ULOGA HEDGINGA (TERMINSKOG TRŽIŠTA) U PROCESU GLOBALIZACIJE

Future markets are the result of trying to eliminate or reduce risk, i.e. an attempt to avoid instability of prices in international business. Since trading on future markets reduces the risk of business, it significantly increases the scope of trade and number of stakeholders, which logically leads into integration processes. Economic integrations when regarded as binding, connecting, uniting of business functions or the entire markets are inevitable in all-prevailing trend of globalization which, when regarded economically is the process of involving the company in international business. Constant alteration of factors in international business results with the fact that existing forms of business relations do not respond to newly arisen conditions, thus permanent changes are necessary. This dynamics of business and market relations generates the increasing degree of business risk to which companies react with strategies aiming to eliminate or reduce the risk. Futures markets, i.e. stock markets and business exchange are one of the most interesting and the most important segments of international trade. Futures markets offer us the great possibilities for business activities; they enable the realization of speculative operations, as well (IS hedging operations by which the risks of price increase and decrease are neutralized. The role of futures markets in the world economy has a huge importance; unfortunately, Croatia belongs to those countries which still have not even developed basic financial derivatives. On the other hand, we witness the major problems in business activities regarding instability, risk and great market sensitivity. This paper shows the historical development of future markets and their influence to different sorts and degrees of economic integrations. It demonstrates as well the mutual connection and conditionality of future markets and integrating processes.Terminska tržišta su rezultat pokušaja eliminacije ili reduciranja rizika ,odnosno izbjegavanje nestabilnosti cijena u međunarodnom poslovanju. Obzirom da se trgovanjem na terminskim tržištima smanjuje rizik poslovanja to izaziva značajno povećanje obima trgovine i broja sudionika u trgovini, što logično vodi u integracijske procese. Ekonomske integracije, shvaćene kao povezivanje, spajanje, ujedinjenje poslovnih funkcija ili čitavih tržišta, su neizbježne u sveprisutnom trendu globalizacije koja u ekonomskom smislu jest proces uključivanja poduzeća u međunarodno poslovanje. Stalna mijena čimbenika u međunarodnom poslovanju rezultira činjenicom da postojeći oblici poslovnih odnosa ne odgovaraju novonastalim prilikama i zbog toga su permanentne promjene nužne. Ovakva dinamika poslovnih i tržišnih odnosa generira povećani stupanj rizika u poslovanju na koji poduzeća reagiraju strategijama koje za cilj imaju eliminaciju ili smanjenje rizika. U radu je dat prikaz povijesnog razvoja terminskih tržišta i njihov utjecaj na različite vrste i stupnjeve ekonomskih integracija, te se ukazuje na međusobnu povezanost i uvjetovanost terminskih tržišta i integracijskih procesa

PROCJENA TVRTKE – NOVI METODOLOŠKI PRISTUP

Valuating theory and practice recognize numerous methods of firm valuation, but one of the most frequent one is DCF method of valuation. Mentioned method is based upon two essential attributes: recognizing time value of money and calculating firm value as a sum of presumptive future net incomes discounted by the discretionary hurdle rate. On the opposite, the CCF (Compounded Cash Flow) method is based upon historical Financial Statements and historical data as well as reliable and publicly published data used for revising certain data in Balance Sheets and P&Ls and deflating the Cash Flow. This method, basically leaned on real and actual data, assures valuation much more reliable and positive.Procjenu vrijednosti nekog poduzeća moguće je odrediti na više načina, a najčešća metoda je metoda diskontiranih novčanih tokova (DCF).Spomenuta metoda ima dvije osnovne karakteristike: vodi računa o vremenskoj preferenciji novca i promatra vrijednost poduzeća (posla) kao zbir mogućih budućih neto prihoda.Dakle,sadašnju vrijednost ova metoda temelji na eventualnim budućim neto prihodima diskontiranim po diskrecijskoj diskontnoj stopi. Nasuprot tome, u ovom radu opisana CCF (Compounded Cash Flow) metoda procjene se bazira na povijesnim podacima iz financijskih izvješća i na poznatim i javno dostupnim parametrima za ispravke bilančnih stavki i deflacioniranje novčanih tijekova. Na taj način se postiže pouzdanija i vjerodostojnija procjena vrijednosti poduzeća koja se temelji na realnim vrijednostima

