FINANCIAL DETERMINANTS OF SMEs GROWTH IN THE TIME OF ECONOMIC

The importance of high-growth enterprises in national economies has been widely substantiated by economic research in recent years. There are a small number of papers that investigate determinants of growth in the time of economic downturn. This paper is focused on finding financial ratios that are determinants of growth in small and medium-sized enterprises (SMEs) which operate in downturn economies. The assumption of this study is that the time of economic downturn sets new challenges to SMEs and that fact should be reflected in their financial statements as well as in the growth prediction model. Our hypotheses have been tested on the sample of 1492 SMEs from Croatia over the period 2008-2013 in the time of economic downturn. Using logistic regression, a growth prediction model has been developed and tested. Results have shown that in the time of economic downturn, growth potential of SMEs increases with the increase of liquidity, turnover and profitability and with the decrease of leverage

Entrepreneurial intention modeling using hierarchical multiple regression

The goal of this study is to identify the contribution of effectuation dimensions to the predictive power of the entrepreneurial intention model over and above that which can be accounted for by other predictors selected and confirmed in previous studies. As is often the case in social and behavioral studies, some variables are likely to be highly correlated with each other. Therefore, the relative amount of variance in the criterion variable explained by each of the predictors depends on several factors such as the order of variable entry and sample specifics. The results show the modest predictive power of two dimensions of effectuation prior to the introduction of the theory of planned behavior elements. The article highlights the main advantages of applying hierarchical regression in social sciences as well as in the specific context of entrepreneurial intention formation, and addresses some of the potential pitfalls that this type of analysis entails

COMPARING FINANCIAL DISTRESS PREDICTION MODELS BEFORE AND DURING RECESSION

The purpose of this paper is to design three separate financial distress prediction models that will track the changes in a relative importance of financial ratios throughout three consecutive years. The models were based on the financial data from 2000 privately-owned small and medium-sized enterprises in Croatia from 2006 to 2009, and developed by means of logistic regression. Macroeconomic conditions as well as market dynamic have been changed over the mentioned period. Financial ratios that were less important in one period become more important in the next period. Composition of model starting in 2006 has been changed in the next years. It tells us what financial ratios are more important during the time of economic downturn. Besides, it helps us to understand behavior of small and medium-sized enterprises in the period of prerecession and in the period of recession

ABC metoda u funkciji povećanja stupnja konkurentnosti poduzeća

uvjetima visokog stupnja konkurencije pozicija pojedinih poduzeća na tržištu izložena je stalnim utjecajima brojnih čimbenika, koji dolaze ili iz okruženja ili nastaju u samom poduzeću. Uglavnom je to stalni pritisak na smanjivanje cijena i podizanje kvalitete roba ili usluga. Poduzeće u pravilu nema mogućnosti utjecaja na vanjske čimbenike, nego isključivo na one koji nastaju unutar vlastitog sustava. Najveće mogućnosti u tom smislu nalaze se u upravljanju troškovima, i to kroz njihovo smanjivanje ili racionaliziranje. Dodatne se mogućnosti nalaze i u metodi preraspodjele neizravnih (općih) troškova, što omogućava objektivnije opterećenje troškovima pojedinih proizvoda. Sve to skupa omogućuje da poduzeće uz istu ili manju cijenu ostvari što povoljnije poslovne rezultate i u isto vrijeme zadrži ili čak i poboljša svoju poziciju na tržištu. Prethodno izneseno upućuje na zaključak da su troškovi u stvari vrlo važan čimbenik za konkurentnost jednog poduzeća i njegovu poziciju na tržištu. Stoga su razumljivi napori koje ulaže ekonomska teorija za pronalaženje adekvatnih metoda upravljanja troškovima. Jedna od njih je svakako i ABC metoda (Activity Based Costing) koja pruža novi pristup u obračunu i preraspodjeli neizravnih troškova i na takav način omogućava viši stupanj racionalizacije, ali i njihovu objektivniju preraspodjelu na pojedine proizvode. Naravno, s tim poduzeće postiže i veći stupanj konkurentnosti i bolju poziciju na tržištu. Polazna osnova u ovom radu je stoga stav da su troškovi važan čimbenik konkurentnosti jednog poduzeća, a da ABC metoda predstavlja dodatnu mogućnost za njezino povećanje. U tom smislu provedena je i određena anketa na području Osječko-baranjske županije s ciljem utvrđivanja stupnja poznavanja i primjenjivosti ove metode kod gospodarskih subjekata na ovom području

Comprehensive dissection of prevalence rates, sex differences, and blood level-dependencies of clozapine-associated adverse drug reactions

