Istraživanje primjene metoda upravljanja financijskim rizicima u hrvatskim poduzećima - anketa na uzorku poduzeća

The aim of the research was to get information on usage of financial risk protection instruments in Croatian large and medium-sized companies, as well as to recognize existence of possible differences among characteristics of the companies that use and that do not use them. Survey research based on a telephone interview with financial or accounting managers from a stratified random sample of 101 Croatian companies in October and November 2004 was carried out. The stratification criterion was «number of employees». One stratum contained medium-sized companies that were defined as those with 51-250 employees, and the other one included companies with more than 250 employees. Approximately equal allocation with 50 large and 51 medium-sized enterprises from each of respective strata was applied. Methods of estimation used took into account the procedure of random sampling of units, so that margin of errors could be calculated. Considering normal approximation, in each strata the research result for the proportion, with 95% confidence level and coefficient of confidence z = 1.96, is within margin of error of maximum +/- 14,2%. The results of the survey research based on random sample of 101 Croatian companies shown that there is no statistically significant dependence between the firms’ size and usage of risk protection, so planned stratification was not stressed in further analysis. The research results were compared to the results of similar surveys from Europe and America. The common conclusions in all these studies were that financial managers are aware of the danger arisen from financial and other risks, but the financial policy in most cases is not precisely defined. Even if this policy is defined, it is formal and reactive, and very seldom proactive. Control functions and risk management seem to be quite centralized business functions in most of surveyed companies. There is a lack of systematic standardized «financial risk manager» function, and a well organized financial department seems to be an exception. According to the survey, financial risk protection instruments were used by two fifth of companies from the sample, and the same proportion of them wants to have additional education a about these instruments. Only one fifth of companies covered by the survey have got a kind of developed protection policy. The most often enterprises use financial risk protection services from banks, and in most cases they are satisfied or vary satisfied with these services. The surveyed enterprises worry the most about liquidity risks and currency risks, and interest rate risk is not the subject of such great concerns. This paper deals in details about various haracteristics (such as company size, activity, region, and size of market) of enterprises that are threatened to quite serious extent with various types of financial risks. Interviewees from 41 companies that use financial risk protection methods mentioned that the most often used protection instruments against liquidity risk were: cash flow investment analysis (70% out of 41), and analysis of assets, liabilities and sources (also 70%). Against currency risk surveyed companies most often use: currency futures (34%), selling prices policy (29%) and currency forward (27%). Against interest rate risk the most often applied protection instruments were: interest rate futures (12%) and interest rate management at the money market (10%). The reasons for not using the protection instruments are insufficient knowledge about them, prevailed perception that they are not efficient and that are too expensive. Contribution of this study comes out of the testing of hypothesis about dependence between characteristics of Croatian companies and the usage of financial risk protection instruments. The survey results show that the companies that are using these instruments are more often registered as share holding companies than as limited, they have significantly greater average yearly revenue, and their revenue is increasing more often according to previous year than in companies that are not using protection instruments. Also, companies using controlling approach tend to apply protection instruments in their business. Further, these companies very often use bank services to help them in protection. Last, but not the least, financial managers in companies with active financial protection policy have got higher education than in those companies that are not actively protecting themselves. Usage of financial risk protection instruments contributes the business success of a company. Only continuous and proactive informing about financial position of a company concerning its exposure to total risk may insure survival, keeping market position, and progress of a Croatian company in recognized turbulent environment of domestic transformations, market globalization, and the pressure for accepting rules of a game of international competitiveness. Finally, in the future the researchers and authors of the study paper plan to make a sample survey research based on deeper stratification of population of Croatian businesses, so to include three sizes of companies, concerning number of employees, and to include a kind of financial measure of company’s size, e.g. the factor of yearly revenue, as well, and than it would be possible to make more detailed analysis concerning different companies' features and usage of financial risk management instruments in Croatia.instrumenti upravljanja financijskim rizicima, anketno istraživanje, hi kvadrat-test neovisnosti; Levenov test jednakosti varijanci populacija, t-test razlike aritmetičkih sredina

Institucionalno ustrojstvo upravljanja javnim dugom

Izgrađena institucionalna infrastruktura temelj je za učinkovito upravljanje javnim dugim. U radu se ukazuje na značaj i novu ulogu upravljanja javnim dugom te se navode ciljevi upravljanja javnim dugom. Odgovarajućim regulatornim okvirom propisana su ograničenja i ovlaštenja za zaduživanje i izdavanje jamstava. Ključnu ulogu za upravljanje javnim dugom ima Ured za upravljanje dugom (UUD) koji može biti ustrojen unutar Ministarstva financija, središnje banke ili osnovan kao izdvojena agencija za upravljanje javnim dugom. Rad prikazuje institucionalni, organizacijski i funkcionalni aspekt upravljanja javnim dugom