Distribution of heavy metals (Cd, Pb, Hg, As) and essential elements (Fe, Se) in forest soil and plant communities of the state open hunting area ˝Krndija II˝ XIV/23

Elementi poput Pb, Cd, Hg i As sastavnim su dijelom Zemljine biosfere, oni se ne razgrađuju već kruže u prirodi u različitim oksidacijskim i kemijskim oblicima. Čovjek svojim djelovanjem povećava prirodno prisutne razine tih elemenata u okolišu. Divlje životinje koje žive u prirodnim ekosustavima posebno su izložene raznim čimbenicima okoliša. Upravo je okoliš glavni čimbenik koji određuje zdravlje, stanje i populaciju divljači. Stoga je je cilj ovog istraživanja utvrditi koncentraciju teških metala (Cd, Pb, As i Hg) i esencijalnih elemenata (Fe i Se) u tlu, komponentama biljne zajednice šume (listinac i prizemna flora) u uvjetima staništa tijekom dvije godine. Na području državnog otvorenog lovišta ˝Krndija II˝ XIV/23 uzeto je 14 uzoraka tla, te uzorci listinca i prizemne flore sa četiriju područja lovišta. Urađena je kemijska analiza tla te analiza teških metala (Pb, Cd, As, Hg) i esencijalnih elemenata (Fe, Se) u uzorcima tla, listinca i prizemne flore. Istraživanjem je utvrđeno da područje istraživanja karakteriziraju kisela tla koja su srednje humozna do humozna, siromašna kalijem i fosforom i osrednje opskrbljena željezom i deficitarna selenom. Utvrđene koncentracije teških metala u tlu bile su manje od maksimalno dopuštenih koncentracija propisanih Pravilnikom o onečišćenju tala. Povećana koncentracija kadmija i manja koncentracija željeza i selena od poželjne koncentracije utvrđena je u uzorcima listinca i prizemne flore.Elements such as Pb, Cd, Hg, and As, are an integral part of the biosphere, they do not decompose but circulating in nature in different oxidation and chemical forms. Human activity increases the naturally occurring levels of these elements in the environment. Wild animals that live in natural ecosystems are particularly exposed to the various environmental factors. The environment is the main factor that determines health status and population of wildlife. Therefore, the aim of this study was to determine the concentration of heavy metals (Cd, Pb, As and Hg) and essential elements (Fe and Se) in the soil and plant communities of the forests (litter and ground flora) in habitat conditions for two years. In the state open hunting area ˝KRNDIJA II˝ XIV/23 was taken 14 samples of soil and samples of litter and ground flora from four areas of hunting grounds. We performed a chemical analysis of the soil and analysis of heavy metals (Pb, Cd, As, Hg) and essential elements (Fe, Se) in samples of soil, litter and ground flora. It was found that the area of research is characterized by acid soils that are medium humus to humus, poor in potassium and phosphorus and medium provided with iron and deficient with selenium. The determined concentrations of heavy metals in soil were lower than the maximum permissible concentrations. Increased concentrations of cadmium and lower concentrations of iron and selenium from the desired concentration was determined in samples of litter and ground flora

INVESTMENT PLANNING AS A CONTRIBUTOR TO RISK MANAGEMENT

In order for Risk Management to meet the requirements it has been given, it is joined by Controlling, that has become its fundamental service tool. Controlling has developed numerous tools that are being updated and improved on an everyday basis, together with the education of controllers. Development is inevitable and it is the only response to the crisis of our global environment. Development requires investments, and not the „stranded“ ones, but the ones generating new jobs and added value, thus increasing wealth. Investments should be planned, and planning is a particular problem that transition economies face. Should one be investing in the times of crisis and how should one decide on whether to make an investment or not? If this is so, then how should he protect his investment from negative impacts? How should one make plans and carry out the planned investments? Those are the questions that require answers and this paper is an attempt in providing apropriate answers to those questions by explaining the connection between investment planning and risk management. The condition of crisis has become a regular occurrence, where businessmen are forced to make do and to work in order to survive, and some of them are impelled to make the most of it and utilize it as a development opportunity. Being fast not only in making decisions, but in making successful decisions, is based on future projections and utilization of the said ability in achieving competitive advantage on the market. Risk Management has become a necessity, and is legally regulated in developed countries

