Open-end investment funds in Croatia

This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios). All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.investment funds, open-end investment funds, bond fund, equity fund, mixed fund, money fund, Gini coefficient, Lorenz curve, Croatia

Theory review: critical success factors for internationalization of small and medium-sized enterprises

Internationalization of small and medium-sized enterprises is getting more attention from researchers who study different paths, strategies, entry modes and their behavior on international market, while also identifying their limitations, potential risks, and threats. Globalization, especially the growth of online sales channels and fast (and affordable) communication have simplified the complexity of internationalization, which has made it easier for small and medium-sized enterprises to participate in the international market. Gradual step-by-step internationalization process and long-term planning have been replaced with new, fast market entrance strategies. Lately, many companies are being founded that put their focus and operational activities on internationalization from the beginning (born global). This paper gives an overview of the main internationalization theories (traditional internationalization theory, the network theory, and international entrepreneurship theory) and discusses their importance. Additionally, it examines the motives for the internationalization, main barriers, main risks, and explores the critical success factors that are important in the process of internationalization. Information provided can be useful to the companies that consider expanding their business operations abroad

Digital due diligence: a complementary perspective to the traditional approach

Mergers and acquisitions (M&A) represent one of the most common ways for firms to achieve non-organic growth, and one of the main stages in the typical M&A transaction is due diligence of the target company. The aim of this paper is to provide a guideline for conducting due diligence process in the digital environment. After a brief introduction on the nature, purpose and elements of the due diligence, the paper elaborates various risks, and psychological and contextual hazards often occurred during due diligence process. Special attention has been paid to the elaboration of the role and importance of the digital due diligence as a new concept in today’s contemporary ‘digital’ economy. The outcome of this paper is to provide a comparison between ‘traditional’ and ‘digital’ due diligence, digital due diligence methodology, and easy understandable check list for conducting the process of digital due diligence

Analysis of tobacco industry attractiveness: Case of Croatia

Tobacco industry is one of the most profitable global industries with the steady increase in global demand for tobacco and tobacco related products. Tobacco industry in Croatia has a centuries-old tradition and tobacco is one of the most important non-food agricultural crops produced in Croatia. Moreover, tobacco industry in Croatia is one of the major revenue sources of the government’s budget. The aim of this paper is to determine whether tobacco industry in Croatia is attractive enough for a new player willing to enter the market. Paper provides brief overview of the tobacco industry and the impact it has on Croatian economy. Furthermore, paper explains how excise duties and product prices changed over time, shows market consolidation and concentration before and after the EU accession, and in detail depicts forces which determine industry’s profitability, i.e. its attractiveness

FROM ENERGY STRATEGIES THROUGH ENERGY RETROFITTING TO FIRE SAFETY OF BUILDINGS

European policy is reflected in a 10-year strategy called 2020 proposed to revive European economy and it is deeply interconnected with Energy Performance of Building Directive and its Recast. Republic of Croatia, as an EU member state, is aligning its national energy policy with European policy. By boosting energy retrofitting of existing and constructing energy efficient new buildings, thermally enhanced building envelope represents significantly increased fire load on building, thus fire safety becomes inevitable segment of energy efficiency of buildings. Croatia has no national test method for determining fire performance of building façade, while harmonized EN test method is currently being developed. In this paper an overview and comparison of BS 8414-1:2002 and DIN Entwurf 4102-20 standards will be presented, since they are proposed as a basis for future harmonized EN test method. For similar configuration of test specimens, BS 8414-1:2002 defines significantly more severe heat exposure compared to DIN Entwurf 4102-20

Morphometric analysis of collagen and inflammatory cells in periodontal disease

© 2015, Institut za Vojnomedicinske Naucne Informacije/Documentaciju. All rights reserved. Background/Aim. Periodontal disease affects gingival tissue and supporting apparatus of the teeth leading to its decay. The aim of this study was to highlight and precisely determine his-tological changes in the gum tissue. Methods. Gingival biopsy samples from 53 healthy and parodontopathy-affected patients were used. Clinical staging of the disease was performed. Tissue specimens were fixed and routinely processed. Sections, 5 μm thin, were stained with hematoxylin and eosin, histochemical Van-Gieson for the collagen content, Spicer method for mast-cells and immunochemical method with anti-CD68 and anti-CD38 for the labelling of the macrophages and plasma-cells. Morphometric analysis was performed by a M42 test system. Results. While the disease advanced, collagen and fibroblast volume density decreased almost twice in the severe cases compared to the control ones, but a significant variation was observed within the investigated groups. The mast-cell number increased nearly two times, while the macrophage content was up to three times higher in severe parodontopathy than in healthy gingival tissue. However, the relative proportion of the-se cells stayed around 6% in all cases. Plasma-cells had the most prominent increase in the number (over 8 times) com-pared to the control, but again, a variation within investigated groups was very high. Conclusion. Gingival tissue destruction caused by inflammatory process leads to significant changes in collagen density and population of resident connective tissue cells. Although inflammatory cells dominated with the disease advancing, a high variation within the same investigated groups suggests fluctuation of the pathological process