Implementation Effects of the European System of Accounts 2010 on the Government Finance Statistics in Croatia

Primjena novoga metodološkog okvira u Hrvatskoj počela je u rujnu 2014., što se znatno odrazilo na statističke podatke koji odražavaju stanje javnih financija. Cilj je ovog rada utvrditi najvažnije promjene koje se odnose na obuhvat opće države, odnosno sektorsku klasifikaciju pojedinih institucijskih jedinica unutar javnoga sektora te kvantificirati utjecaj primjene nove metodologije na fiskalnu poziciju Republike Hrvatske od 2009. do 2015. Brojčane vrijednosti odstupanja fiskalnih pokazatelja utvrđuju se usporedbom podataka koji su dostavljeni Europskoj komisiji prema metodologiji ESA 95 te podataka koji su dostavljeni nakon implementacije metodologije ESA 2010. Usporedba metodoloških okvira i podataka upućuje na znatna odstupanja koja su rezultirala povećanjem iznosa javnoga duga, ali je primjena nove metodologije istodobno omogućila bolji uvid u glavne izvore fiskalnih rizika te pružila precizniju sliku financijskog položaja javnoga sektora. Poboljšanje fiskalne pozicije ostvareno povećanjem proračunskih prihoda, kontrolom proračunskih rashoda i gospodarskim rastom omogućilo je Hrvatskoj izlazak iz postupka u slučaju prekomjernoga deficita.As a member state of the European Union, Croatia is committed to delivering the excessive deficit procedure reports to the European Commission according to the European system of national and regional accounts (ESA 2010) methodology. The implementation of the new methodological framework in September 2014 had a significant effect on government finance data in Croatia. The ESA 2010 methodology is used to measure the government and total economic activity in a country in order to monitor macroeconomic stability and achieve comparability of data with other member states. The aim of this paper is to establish the most significant changes in the scope of the general government and sector classifications of institutional units within the public sector, as well as to quantify the effects of the new methodology implementation on the fiscal position of Croatia between 2009 and 2015. Fiscal indicator deviations are based on the comparative analysis of data pre-approved by Eurostat and provided to the European Commission according to ESA 95 and data delivered after the implementation of the ESA 2010 methodology. A comparison of the methodological frameworks and data indicates significant deviations resulting in increased relative and absolute values of the general government debt, while the implementation of the new methodological framework provides better insight into key fiscal risks and the public sector’s financial position. The reclassification of general government sector units contributed substantially to the increase in public debt; affecting in particular Croatian Motorways, Motorway Rijeka-Zagreb, and the Croatian Bank for Reconstruction and Development. The general government budget deficit was also under the strong influence of the statistical treatment of social contribution transfers from the second to the first pension pillar. Furthermore, frequent activation of government guarantees and the statistical treatment of certain public-private partnerships and concessions also added to the public debt. Apart from including the liabilities of state-owned enterprises, the general government deficit was further affected by unfavourable economic conditions. Croatia managed to exit the excessive deficit procedure after three years following an improvement in her fiscal position due to an increase in government revenues, control of government expenditures and economic growth

Public debt management before, during and after the crisis

During the financial and economic crisis, the public debt ratio in the European Union increased significantly, and public debt management had to be carried out in a completely new and unfavorable environment. The authors of this paper explore the changes in public debt management during and after the crisis. They describe the way in which three members of the Union – the Netherlands, Ireland and Hungary – dealt with the challenge of government financing during the crisis. These three countries were chosen because they all had a comparatively welldeveloped public debt management system before the crisis, and also due to the fact that during the crisis those responsible for public debt management pursued a policy of active accommodation to current market circumstances. Therefore, these case studies can illustrate the capacity of public debt management to contribute to the prevention of a sovereign debt crisis. In the conclusion, the authors give an overview of public debt management in Croatia in the period of the crisis and compare it with public debt management in the three countries whose experiences are presented in the paper

DRIVERS OF PUBLIC DEBT IN CROATIA

Zbog promjena metodoloških okvira i reklasifikacija institucija opće države, podaci o javnome dugu u Hrvatskoj značajno su se razlikovali u posljednjem desetljeću. Cilj ovoga rada je, korištenjem statističkih podataka Europske komisije, Ministarstva financija i Hrvatske narodne banke, analizirati doprinos ključnih komponenti porasta javnoga duga u razdoblju od 2008. do 2014. godine. Analiza pokazuje da je manjak državnoga proračuna bio tek jedan od pokretača javnoga duga u promatranome razdoblju te da je doprinos ostalih komponenti izuzetno velik. Uvid u pokretače javnoga duga pruža temelj za oblikovanje odgovarajuće fiskalne politike i politike upravljanja javnim dugom koje mogu doprinijeti snižavanju troška zaduživanja države i održivosti javnih financija.Due to methodological changes in national accounts statistics and reclassification within the general government sector institutions, public debt data in Croatia varied significantly over the last decade. The aim of this paper is to analyse the contribution of key drivers of general government indebtness during the period 2008-2014 based on statistical data provided by European Commission, Ministry of Finance, and Croatian National Bank. The analysis shows that central government deficit was merely one of the drivers of state indebtness during the observed period while the contribution of other drivers were exceptionally high. The insight into drivers of public debt presents the foundation for both fiscal policy and public debt management policy formulation that can contribute to reduction of government borrowing costs and public finance sustainability

