Search results for: Republic of Croatia.

Authors: Dragana Bjelić, Mirela Mezak Stastny

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This paper begins with formal defining of human rights and freedoms, and the basic document regarding the said subject is undoubtedly French Declaration of the Rights of Man and of the Citizen from 789. This paper furthermore parses legal sources relevant for the workers' rights in legal system of the Republic of Croatia, international contracts and the Labour Act, which is also a master bill regarding workers' rights The authors are also dealing with issues of Constitutional Court of the Republic of Croatia and its' position in judicial system of the Republic of Croatia, as well as with the specifics of Constitutional Complaint, and the crucial part of the paper is based on the research conducted with an aim to determine implementation of rights and liberties guaranteed by the articles 54. and 55. of the Constitution of the Republic of Croatia by means of Constitutional Complaint.

Keywords: a right to work, a freedom of work, Constitutional Court of Republic of Croatia, Constitutional Complaint.

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Authors: D. Jakovčević, M. Mihelja Žaja

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This paper provides an analysis of the insurance cycle in the Republic of Croatia and whether they are affected by catastrophic losses on a global level. In general, it is considered that insurance cycles are particularly pronounced in periods of financial crisis, but are also affected by the growing number of catastrophic losses. They cause the change of insurance cycle and premium growth and intensification and narrowing of the coverage conditions, so these variables move in the same direction and these phenomena point to a new cycle. The main goal of this paper is to determine the existence of insurance cycle in the Republic of Croatia and investigate whether catastrophic losses have an influence on insurance cycles.

Keywords: Catastrophic loss, insurance cycle, premium, Republic of Croatia.

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Authors: D. Jakovčević, M. Mihelja Žaja

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The purpose of this paper is to analyze the influence and relative share of underwriting risks in explaining the variation in insurance cycles in subsequent periods. Through the insurance contracts they underwrite, insurance companies assume risks. Underwriting risks include pricing risk, reserve risk, reinsurance risk and occurrence risk. These risks pose major risks for property and liability insurers, and therefore their impact on the insurance cycle is important. The main goal of this paper is to determine the relative proportion of underwriting risks in explaining the variation of insurance cycle. In order to fulfill the main goal of the paper vector autoregressive model, VAR, will be applied.

Keywords: Insurance cycle, insurance risks, combined ratio, Republic of Croatia.

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Authors: Svjetlana Letinić, Katarina Štavlić

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Given that entrepreneurship is a very significant factor of regional development, it is necessary to approach systematically the development with measures of regional politics. According to international classification The Nomenclature of Territorial Units for Statistics (NUTS II), there are three regions in Croatia. The indicators of entrepreneurial activities on the national level of Croatia are analyzed in the paper, taking into consideration the results of referent research. The level of regional development is shown based on the analysis of entrepreneurs- operations. The results of the analysis show a very unfavorable situation in entrepreneurial activities on the national level of Croatia. The origin of this situation is to be found in the surroundings with an expressed inequality of regional development, which is caused by the non-existence of a strategically directed regional policy. In this paper recommendations which could contribute to the reduction of regional inequality in Croatia, have been made.

Keywords: indicators of entrepreneurial activity, regional development, regional inequity.

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Authors: Irena Palić

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The main objective of the research in this paper is to empirically assess the causal relationship of private savings and economic growth in the Republic of Croatia. Households’ savings are approximated by household deposits in banks, while domestic income is approximated by industrial production volume indices. Vector Autoregression model and Granger causality tests are used to in order to analyse the relationship among private savings and economic growth. Since ADF unit root tests have shown that both mentioned series are non stationary at levels, series are first differenced in order to become stationary. Therefore, VAR model is estimated with percentage change in private savings and percentage change in domestic income, which can be interpreted as economic growth in case of positive percentage change in domestic income. The Granger causality test has shown that there is no causal relationship among private savings and economic growth in Croatia. The impulse response functions have shown that the impact of shock in domestic income on private savings change is stronger than the impact of private saving on growth. Variance decompositions show that both economic growth and private saving change explain the largest part of its own forecast variance. The research has shown that the link between private savings economic and growth in Croatia is weak, what is in line with relevant empirical research in small open economies.