THE SOCIAL ASPECT OF THE INVESTMENT EFFECTIVENESS ANALYSIS

The aim of this paper is to highlight and to point out the importance of the evaluation of the investment project regarding the social aspect. The authors explore aspects of social cost-effectiveness assessment of the investment project, i.e. the impact of the investment on the overall economy, which depends heavily on the size and nature of the project and the amount of funds involved. This is why it is necessary to create economic and financial evaluation of investment projects from the viewpoint of society, or total economy, with special emphasis on the analysis and evaluation of the contribution of investment to regional development. Methodological planning and evaluation of return on investment, with special emphasis on the socio-economic dimension of investment, in the paper and associated with that considers the problems of divergence of private and social costs. The paper also points to the importance of a clear definition of the overall investment project in the very beginning of its economic and financial analysis, which is crucial for a proper assessment of the social effectiveness due to "cover up" social benefits and costs that may not be subject of direct trade off. The basic hypothesis of the paper stems from the stated and can be explicated as: adequate analysis and assessment of the social aspect of the effectiveness of the investment project significantly contributes to the regional economic development

DESTINATION DEVELOPMENT FOR CRUISING TOURISM

Cruising tourism is the largest growing tourism sub-system. The importance of cruising tourism should be viewed in a far wider context than tourism itself. Namely, cruising tourism is maintained by numerous shareholders whose interests need to be reassured for the purpose of sustainable destination development. Tourism’s sub-system, cruise ships, in comparison to the sub-system of coastal tourism, has its own specifics which may easily prove contradictory in itself and thus compromise sustainability. Due to the specificity of cruising tourism, it is necessary to identify factors relating to potential cruising controversy among the local population; namely, to destination development. Thus, this paper will show and analyse the system of shareholder relations which may yield good results, but also poor and so compromise destination development. The goal is to valorise these factors in relation to the shareholders who maintain this system efficient and/or inefficient. The basic hypothesis of this study indicates the system of relations among the shareholders which should be governed through management represented by all major shareholders. Namely, without sustainable management destination programs, large cruiser ports and, of course, cruise companies would encounter sustainability significantly compromised. Given we live in times of constantly growing cruising tourism, on the one hand, and also the interest of elite destinations to achieve favourable results; this phenomenon should be explored in terms of creating effective partnership managements. Numerous questions arise to which this study shall present relevant answers

PROCJENA TVRTKE – NOVI METODOLOŠKI PRISTUP

Valuating theory and practice recognize numerous methods of firm valuation, but one of the most frequent one is DCF method of valuation. Mentioned method is based upon two essential attributes: recognizing time value of money and calculating firm value as a sum of presumptive future net incomes discounted by the discretionary hurdle rate. On the opposite, the CCF (Compounded Cash Flow) method is based upon historical Financial Statements and historical data as well as reliable and publicly published data used for revising certain data in Balance Sheets and P&Ls and deflating the Cash Flow. This method, basically leaned on real and actual data, assures valuation much more reliable and positive.Procjenu vrijednosti nekog poduzeća moguće je odrediti na više načina, a najčešća metoda je metoda diskontiranih novčanih tokova (DCF).Spomenuta metoda ima dvije osnovne karakteristike: vodi računa o vremenskoj preferenciji novca i promatra vrijednost poduzeća (posla) kao zbir mogućih budućih neto prihoda.Dakle,sadašnju vrijednost ova metoda temelji na eventualnim budućim neto prihodima diskontiranim po diskrecijskoj diskontnoj stopi. Nasuprot tome, u ovom radu opisana CCF (Compounded Cash Flow) metoda procjene se bazira na povijesnim podacima iz financijskih izvješća i na poznatim i javno dostupnim parametrima za ispravke bilančnih stavki i deflacioniranje novčanih tijekova. Na taj način se postiže pouzdanija i vjerodostojnija procjena vrijednosti poduzeća koja se temelji na realnim vrijednostima