CHALLENGES OF CIRCULAR ECONOMY IN CROATIA

“Take-make-consume-dispose” approach or a linear model of economy is nowadays replaced with circular economy or “take-make-consume-take-make…” approach. Instead of throwing away circular economy recycles and reuses. The main idea is, as the nature returns everything back to the cycle, the economy also needs to have a closed loop in order to be sustainable. Two reasons lie behind this claim. First, the world population is increasing at growing rates and the scarce resources are to be exhausted. Second, linear economy leads towards environmental degradation that contributes to the climate change. Circular economy systematically changes the way the economy functions. The governments support use of renewable energy resources and waste management as well as discovery of new technologies. The goal of this paper is to assess the Croatian economy in the light of circular economy. Unlike the rest of the European Union which is considered the greenest region of the world, Croatia is lagging behind. The shift towards circular economy is yet to begin and this paper is considering the most important steps Croatia will have to make to accelerate the transition process

Eco-innovation and Economic Growth in the European Union

Eco-innovation, as a new concept, and green technologies are central to the Europe’s future and at the core of the European Union policies to boost competitiveness, create jobs, and generate sustainable growth for years to come. In this context, eco-innovation is a significant tool that combines decreased environmental impact with a positive socioeconomic impact. This paper highlights the prominent role of eco-innovation and investigates still scarcely explored impact assessment of GDP growth, quality of institutions, and recycling rates on the eco-innovation index in the 28 European Union member states. Specifically, the set of regression analyses that use panel estimation models was undertaken and the system GMM estimator with robust standard errors was used. Econometric analysis indicates that GDP growth rate, quality of institutions, and recycling rate of municipal waste had a statistically significant and positive effect on eco-innovation in the period 2010-2016

Odnos javnog duga i ekonomskog rasta: primjer zemalja srednje, istočne i jugoistočne Europe

The aim of this paper is to quantify the long run and short run relationship between debt and economic activity in Central, Eastern and Southeastern European countries. In order to investigate the impact of public debt on economic growth, the paper uses pooled mean group estimator (PMG) for the period between 2000 and 2011. A battery of panel unit root as well as panel cointegration tests is used prior to performing the dynamic panel analysis based on PMG estimator. According to the empirical results, in the long-run debt significantly influences the GDP growth having a negative sign as expected and pointing out that government gross debt lowers the GDP growth. In the short run, debt has statistically significant negative influence on the GDP growth as well, controlling for other determinants of growth (trade openness, total investment and industry value added). Designing policy frameworks that encourage export, promote industrial development and create better environment for long-term investment should foster sustainable growth. Therefore, we find that a credible fiscal consolidation strategy is needed combined with policies to promote lasting growth in order to reach debt-stabilizing levels.Cilj ovog rada bio je kvantificirati dugoročan i kratkoročan odnos duga i ekonomske aktivnosti u zemljama srednje, istočne i jugoistočne Europe. Stoga je, kako bi se istražio utjecaj javnog duga na ekonomski rast, primijenjen združeni procjenitelj aritmetičke sredine grupe (PMG) za razdoblje od 2000. do 2011. godine. Prije izvođenja dinamičke panel analize na temelju PMG procjenitelja, provedeni su testovi jediničnog korijena, kao i testovi panel kointegracije. Prema empirijskim rezultatima, javni dug u dugom roku značajno utječe na rast BDP-a, te ima očekivani negativni predznak. Nadalje, u kratkom roku, dug također ima statistički značajan negativan utjecaj na rast BDP-a, uz značajnost ostalih odrednica rasta (trgovinske otvorenosti, ukupnih investicija i dodane vrijednosti industrije). Preporuča se kreiranje mjera za poticanje izvoza i razvoja industrije te stvaranje boljeg okruženja koje pogoduje dugoročnim investicijama kako bi se potaknuo gospodarski rast. Zaključuje se da treba provoditi kredibilnu strategiju fiskalne konsolidacije zajedno s mjerama za poticanje dugoročnog rasta s ciljem stabiliziranja udjela duga u BDP-u

Quality of red wines from different grape varieties V. vinifere L aged in slavonian oak barrels