Keywords: Economic growth, Granger causality, innovation analysis, private savings, Vector Autoregression model.

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Authors: Valentina Piric, Maja Martinovic, Zoran Barac

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The application of marketing to the domain of politics has become relevant in recent times. With this article the authors wanted to explore the issue of the current political engagement among young people in Croatia. The question is what makes young people (age 18-30) politically active in young democracies such as that of the Republic of Croatia. Therefore, the objective of this study was to discover the real or hidden motivations behind the decision to actively participate in politics among young members of the two largest political parties in the country – the Croatian Democratic Union and the Social Democratic Party of Croatia. The study expected to find that the motivation for political engagement of young people is often connected with a possible achievement of individual goals and egoistic needs such as: self-acceptance, social success, financial success, prestige, reputation, status, recognition from the others etc. It was also expected that, due to the poor economic and social situation in the country, young people feel an increasing disconnection from politics. Additionally, the authors expected to find that there is a huge potential to engage young people in the political life of the country through a proper and more interactive use of marketing communication campaigns and social media platforms, with an emphasis on highly ethical motives of political activity and their benefits to society. All respondents included in the quantitative survey (sample size [N=100]) are active in one of the two largest political parties in Croatia. The sampling and distribution of the survey occurred in the field in September 2016. The results of the survey demonstrate that in Croatia, the way young people feel about politics and act accordingly, are in fact similar to what the theory describes. The research findings reveal that young people are politically active; however, the challenge is to find a way to motivate even more young people in Croatia to actively participate in the political and democratic processes in the country and to encourage them to see additional benefits out of this practice, not only related to their individual motives, but related more to the well-being of Croatia as a country and of every member of society. The research also discovered a huge potential for political marketing communication possibilities, especially related to interactive social media. It is possible that the social media channels have a stronger influence on the decision-making process among young people when compared to groups of reference. The level of interest in politics among young Croatians varies; some of them are almost indifferent, whilst others express a serious interest in different ways to actively contribute to the political life of the country, defining a participation in the political life of their country almost as their moral obligation. However, additional observations and further research need to be conducted to get a clearer and more precise picture about the interest in politics among young people in Croatia and their social potential.

Keywords: Croatia, marketing communication, motivation, politics, young people.

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Authors: N.A. Aldabek, M.B. Assyl, D.B. Dauyen, A.E. Serikkaliyeva

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The aim of this paper is to investigate a process of modernization of the People-s Republic of China. The theme of scientific research is interesting, first, because the Chinese model of development is recognized as successful and most dynamically developing. They are obliged by these successes of the modernization spent in the country. Economy modernization as the basic motive power of progress of the country is a priority direction of development in the Republic of Kazakhstan. So the example of successful development modernization processes in China can be rather useful to use in working out of the Kazakhstan national reforms.

Keywords: Modernization, the People's Republic of China, social and economic development.

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Authors: V. Viduĉić, J. Žanić Mikuliĉić, M. Raĉić, K. Sladojević

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The research presented in this paper has been focused on analysing the impact of traffic on the sustainable development of tourism in Croatia's Dubrovacko-Neretvanska County by the year 2020, based on the figures and trends reported in 2014 and using the relevant variables that characterise the synergy of traffic and tourism in, speaking from the geographic viewpoint, the most problematic county in the Republic of Croatia. The basic hypothesis has been confirmed through scientifically obtained research results, through the quantification of the model's variables and the direct growth rates of the designed model. On the basis of scientific insights into the sustainable development of traffic and tourism in Dubrovacko- Neretvanska County, it is possible to propose a new information model for traffic at the service of the sustainable development of tourism in the County for the period 2014-2020.

