4 research outputs found
Efficiency dynamics of the Croatian banking industry: DEA investigation
The paper deals with the efficiency dynamics of the Croatian
banking industry, covering the period from 2006 to 2015. We
have implemented the intermediation approach, using interest
and non-interest expenses and revenues as the input and output
variables, respectively. The variable return to scale (BCC) Data
Envelopment Analysis (DEA) output-oriented model has been
implemented, and we have estimated the crisis-driven efficiency
trends, as well as the impact of the EU membership. We further
estimated the efficiency effects of the relative market power/size,
ownership structure, and origin of capital. The global crisis had
detrimental effects since the overall efficiency score dropped by
about 3%. On the contrary, Croatian banks have largely benefited
from the EU membership, and the efficiency score after the EU
association increased by about 45%. The market leaders are more
efficient than the competitive fringe, which is in line with the efficiency structure hypothesis. In addition, the biggest banks are the
most efficient ones, meaning that the scale efficiency hypothesis
has also been upheld. Contrary to the agency theory hypothesis,
state-owned banks are permanently more efficient than private
banks. Finally, the results support the home-field advantage
hypothesis exclusively for the pre-crisis period (2006ā2009)
NASTANAK I PRAVNO REGULISANJE INSTITUTA DRUGE Å ANSE ZA PREDUZETNIKE U EVROPSKOJ UNIJI
In the history of human civilization, there has always been the problem of over-indebtedness and personal bankruptcy, as well as the tendency to protect such persons to some extent from excessive sanctions or the consequences of their insolvency. Benevolence towards the debtor is limited by the existence of conditions of conscientiousness and honesty of the debtor in all legal systems, while the amount of debt forgiveness is different. Debt relief and providing a new chance to the entrepreneur is a kind of systemic social measure that should ensure the employment of the individual and his family, but also to ensure the continuity of the capitalist system. It is noticeable that benevolence towards the debtor through debt relief was a characteristic of the Anglo-Saxon jurisdictions, while the regulations of the states of legal systems based on Roman law were traditionally oriented in the opposite direction.
Although the Republic of Serbia has regulated the matter of bankruptcy and reorganization, in many parts under the EU Directive on reorganization and bankruptcy from June 2019, it has not been the case with the area of the second chance for the entrepreneur and the possibility of debt release, so it will be necessary to adjust national regulations of bankruptcy. In this paper, the authors analyze the origin of debt forgiveness in case of entrepreneur bankruptcy through history and theories, and select the comparative law and provisions of the EU Directive on reorganization and bankruptcy which regulate the second chance for entrepreneurs, as well as the purpose and measures that preceded the adoption of this Directive.
Another important possibility for insolvent entrepreneurs is their personal administration with bankruptcy estate during the process of reorganization. Entrepreneurs' personal administration is regulated by bankruptcy legislation in various ways in comparative legal systems, and in Serbian law, it had been regulated for the first time by the Bankruptcy Procedure Act of 2004, but repealed by the Bankruptcy Act in 2009. Taking into account its importance for the national bankruptcy law, Serbian legal theory has already given the reasons due to which it is necessary to reintroduce the institute of personal administration of debtors into domestic bankruptcy law. On the other hand, sole debt release in Serbian law comes into effect at the moment when the creditor declares to the debtor that he will not ask for the fulfillment of the debt and the debtor agrees with that, and such an agreement is made in writing. Debt release is a possibility provided in the Agreed Financial Restructuring Act 2015 that creditor and debtor may use during the process of reorganization, provided they reach an agreement to that end.Iako je Republika Srbija regulisala materiju steÄaja i restrukturiranja, u mnogim delovima u skladu sa Direktivom EU o restrukturiranju i steÄaju iz juna 2019. godine, oblast druge Å”anse za preduzetnika i moguÄnost otpusta njegovih dugova nije ureÄena, pa Äe u tom delu biti neophodno prilagoÄavanje nacionalnih propisa o steÄaju. U ovom radu autori analiziraju poreklo oprosta duga u sluÄaju bankrota preduzetnika u Direktivi EU o restrukturiranju i steÄaju, kao i svrhu i mere koje su prethodile njenom donoÅ”enju. Autori takoÄe analiziraju poreklo oprosta dugova fiziÄkim licima kroz pravnu istoriju i teorijske stavove koji opravdavaju otpust duga za preduzetnike
CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT ā INTERNATIONAL LEGAL FRAMEWORK FOR GOALS ACHIEVEMENT AND SOME THEORETICAL INSIGHTS
Achieving a sustainable development should be one of the top priorities for the whole society. However, achieving a sustainable development is a complex function of different economic, social, institutional, political and historical factors. By implementing the corporate social responsibility, companies contribute to a sustainable development of the entire social system. According to the fact that it is not entirely clear at the micro level what corporate social responsibility involves, and that most of the company-level social activities are voluntarily initiated, it is necessary the institutional bodies encourage socially desirable forms of corporate behavior and implement the legal framework to business obligations to elicit responsible business procedures. Though responsible corporate business is highly desirable, companies have to consider the fact that the corporate interests and corporate social responsibility will always be constrained by the profit-maximizing prerequisites and general economic circumstances
Determinants of Social Entrepreneurs in Southeast Europe: GEM Data Analysis
With this paper, we aim to examine the relationship between cognitive, social, and demographical factors, as well as national culture and its relationship with social entrepreneurial activity in Southeast Europe (SEE). The empirical research employs a binary logistic regression model, utilizing data obtained from the Global Entrepreneurship Monitor. For the purpose of the empirical research, we selected a sample of early-stage entrepreneurs who founded their businesses in Hungary, Romania, Slovenia, Croatia, or North Macedonia. The research sample in these five countries includes 10,012 examinees, of which 615 are social entrepreneurs. A statistically significant relationship was identified between observed phenomena in terms of entrepreneurial networking, risk aversion, individualism, entrepreneurial social image, media impact, gender, work status, and education. The results can be explained by the specific entrepreneurial context of the SEE region. We also point out recommendations for future research