Evidence of fire-sale M&A in European transition countries

The aim of this paper is to determine differences in variables that create investment climate and therefore affect the values of incoming crossborder M&A in selected European transition countries. Cluster analysis for 1999 and 2007 shows that countries with unfavourable investment climate received high levels of incoming cross-border M&A. Sole country in the cluster characterised by healthy investment area (Slovenia) had the highest gdp per capita accompanied with the lowest values of incoming cross-border M&A relative to its GDP. These results could be interpreted as an evidence of fire-sale M&A in most European transition countries. In 2010, situation changed and although recession left trace, data on cross-border M&A indicate that foreign investors focused more on companies which operated in countries with healthier economy. These results indicate that a healthy investment climate is necessary to provide a sustainable economic development of a country

Problem solving picture books and behavior of preschool children

Dječja književnost se dijeli na rodove, vrste i podvrste te je ona također jednaka književnosti za odrasle. U glavne vrste dječje književnosti uvrštavamo dvije skupine. Prvoj skupini pripada slikovnica, priča, dječja poezija te dječji roman ili kako ga još nazivamo, roman o djetinjstvu. Slikovnica, kao što sama riječ govori jest zbirka malenih slika odnosno minijaturama ili ilustracijama koje određuje slikovnicu i daju joj karakter. Njezina je svrha pomoći djetetu otkriti svijet i medij pisane riječi; razvija spoznajni svijet djeteta; izaziva emocije; razvija govor i bogati fond riječi. One mogu biti i bez teksta jer imaju svoga posrednika, odnosno roditelja, odgojitelja koji tumači, govori, a ako nema posrednika u blizini, dijete će samo sebi protumačiti prikazanu sliku, razvijati svoju maštu i sposobnosti. Problemska slikovnica bavi se problemskim situacijama u životu djeteta, vezana uz djetetove osjećaje, zdravlje, osobine njegove ličnosti i ponašanje, te uz odnose u obitelji i društvu. Problemske slikovnice nude djeci pomoć koje dovode do lakšeg suoćavanja s poteškoćama koji ih prate na putu njihova odrastanja te isto tako dovode do različitih rješenja određene situacije ili problema.Children's literature is divided into genera, groups and subgroups and is also an equivalent to adult literature. There are two main groups of children’s literature. The first group includes a picture book, a story, children's poetry and a children's novel, or as we call it, a childhood novel. A picture book, as the word itself says, is a collection of small pictures, more precisely miniatures or illustrations that define the picture book and give it a character. Its purpose is to help the child to discover the world and medium of the written word; it develops the cognitive world of the child; evokes emotions; develops speech and enriches the fund of words. They can be textless due to their mediator, that is, a parent, an educator who interprets, speaks, and if there is no mediator nearby, the child will interpret the shown image by himself, develop his imagination and abilities. A problem-solving picture book deals with problem situations in a child's life, it's related to the child's feelings, health, personality traits and behavior, as well as to relationships in the family and society. Problem-solving picture books provide children with help that makes it easier to deal with difficulties that follow them as they grow up and also lead them to different solutions to a particular situation or a problem

Marcuse’s Brand of Critical Theory and Post-Colonialism

Studies discussing critical theory and post-colonialism consider only the works of Horkheimer and Adorno and are largely focused on revealing disparities between the two approaches. Writings of Herbert Marcuse in which we discover the same themes and issues as in postcolonial studies are totally disregarded, which makes the argument about disparities between critical theory and post-colonialism false to a certain extent. This article argues that critical theory and post-colonialism are not two mutually opposed projects, at least not with Marcuse’s version of critical theory. Both approaches are critical of the established reality, both reject positivism, both are interdisciplinary, both are dedicated to the radical praxis and, both offer a blueprint of a new socialist society. At the outset, I discuss critical theory and post-colonialism arguing that postcolonial theory can function as a global critical theory. Subsequently, I analyse the theoretical closeness of Marcuse and Fanon while attempting to show how Marcuse’s form of activist critical theory influenced not only Fanon but other subaltern liberation movements too. In the closing part, I explore visions of socialism that in Marcuse’s and Fanon’s works serve both as a critical concept and as the point at which goals of postcolonial and critical theory are realised

Patterns of productivity changes in nursing homes by using Malmquist DEA index

Motivation to open a for-profit nursing home is the same as motivation to start any other business, and it seems that, due to various demographic and social changes, the interest in this sector, especially in developed countries, will increase in the future. In that context, this research aims to analyze the efficiency of for-profit nursing homes with a focus on Croatian for-profit nursing homes from 2015 to 2019. In order to estimate different kinds of efficiencies, precisely to estimate technological change, which can’t be estimated through windows DEA, and technical efficiency changes, the Malmquist -- DEA performance measure was chosen for this analysis. The results show that for-profit nursing homes in our sample experienced an increase in the total factor productivity by 12.67 % in the analyzed period, where the decline in technical efficiency (-0.21 %) was compensated by an increase in technological change (13.16 %). Although technological innovation shifted the relative efficient frontier to a higher level, for-profit nursing homes in our sample were far from the best production frontier, highlighting managerial inefficiency

Thermodynamics of the Cell: Cd(Hg)satd.|CdCl2(m)|AgCl|Ag in (10, 30 and 50 Mass per Cent) 2-Propanol-Water Mixtures