Keywords: Environment protection, hotel industry, private sector, quantification.

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Authors: Bojan Korizma, Zeljko Panian

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Online auctions are not very popular in Croatia. The main reason for this is a very limited number of services which can be used by Croatian users. Until recent times, even selling through the most popular online auction site eBay wasn't possible because PayPal services could not make payment to bank or debit card accounts in Croatia. Furthermore, many foreign sellers do not offer delivery of their products to Croatia which means that large quantities of goods initially offered on such sites are not available. With that in mind, it is necessary to analyze the buying and selling habits of Croatian users and existing online auction sites, both Croatian and foreign, and create a model for new domestic site. This site will have to exploit every positive aspect of existing models and neutralize every negative perception indicated by users in the survey so that, hopefully, it would attract new users.

Keywords: online auction, eBay, safe payment, product delivery

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Authors: Maja Martinovic, Valentina Zarkovic, Hrvoje Maljak

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Europe is one of the most popular tourist destinations in the world, in which tourism occupies a significant place among the most relevant economic activities, and this applies to the Republic of Croatia as well. Based on this study, the authors intended to encourage and support the creation of an effective tourism policy in Croatia that would be based on the profiling of certain target groups. Another objective was to compare the results obtained from the customer analysis with the market analysis of the tourism industry in Croatia. The objective is to adapt the current tourist offer according to the identified needs and expectations of a particular tourist group in order to increase the attractiveness of Croatia as a tourist destination and motivate greater attendance of the targeted tourist groups. The current research was oriented towards the Russian market as the target group. Therefore, the authors wanted to encourage a discussion on how to attract more Russian guests. Consequently, the intention of the research was a detailed analysis of Russian tourists, in order to gain a better understanding of their travelling motives and tendencies. Furthermore, attention was paid to the expectations of Russian customers and to compare them with the Croatian tourist offer, and to determine whether there is a possibility for an overlap. The method used to obtain the information required was a survey conducted among Russian citizens about their travelling habits. The research was carried out on the basis of 166 participants of different age, gender, profession and income group. The sampling and distribution of the survey took place between May and July 2016. The results provided from the research indicate that Croatian tourism has certain unrealized potential considering the popularization of Croatia as a tourist destination, and there is a capacity for increasing the revenues within the group of Russian tourists. Such a conclusion is based on the fact that the Croatian tourist offer and the preferences of the Russian guests are compatible, i.e. they overlap in many aspects. The results demonstrate that beautiful nature, cultural and historical heritage as well as the sun and sea, play a leading role in attracting more Russian tourists. It is precisely these elements that form the three pillars of the Croatian tourist offer. On the other hand, the profiling revealed that the most desirable destinations for the Russian guests are Italy and Spain, both of which provide the same main tourist attractions as Croatia. Therefore, the focus of the strategic ideas given in the paper shifted to other tourism segments, such as type of accommodation, sales channels, travel motives, additional offer and seasonality etc., in order to gain advantage in the Russian market, the Mediterranean region and tourism in general. The purpose of the research is to serve as a foundation for analysing the attractiveness of the other tourist destinations in the Russian market, as well as to be a general basis for a more detailed profiling of the various specific target groups of the Russian and other tourist groups.

Keywords: Croatia, Russian market, target groups, tourism, tourist destination.

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Authors: Markéta Slováková

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The largest share of policy and money within the European Union goes to agriculture. The Union’s Common Agricultural Policy has undergone several transformations in the last five decades, with the main change taking place in the 1990s. This change influenced agriculture in the Czech Republic, inasmuch as the fledgling republic was preparing to join the European Union and adopt its policies. In the 1990s, Czech agriculture passed from a centrally planned economy to a market economy and subsequently adopted the terms of the Common Agricultural Policy. The Czech Republic is also characterized by a significant diversification of landscape sphere. Agricultural entrepreneurs in the Czech Republic are still not accustomed to the possibility of grants from the European Union. They focus rather on national or regional subsidies. Only half of all agricultural entrepreneurs in the Czech Republic use European subsidies. This article focuses on the introduction of the Common Agricultural Policy to the Czech Republic and its subsequent influence on Czech agriculture. It is demonstrated through the implementation rate of the CAP in the EU Member States and a closer focus on Czech integration.