Total antioxidant activity in juice and leaf of wheatgrass at different storage conditions

Pšenična trava predstavlja mlade izdanke vrsta roda Triticum koji u velikim količinama sadrže klorofil, bioflavonoide, esencijalne aminokiseline, vitamine, minerale i antioksidanse. Prirodni antioksidansi su vitamin C i E, karotenoidi, flavonoidi antocijanini, betanini te polifenolni spojevi koji su široko rasprostranjeni u biljnom svijetu. Cilj istraživanja je bio utvrditi da li način čuvanja pšenične trave i dužina trajanja skladištenja značajnu utječu na promjenu antioksidativnog kapaciteta u soku, odnosno listu pšenične trave divljeg srodnika Triticum aestivum ssp. sphaerococcum. Antioksidativna aktivnost u uzorcima ekstrakta soka i u tkivu lista, mjerena je odmah nakon otkosa te nakon čuvanja pri tri različite temperature (4 °C, -18 °C, -80 °C) nakon 1., 7., 14. i 21. dana skladištenja. Rezultati istraživanja potvrđuju da se antioksidativni kapacitet vrlo brzo smanjuje u soku, pri bilo kojoj temperaturi skladištenja i bez obzira na dužinu trajanja. S druge strane, u tkivu lista, antioksidacijski kapacitet je i nakon 24 sata čuvanja lista nepromijenjen čak i pri 4 °C. U tkivu lista dolazi do opadanja DPPH aktivnosti nakon 7 dana čuvanja u usporedbi s kontrolom međutim, nakon 7. pa do 21. dana nema više značajnog pada DPPH vrijednosti. S nutritivnog aspekta i količine antioksidanasa koju unosimo, najzdravije je konzumirati svježi list na dan otkosa. Već pripremom soka pšenične trave, DPPH vrijednost pada, a razlog može biti trošenje antioksidanasa uslijed razaranja staničnih membrana te promjene oksidoreduktivnog potencijala izazvanog padom pH vrijednosti. S analitičkog aspekta, ukoliko skladištimo uzorak, najbolje je čuvati list pri nižim temperaturama, te raditi analize najkasnije nakon jednog dana.Wheat grass is a young shoot of the Triticum genus, which in large quantities contains chlorophyll, bioflavonoids, essential amino acids, vitamins, minerals and antioxidants. Natural antioxidants are vitamin C and E, carotenoids, flavonoids anthocyanins, betanins, and polyphenolic compounds that are widespread in the plant world. The aim of the study was to determine whether the storage of wheat grass and the length of storage significantly influence the change in antioxidant capacity in the juice or leaf of wheat grass of the wild relative Triticum aestivum ssp. sphaerococcum. Antioxidant activity in juice extracts and leaf tissue was measured immediately after harvesting and after storage at three different temperatures (4°C, -18°C, -80°C) after 1, 7, 14 and 21 days of storage. The results of the study confirm that antioxidant capacity decreases very rapidly in juice, at any storage temperature and regardless of the length of time. On the other hand, in leaf tissue, the antioxidant capacity remains unchanged even at 4°C after 24 hours of storage. In leaf tissue, DPPH activity declines after 7 days of storage compared to control, however, there is no significant decrease in DPPH values between 7th and 21st day of storage. From the nutritional point of view and the amount of antioxidants we ingest, it is healthiest to consume fresh leaf on the day of harvest. Already by the preparation of the wheatgrass juice, the DPPH value falls, and the reason may be the depletion of antioxidants due to the destruction of cell membranes and the change in the oxidoreductive potential caused by the drop in pH. From the analytical point of view, if we are storing the sample, it is best to store the leaf at lower temperatures and to do the analyzes no later than one day after harvest