The e.m.f. of the cell: Cd(Hg)satd. | CdC^m) |AgCl|Ag in 2-propanol- water mixtures (containing 10, 30 and 50 mass per cent 2-propanol) was measured in the temperature range 293.15 K • • • 313.15 K at 5 K intervals and in the range of molality of CdCl2 0.002 < m/mol kg-1 < 0.02. The measured values were processed in order to obtain the standard e.m.f. of the cell for each temperature by (a) using the literature values for the stability constants of all Cd chlorido complexes and (b) assuming that only the CdCl+ complex was present in the solution. The values obtained by both methods were compared and discussed. The values obtained by the first method were used to calculate the standard thermodynamic quantities for the cell reaction and the mean activity coefficients of CdCl2. The standard thermodynamic quantities for CdCl2 transfer from water to the investigated 2-propanol- water mixtures were also calculated. These values were compared with those obtained for the transfer of electrolytes HC1, HBr and HI to the same mixtures

INFLUENCE OF FIRM SIZE ON ITS BUSINESS SUCCESS

A firm may use different methods and diverse (non)financial analysis/indicators in order to evaluate its business success. However, one of the most widely applied methods refers to financial analyses that use profitability ratios as the key measures of firm’s overall efficiency and performance. In this research we focused our attention on firm size and evaluated its influence on firm profitability. Other than by the size of a firm, a firm performance is affected by a variety of internal and external variables. Therefore, apart from mere investigating the relationship between firm size and performance, we also explored the impact of some other variables crucial in determining firm profitability. The analysis was conducted for the 2002-2010 period and the results revealed that firm size has a significant positive (although weak) influence on firm profitability. Additionally, results showed that assets turnover and debt ratio also statistically significantly influence firms’ performance while current ratio didn’t prove to be an important explanatory variable of firms’ profitability

Thermodynamics of the Cell: Cd(Hg)(l,satd.) | CdCl2 (m) | AgCl | Ag in (10, 30 and 50 Mass per Cent) Acetone-Water Mixtures

The e.m.f of the cell: Cd(Hg)(l,satd.) | CdCl2 (m), x mass per cent acetone-water mixture | AgCl(s) | Ag(s) with x = 10, 30 and 50 was measured in the temperature range from 293.15 to 313.15 K at 5 K intervals and in the molality range for CdCl2 from 0.002 to 0.02 mol kg-1. From the obtained values and using literature data for stability constants of cadmium chloride complexes, the standard e.m.f of the cell (E£) was determined for each temperature value. The values for £„ were used to calculate: a) the standard thermodynamic quantities (AG°, AH° and AS0) for the cell reaction, b) the mean activity coefficients of CdCl2, and c) the standard thermodynamic quantities (AtG°, AtH° and AtS°) for transfer of CdCl2 from water to the investigated acetone-water mixtures. The values obtained were compared with analogous literature data for 2- propanol-water mixtures; the values obtained for AtH° and AtS° were also compared with analogous literature data for transfer of HBr electrolyte to the acetone-water and 2-propanol-water mixtures. The structure of these mixtures is discussed in view of the obtained values

PROMJENA RELATIVNE EFIKASNOSTI SUSTAVA DUGOTRAJNE SKRBI U ODABRANIM ZEMLJAMA OECD-A

The population is ageing, which has many social and economic implications, and one of them is an increase in demand for institutional long-term care for the elderly. Therefore, the aim of this paper is to analyse the change and to detect whether there are differences between twelve selected OECD countries in the period 2014-2019 in regard to the values of total factor productivity of long-term care system for the population aged 65 and over these countries. The Malmquist – DEA performance measure, under the assumption of the variable returns to scale (BCC model) and by using the input-oriented model, has been used to obtain the patterns of productivity change. The number of long-term workers and the number of beds in residential long-term care facilities are selected as input variables, while the number of long-term care recipients has been used as an output variable. According to obtained results, the total factor productivity in selected OECD countries increased by 1.023% in the analysed period. The increase is mainly a consequence of a 1.018% increase in technical efficiency, which emphasises an increase in managerial relative efficiency. Results obtained for Turkey indicate the highest productivity increase, accompanied by both a rise in technical efficiency and in technological change. Additionally, an increase in technical change that reflects a catch-up effect and a modest increase in technological change, indicating a lack of innovation altogether, resulted in an average productivity increase of 1.02% over the analysed period.Starenje stanovništva ima različite društvene i ekonomske posljedice, a sve veća potražnja za dugotrajnom skrbi za starije osobe jedna je od njih. U tom je smislu cilj ovog rada istražiti promjenu relativne efikasnosti sustava dugotrajne skrbi za stanovništvo u dobi od 65 i više godina, u razdoblju 2014. – 2019., kako bi se otkrile potencijalne razlike između dvanaest zemalja OECD-a. Pritom se koristi Malmquist – AOMP indeks produktivnosti, uz pretpostavku varijabilnih prinosa (BCC model) i korištenjem AOMP modela orijentiranog na minimiziranje ulaznih varijabli. Odabrane ulazne varijable uključuju broj radnika i broj kreveta u rezidencijalnim ustanovama za dugotrajnu skrb. Kao izlazna varijabla koristi se broj korisnika dugotrajne skrbi. Dobiveni rezultati pokazuju da su promatrane zemlje OECD-a u analiziranom razdoblju povećale relativnu efikasnost za 1,023%, uglavnom zbog povećanja tehničke efikasnosti (1,018%), uslijed veće menadžerske efikasnosti. Najveće povećanje produktivnosti dogodilo se u Turskoj, gdje je otkriveno i povećanje tehničke efikasnosti i uvođenje tehnoloških promjena. Nadalje, produktivnost je u prosjeku porasla za 1,02% tijekom analiziranog razdoblja zbog povećanja tehničke efikasnosti koja odražava pozitivan pomak neefikasnih sustava bliže relativnoj granici efikasnosti, ali uz skromno uvođenje pozitivnih tehnoloških promjena, što ukazuje na nedostatak inovacija