Keywords: Common Agricultural Policy, Agriculture, European Union, Transformation.

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Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

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The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: Business environment, information model, indirect growth rates, SME finance.

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Authors: Ondřej Nowak

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This paper presents an exploration into the structure of the corporate governance network and interlocking directorates in the Czech Republic. First a literature overview and a basic terminology of the network theory is presented. Further in the text, statistics and other calculations relevant to corporate governance networks are presented. For this purpose an empirical data set consisting of 2 906 joint stock companies in the Czech Republic was examined. Industries with the highest average number of interlocks per company were healthcare, and energy and utilities. There is no observable link between the financial performance of the company and the number of its interlocks. Also interlocks with financial companies are very rare.

Keywords: Corporate Governance, Interlocking Directorates, Network Theory, Czech Republic.

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Authors: J. Nesleha, H. Florianova

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The goal of the study is to provide results of a conducted study devoted to financial literacy in the Czech Republic and to introduce a project related to financial education in the Czech Republic. Financial education has become an important part of education in the country, yet it is still neglected on the lowest level of formal education–primary schools. The project is based on investigation of financial literacy on primary schools in the Czech Republic. Consequently, the authors aim to formulate possible amendments related to this type of education. The gained dataset is intended to be used for analysis concerning financial education in the Czech Republic. With regard to used methods, the most important one is regression analysis for disclosure of predictors causing different levels of financial literacy. Furthermore, comparison of different groups is planned, for which t-tests are intended to be used. The study also employs descriptive statistics to introduce basic relationship in the data file.

Keywords: Czech Republic, financial education, financial literacy, primary school, regression analysis.

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Authors: Ljubica Milanović Glavan

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Because of the increasing business pressures, companies must be adaptable and flexible in order to withstand them. Inadequate business processes and low level of business process orientation, that in its core accentuates business processes as opposed to business functions and focuses on process performance and customer satisfaction, hider the ability to adapt to changing environment. It has been shown in previous studies that the companies which have reached higher business process maturity level consistently outperform those that have not reached them. The aim of this paper is to provide a basic understanding of business process orientation concept and business process maturity model. Besides that the paper presents the state of business process orientation in Croatia that has been captured with a study conducted in 2013. Based on the results some practical implications and guidelines for managers are given.

Keywords: Business process orientation, business process maturity, Croatia, maturity score.

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Authors: Petra Barisic, Zrinka Blazevic

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In the world of modern communications, visual identity has predominant influence on the overall success of tourist destinations, but despite of these, the problem of designing thriving tourist destination visual identity and their components are hardly addressed. This study highlights the importance of building and managing the visual identity of tourist destination, and based on the empirical study of well-known Mediterranean destination of Croatia analyses three main components of tourist destination visual identity; name, slogan, and logo. Moreover, the paper shows how respondents perceive each component of Croatia’s visual identity. According to study, logo is the most important, followed by the name and slogan. Research also reveals that Croatian economy lags behind developed countries in understanding the importance of visual identity, and its influence on marketing goal achievements.

Keywords: Components of visual identity, Croatia, tourist destination, visual identity.

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Authors: Michaela Vašková, Jan Hrdlička, Otakar J. Mika, Jiří Barta, Gabriela Clemensová

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The paper is focused on the methods to solutions of the crisis situation in the Czech Republic associated with the mass methanol poisoning. The emphasis is put on tasks of individual state bodies and of Integrated Rescue System during the handling of the crisis. The theoretical part describes poisonings, ways of intoxication, types of intoxicants and cases of mass poisoning by dangerous substances in the world. The practical part describes the development, causes and solutions of extraordinary event, mass methanol poisoning in the Czech Republic. The main emphasis was put on the crisis management of the Czech Republic in solving this situation.

