sarajevo

Institutions and Economic Performance: An Overview of Empirical Research with the Main Focus on Transition Economies

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper conducts an empirical investigation of whether female-headed households (FHHs) are over-represented amongst the poor compared to male-headed households in Bosnia and Herzegovina (BiH), measured through the consumption dimension of poverty. Apart from self-reported and demographic definitions of headship, which do not make reference to the economic support provided for a household, households whose headship is assigned according to economic definition are included in the analysis. Moreover, the heterogeneity of FHHs is recognised in our study. In this way, the study avoids the main pitfalls associated with similar studies. Since the relationship between poverty and headship has regional and ethnic characteristics, the specific characteristics of BiH in this context are taken into account. Finally, given that our analysis did not find evidence of FHHs being disadvantaged in terms of household consumption, it cannot be argued that policy measures targeting FHHs would be a useful approach to reducing poverty in Bosnia and Herzegovina.</abstract>

Poverty amongst Female-headed Households in Bosnia and Herzegovina: an empirical analysis

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">Applying the extended Box-Cox model and the Newey-West method, this paper finds that the demand for real M2 is positively influenced by real GDP and the real effective exchange rate, negatively affected by the deposit rate and the world interest rate, and not correlated with the real financial stock price. Hence, real depreciation of the zloty or a lower world interest rate would raise real output. The widely used log-linear form or the linear form can be rejected at the 5% or 1% level in favor of the extended Box-Cox model, suggesting that the elasticity or the slope is not a constant but varies with the values of the dependent and independent variables.</abstract>

Impacts of Financial Stock Prices and Exchange Rates on the Demand for Money in Poland

<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml">This paper tries to find more efficient approach to defining the attributes and goals of rural development policy. The proposed methodology for defining the future role of rural regions within the socio-economic framework of the Western Balkans enables a very precise and transparent definition of rural development goals.</abstract>

Methodology For Modeling Rural Development - Case Study From The Western Balkans

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Volume 18 (2023): Issue 2 (December 2023)

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South East European Journal of Economics and Business

 The South East European Journal of Economics and Businessis a research oriented journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe, and their importance for global economic growth. Our goal is to establish an academic journal in the field of economics and business based on both regional and an international focuses, original articles, rigorous selection, continuous publication and talented authors. The journal does not have article processing charges (APCs) nor article submission charges. Why subscribe and read   High-quality research oriented Journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe;  Excellent articles authored by talented authors from all over the world with perspective on regional economies and business activities, reviewed by prominent reviewers.   Why submit   Fast, fair and constructive double-blind peer review;  Promotion of each published article.   Topics   Accounting and Finance  Banking and Insurance  Business Information Systems  CSR and Sustainability  Economics of Transition  Entrepreneurship  Financial Management  Growth and Development  Human Resources Management  Institutional Economics  International Economics and Business  Marketing Management  Organizational Behavior, Innovations and Competitiveness  Regional Economics and Integration  Strategic Management  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 