Clozapine is often underused due to concerns about adverse drug reactions (ADRs) but studies into their prevalences are inconclusive. We therefore comprehensively examined prevalences of clozapineassociated ADRs in individuals with schizophrenia and demographic and clinical factors associated with their occurrence. Data from a multi-center study (n=698 participants) were collected. The mean number of ADRs during clozapine treatment was 4.8, with 2.4% of participants reporting no ADRs. The most common ADRs were hypersalivation (74.6%), weight gain (69.3%), and increased sleep necessity (65.9%), all of which were more common in younger participants. Participants with lower BMI prior to treatment were more likely to experience significant weight gain (>10%). Constipation occurred more frequently with higher clozapine blood levels and doses. There were no differences in ADR prevalence rates between participants receiving clozapine monotherapy and polytherapy. These findings emphasize the high prevalence of clozapine-associated ADRs and highlight several demographic and clinical factors contributing to their occurrence. By understanding these factors, clinicians can better anticipate and manage clozapine-associated ADRs, leading to improved treatment outcomes and patient well-being

Dealing with Interpretability Issues in Predicting Firm Growth: Factor Analysis Approach

Background: Alongside the theoretical progress made in understanding the factors that influence firm growth, many methodological challenges are yet to be overcome. Authors point to the notion of interpretability of growth prediction models as an important prerequisite for further advancement of the field as well as enhancement of models’ practical values

The role of subjective norms in forming the intention to purchase green food

The purpose of this article is to analyse the specific role of two types of subjective norms in forming the intention to purchase green food. Based on the outcomes of a questionnaire completed by a sample of 411 household primary shoppers from a transitional country in the Southeast Europe region, we developed three models that depict the predictive power of attitudes, perceived behavioural control and subjective norms, and confirmed a significant positive relationship between green food purchasing intention and all three antecedents. Furthermore, regression analysis revealed two important theoretical insights: (1) descriptive norms represent statistically significant predictors of green food purchase behaviour; and (2) incorporating both social and descriptive norms increases the variance explained in intention. The latter also empirically proves that the meaning behind the two variables (social and descriptive norms) is different. These results contribute to the strengthening of the theory of planned behaviour in the part which has so far been referred to as then weakest link

Statement on the dossier for a derogation request of the US authorities concerning cold-treated strawberry plants intended for planting

Following a request from the European Commission, the Panel on Plant Health was asked to provide a scientific opinion on the report “Evaluation of Strawberry Nursery Plant Cold Treatments on Survival of the Whitefly, Bemisia tabaci” submitted to the European Commission by the United States Department of Agriculture (USDA) as technical justification for a derogation from requirements listed in Annex IV, Part A, Section 1, point 46 of the Council Directive 2000/29/EC[2].The Panel reviewed the report to indicate methodological issues of concern and evaluated the effectiveness of the treatment proposed for the elimination of B. tabaci whiteflies from consignments to be shipped to the EU. In addition, the Panel clarified which viruses listed in the Annexes of Council Directive 2000/29/EC can be transmitted by strawberry plants and by B. tabaci.The Panel concludes that due to the poor quality of the report submitted and to serious shortcomings in the experimental design the report does not demonstrate the effectiveness of the cold treatment proposed. Although there is potential for the development of a cold treatment protocol for the elimination of B. tabaci from strawberry plant consignments, reliable mortality estimates for the proposed cold treatment of 28 degrees Fahrenheit (-2.2 degrees Celsius) for 2 weeks cannot be derived from this study.No B.tabaci-transmitted viruses are currently known to infect strawberry and no viruses of Fragaria spp. listed in Directive 2000/29/EC are known to be transmitted by B. tabaci. However, adult whiteflies of B. tabaci on strawberry consignments can carry plant viruses irrespective of whether strawberry is a host plant for these viruses and thus represent a pathway for the introduction of non-European viruses. There is also some uncertainty concerning the extent to which known or unknown B. tabaci-transmitted viruses could infect strawberry. Two whitefly-transmitted viruses have been recently confirmed as associated with strawberry pallidosis disease occurring in the US: Beet pseudo-yellows virus (BPYV) and Strawberry pallidosis associated virus (Spiv) but are only known to be transmitted by the greenhouse whitefly Trialeurodes vaporariorum and not by B. tabaci.Strawberry plants for planting are vegetatively propagated and are thus subject to infection by viruses. Irrespective of the presence of B. tabaci, strawberry transplants from US may represent a pathway for the introduction of any non-European viruses (and other potentially harmful organisms) of Fragaria. This applies for example to SPaV, which is not reported as present in the EU and, if introduced, could be further spread by its vector, the glasshouse whitefly T. vaporariorum, which is widely established in the EU