Galectin-3 Deficiency Facilitates TNF-α-Dependent Hepatocyte Death and Liver Inflammation in MCMV Infection

Galectin-3 (Gal-3) has a role in multiple inflammatory pathways. Various, opposite roles of Gal-3 in liver diseases have been described but there are no data about the role of Gal-3 in development of hepatitis induced with cytomegalovirus infection. In this study we aimed to clarify the role of Gal-3 in murine cytomegalovirus (MCMV)-induced hepatitis by using Gal-3-deficient (Gal-3 KO) mice. Here we provide the evidence that Gal-3 has the protective role in MCMV-induced hepatitis. Enhanced hepatitis manifested by more inflammatory and necrotic foci and serum level of ALT, enhanced apoptosis and necroptosis of hepatocytes and enhanced viral replication were detected in MCMV-infected Gal-3 deficient mice. NK cells does not contribute to more severe liver damage in MCMV-infected Gal-3 KO mice. Enhanced expression of TNF-α in the hepatocytes of Gal-3 KO mice after MCMV infection, abrogated hepatocyte death, and attenuated inflammation in the livers of Gal-3 KO mice after TNF-α blockade suggest that TNF-α plays the role in enhanced disease in Gal-3 deficient animals. Treatment with recombinant Gal-3 reduces inflammation and especially necrosis of hepatocytes in the livers of MCMV-infected Gal-3 KO mice. Our data highlight the protective role of Gal-3 in MCMV-induced hepatitis by attenuation of TNF-α-mediated death of hepatocytes

Determination of Optimal Locations and Parameters of Passive Harmonic Filters in Unbalanced Systems Using the Multiobjective Genetic Algorithm

This paper discusses the problem of optimal placement and sizing of passive harmonic filters to mitigate harmonics in unbalanced distribution systems. The problem is formulated as a nonlinear multiobjective optimisation problem and solved using the multiobjective genetic algorithm. The performance of the proposed algorithm is tested on unbalanced IEEE 13- and 37-bus three-phase systems. The optimal solutions are obtained based on the following objective functions: 1) minimisation of total harmonic distortion in voltage, 2) minimisation of costs of filters, 3) minimisation of voltage unbalances, and 4) a simultaneous minimisation of total harmonic distortion in voltage, costs of filters, and voltage unbalances. Finally, an analysis of the influence of uncertainties of load powers and changes in system frequency and filter parameters on filter efficiency was performed

Role of Entrepreneurial Infrastructure in Developing Companies

The general trend and demand of the European Union is that the less government intervention in the economy, but the situation is such that every state is considering options to protect its economy. Precisely, entrepreneurial infrastructure includes a wide range of infrastructure that encourages the establishment and development of business particularly where it does not happen sufficiently natural and spontaneous. Experience economies of developed countries have long been shown that investments in infrastructure that encourages the development of the company is not a cost but an investment in development. It turned out that there is no unicifiran system support growth, but each state for itself, accepting the achieved level of knowledge and experience, has to build their own systems of support. Entrepreneurial infrastructure is just one of the most effective model of support for the development of young prosperous company. Here, the entrepreneurial infrastructure we mean the set of all organizational units that should provide favorable conditions for the creation of new, or growth and development of existing enterprises. What form of entrepreneurial infrastructure will be dominant in a country depends on the state of the economy of the country and its development strategy

Analysis of antecedents and consequences of workplace-related burnout among Croatian employees in the post-COVID-19 era

Employee burnout is considered a serious problem in today’s organizations, having severe repercussions both on individual and operational levels. A large number of studies have been conducted to identify antecedents and consequences of burnout but were mostly carried out in medical and other helping professions. This research aims to explore the burnout of employees working in Croatian companies by developing a multidimensional model that explores the influence of three elements that are considered typical features of today’s modern, post-pandemic workplace: information overload, demands at work, and multitasking. In addition, it observes the influence of burnout on employee decision-making style and the moderating effects of information accuracy and time pressure on the burnout-decision-making relationship. A total of 567 employees working in various industries and carrying out different professions completed an online survey, and linear regression analysis was applied to analyze the data. The results confirmed the direct positive effect of information overload and demands at work on burnout and the direct positive effect of burnout on poor decision-making style. This study is one of the first studies conducted in Croatia on employees in the business sector, so it contributes to the field with important theoretical implications and practical and managerial recommendations