Keywords: Crisis management, poisoning, methanol, hazardous substances, extraordinary event.

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Authors: Ondřej Bayer

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The paper evaluates the ongoing reform of VAT in the Czech Republic in terms of impacts on individual households. The main objective is to analyse the impact of given changes on individual households. The adopted method is based on the data related to household consumption by individual household quintiles; obtained data are subjected to micro-simulation examining. Results are discussed in terms of vertical tax justice. Results of the analysis reveal that VAT behaves regressively and a sole consolidation of rates at a higher level only increases the regression of this tax in the Czech Republic.

Keywords: Consolidation of rates, household quintiles, tax impact, VAT.

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Authors: M. Paseková, L. Müllerová, J. Strouhal, L. Chyzhevska

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Increase in globalization of capital markets brings the higher requirements on financial information provided for investors who look for a highly comparable information. Paper deals with the advantages and limitations of applying International Financial Reporting Standards (IFRS) in the Czech Republic and Ukraine. As a greatest limit for full adoption of IFRS shall be acknowledged the strong connection of continental accounting to tax system and enormous high administrative burden for IFRS appliers.

Keywords: International Financial Reporting Standards (IFRS), Small and Medium-sized Enterprises (SMEs), Czech Republic, Ukraine.

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Authors: Sarka Velcovska

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The paper deals with quality labels used in the food products market, especially with labels of quality, labels of origin, and labels of organic farming. The aim of the paper is to identify perception of these labels by consumers in the Czech Republic. The first part refers to the definition and specification of food quality labels that are relevant in the Czech Republic. The second part includes the discussion of marketing research results. Data were collected with personal questioning method. Empirical findings on 150 respondents are related to consumer awareness and perception of national and European food quality labels used in the Czech Republic, attitudes to purchases of labelled products, and interest in information regarding the labels. Statistical methods, in the concrete Pearson´s chi-square test of independence, coefficient of contingency, and coefficient of association are used to determinate if significant differences do exist among selected demographic categories of Czech consumers.

Keywords: Food quality labels, quality labels awareness, quality labels perception, marketing research.

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Authors: Jindřiška Šedová

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In the past 20 years the economy of the Czech Republic has experienced substantial changes. In the 1990s the development was affected by the transformation which sought to establish the right conditions for privatization and creation of elementary market relations. In the last decade the characteristic elements such as private ownership and corresponding institutional framework have been strengthened. This development was marked by the accession of the Czech Republic to the EU. The Czech Republic is striving to reduce the difference between its level of economic development and the quality of institutional framework in comparison with other developed countries. The process of finding the adequate solutions has been hampered by the negative impact of the world financial crisis on the Czech Republic and the standard of living of its inhabitants. This contribution seeks to address the question of whether and to which extent the economic development of the transitive Czech economy is affected by the change in behaviour of households and their tendency to consumption, i.e. in the sense of reduction or increase in demand for goods and services. It aims to verify whether the increasing trend of household indebtedness and decreasing trend of saving pose a significant risk in the Czech Republic. At a general level the analysis aims to contribute to finding an answer to the question of whether the debt increase of Czech households is connected to the risk of "eating through" the borrowed money and whether Czech households risk falling into a debt trap. In addition to household indebtedness risks in the Czech Republic the analysis will focus on identification of specifics of the transformation phase of the Czech economy in comparison with the EU countries, or selected OECD countries.