Utjecaj srednje i jako paljenih bačava (225 L) od slavonske hrstovine na kakvoću crnih vina praćen je tijekom 9 mjeseci dozrijevanja. Cilj istraživanja bio je utvrditi razlike u kemijskom sastavu i senzornim svojstvima vina ´Cabernet Sauvignon´, ´Merlot´ i ´Petit Verdot´. Promjene u kemijskom sastavu vina praćene su metodom plinska kromatografija-masena spektrometrija (GC-MS) temeljem uzorkovanja vina svakih 3 mjeseca. Utvrđen je različiti intenzitet ekstrakcije polifenolnih spojeva, ovisno o jačini paljenja bačava koji je najviše utjecao na koncentracije eugenola, gvajakola, vanilina te cis i trans-hrastovog laktona. Na koncentracije ostalih laktona (γ-heksalakton, γ-nonalakton, γ-dekalakton) veći utjecaj je imala sorta u odnosu na jačinu paljena i vrijeme dozrijevanja. Ekstrakcija hlapivih spojeva iz drva bila je različita među ispitivanim vinima pri čemu je u vinu ´Cabernet Sauvignon´ bila najintenzivnija. Razlike su utvrđene i u koncentracijama hlapivih fenola. Tako su vina ´Petit Verdot´ imala najnižu koncentraciju etil-fenola i etilgvajakola dok je veća koncentracija zabilježena u vinima ´Cabernet Sauvignon´ neovisno o jačini paljenja. Prema rezultatima senzornog ocjenjivanja bolja su vina dozrijevana u srednje paljenim bačvama u odnosu na ona iz jako paljenih, pri čemu je ukupno najbolje ocijenjeno vino sorte ´Merlot´.The wood-related volatile profile of red wines aged in medium and hard toasted Croatian oak barrels was studied by GC–MS method. The objective of this study was to describe the differences in chemical composition and sensory properties of the \u27Cabernet Sauvignon,\u27 \u27Merlot\u27 and \u27Petit Verdot\u27 wines during the nine months aging period. Different rates of extraction have been observed, depending on the toasting method used. The toasting level influenced more considerably eugenol, guaiacol, vanillin and cis and trans-oak lactone concentrations. Among other lactones analysed (γ-hexalactone, γ-nonalactone, γ-decalactone), grape variety had more pronounced influence than toasting level and aging period. The accumulation of oak compounds was different, depending on the wine aged in the barrels with the extraction rate being more favoured in the Cabernet Sauvignon wines. Marked difference was noted in the ethyl phenols concentrations among tested wines. \u27Petiti Verdot\u27 contained the lowest levels of both phenols (ethyl phenol and guaiacol) while higher concentrations were noted in Cabernet Sauvignon wines regardless of the toasting level. Sensory evaluation pointed out better overall quality of wines aged in medium toasted barrels while among varieties, best results were achieved in Merlot wines

Orbitalni kavernozni hemangiom

The aim of this case report was to present a patient with a benign orbital tumor, cavernous hemangioma, who presented with symptoms of compressive orbital mass: unilateral axial proptosis, with motility restriction and sudden vision loss in the left eye. Ophthalmologic examination (visual acuity, applanation tonometry, Goldmann tonometer, visual field) and radiologic examination diagnosed a benign, well circumscribed, vascular, intraconal tumor that compresses the optic nerve. Treatment was operative: lateral orbitectomy Krönlein procedure and the tumor was removed. Pathologic and pathohistologic examination confirmed the previous diagnosis. Follow up examination, visual field and MRI of the orbit showed considerable improvement. Surgical treatment was also the final treatment and no adjuvant therapy was necessary. Prognosis for visual acuity and life is excellent.Cilj ovog rada bio je prikazati slučaj pacijentice s benignim tumorom orbite, kavernoznim hemangiomom, koji se javlja sa simptomima kompresivne tvorbe u orbiti: unilateralnom proptozom, smetnjama motiliteta te naglim gubitkom vida lijevog oka. Oftalmološkom obradom (ispitivanje vidne oštrine, aplanacijska tonometrija, ispitivanje vidnog polja po Goldmannu) te radiološkom obradom (MR, MSCT, MSCT angiografija) postavlja se dijagnoza benigne, dobro ograničene, vaskularne tvorbe u konusu koja pritišće očni živac. Pristupilo se operativnom zahvatu, napravila se lateralna orbitektomija po Krönleinu i odstranio tumor u cijelosti. Patološka i patohistološka pretraga potvrđuju raniju dijagnozu. Postoperativni tijek protiče uredno te se na nalazu kontrolnog vidnog polja i kontrolnim snimkama MR-a utvrđuje značajno poboljšanje. Kod pacijentice je kirurško liječenje bilo i konačno te nije bila potrebna dodatna terapija. Prognoza za vidnu oštrinu i život je odlična