Keywords: household indebtedness, household consumption, credits, financial literacy

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Authors: Mario Spremić, Jurica Šimurina, Božidar Jaković, Marijana Ivanov

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This paper deals with e-government issues at several levels. Initially we look at the concept of e-government itself in order to give it a sound framework. Than we look at the e-government issues at three levels, first we analyse it at the global level, second we analyse it at the level of transition economies, and finally we take a closer look on developments in Croatia. The analysis includes actual progress being made in selected transition economies given the Euro area averages, along with e-government potential in future demanding period.

Keywords: Central and Eastern Europe, Croatia, e-Government, ICT.

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Authors: Tomáš Ludík, Josef Navrátil, Alena Langerová

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Tackling emergency situations is performed based on emergency scenarios. These scenarios do not have a uniform form in the Czech Republic. They are unstructured and developed primarily in the text form. This does not allow solving emergency situations efficiently. For this reason, the paper aims at defining a Process Oriented Architecture to support and thus to improve tackling emergency situations in the Czech Republic. The innovative Process Oriented Architecture is based on the Workflow Reference Model while taking into account the options of Business Process Management Suites for the implementation of process oriented emergency scenarios. To verify the proposed architecture the Proof of Concept has been used which covers the reception of an emergency event at the district emergency operations centre. Within the particular implementation of the proposed architecture the Bonita Open Solution has been used. The architecture created in this way is suitable not only for emergency management, but also for educational purposes.

Keywords: Business Process Management Suite, Czech Republic, Emergency Scenarios, Process Execution, Process Oriented Architecture.

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Authors: Kateřina Struhařová

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The paper gives the evidence of quality of accounting information of Czech private companies. In general the private companies in the Czech Republic do not see the benefits of providing accounting information of high quality. Based on the research of financial statements of entrepreneurs and companies in Zlin region it was confirmed that the quality of accounting information differs among the private entities and that the major impact on the accounting information quality has the fact if the financial statements are audited as well as the size of the entity. Also the foreign shareholders and lenders have some impact on the accounting information quality.

Keywords: Accounting information quality, Financial Statements, Czech Republic.

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Authors: Mirjana Jeleč Raguž, Barbara Pisker

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Development of knowledge based society carries multiple challenges to the higher education system. Some of the challenges laid before the higher education sector of countries which aspire to become knowledge based societies are: the entrepreneurial leadership of the higher education institutions, finding new sources of financing in order to minimize dependence on public resources, creating connections with the labor market, commercial utilization of R&D results, promotion of innovations as well as the overall promotion of science excellence relevant to the economic sector. Within a framework of this paper and its main subject of research, the challenge which is being put before the higher education institutions is an effort of establishing regional mission of higher education through the open collaboration with regional key factors, both private and public. Development of the mentioned collaboration and its contribution to the overall regional development in Croatia is the main subject of empirical research in this paper.

Keywords: Croatia, Higher Education Institutions, Regional Role, Science-Industry Interaction

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Authors: K. Matušínská, H. Starzyczná, M. Stoklasa

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The paper deals with behaviour of the segment 50+ in the financial market in the Czech Republic. This segment could be said as the strong market power and it can be a crucial business potential for financial business units. The main defined objective of this paper is analysis of the customers´ behaviour of the segment 50- 60 years in the financial market in the Czech Republic and proposal making of the suitable marketing approach to satisfy their demands in the area of product, price, distribution and marketing communication policy. This paper is based on data from one part of primary marketing research. Paper determinates the basic problem areas as well as definition of financial services marketing, defining the primary research problem, hypothesis and primary research methodology. Finally suitable marketing approach to selected sub segment at age of 50-60 years is proposed according to marketing research findings.

Keywords: Population aging in the Czech Republic, Segment 50-60 years, Financial services marketing, Marketing research, Marketing approach.

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Authors: Tereza Dolečková

Abstract:

Following article provides the comparison of international norms and standards formulating personal expenses, and then it illustrates the national concept of personal expenses of the Ministry of Defence. Then a new salary system of soldiers and the importance of the service appraisal in the context of personal expenses of the Ministry of Defence are explained. The first part of the article includes formulation of the approach to the definition of personal expenses within the international norms and standards and also within the Ministry of Defence of the Czech Republic. The structure of employees of the Ministry of Defence of the Czech Republic in years 2012 – 2014 and the amount of military expenses and the share of salary expenses of the Ministry of total expenses of the Ministry are clarified there, also the comparison of the amount of military expenses in chosen member states of the North Atlantic Treaty Organization is done. The salary system of professional soldiers in connection with the amendment of the Act No. 221/1999 Coll. on Professional Soldiers is clarified in the second part of this article. The amendment significantly regulates the salary items of soldiers but changes are also in the service appraisal of soldiers which reflects one of seven salary items of soldiers – the performance bonus. The aim of this article is to clarify different approach to define personal expenses with emphasis on the Ministry of Defence of the Czech Republic which overlaps to the service appraisal of soldiers of the Army of the Czech Republic and their salary system in connection with personal expenses of the Ministry of Defence of the Czech Republic. The efficient and objective system of the service appraisal and the use of its results are connected to the principles of the career advancement; only the best soldiers can advance in the system of the service careers to higher positions. That is why it is necessary to improve the service appraisal so it would provide the maximum information about the performance of a soldier and it would also motivate the soldier in his development. The attention should be paid to the service appraisal of the soldiers of the Army of the Czech Republic to achieve as much objectivity as possible.

Keywords: Career, human resource management and development, personal expenses, salary system of soldiers, service appraisal of soldiers, the Army of the Czech Republic.

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Authors: Aneta Oblouková, Eva Vítková

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The article deals with the issue of water and sewerage charge rate prices in the Czech Republic. The research is specifically focused on the analysis of the development of the average prices of water and sewerage charge rate in the Czech Republic in 1994-2021 and on the validation of the chosen methodology relevant for the prediction of the development of the average prices of water and sewerage charge rate in the Czech Republic. The research is based on data collection. The data for this research were obtained from the Czech Statistical Office. The aim of the paper is to validate the relevance of the mathematical linear trend estimate technique for the calculation of the predicted average prices of water and sewerage charge rates. The real values of the average prices of water and sewerage charge rates in the Czech Republic in 1994-2018 were obtained from the Czech Statistical Office and were converted into a mathematical equation. The same type of real data was obtained from the Czech Statistical Office for 2019-2021. Prediction of the average prices of water and sewerage charge rates in the Czech Republic in 2019-2021 was also calculated using a chosen method – a linear trend estimation technique. The values obtained from the Czech Statistical Office and the values calculated using the chosen methodology were subsequently compared. The research result is a validation of the chosen mathematical technique to be a suitable technique for this research.

Keywords: Czech Republic, linear trend estimation, price prediction, water and sewerage charge rate.

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Authors: Drago Jakovcevic, Mihovil Andelinovic, Igor Husak

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The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.

Keywords: Global crisis, Selective credit policy, Small open economy.

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Authors: Zeljana Aljinovic Barac, Marina Granic, Tina Vuko

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Study investigates the level and extent of voluntary disclosure practice in Croatia. The research was conducted on the sample of 130 medium and large companies. Findings indicate that two thirds of the companies analyzed disclose below-average number of additional information. The explanatory analyses has shown that firm size, listing status and industrial sector significantly and positively affect the level and extent of voluntary disclosure in the annual report of Croatian companies. On the other hand, profitability and ownership structure were found statistically insignificant. Unlike previous studies, this paper deals with level of voluntary disclosure of medium and large companies, as well as companies whose shares are not listed on the organized capital market, which can be found as our contribution. Also, the research makes contribution by providing the insights into voluntary disclosure practices in Croatia, as a case of macro-oriented accounting system economy, i.e. bank oriented economy with an emerging capital market.

Keywords: Annual report, Croatian companies, Disclosure index, Voluntary disclosure.

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