DETECTING OPTIMAL FINANCIAL AND CAPITAL STRUCTURE: THE CASE OF SMALL AND MEDIUM ENTERPRISES (SME) IN REPUBLIC OF CROATIA

One of the most frequent buzzwords nowadays in the economic science is word »optimum« or its adjective »optimal«. In most cases it includes the maximization of certain variables, but in the case of financial and capital structure it refers to the most favourable ratio of debt and capital. In order to determine the most suitable range of financial (capital) structure it must be associated with company's success. The question that arises is – how to measure success of a company? There are many ways – most common is definitely profitability. But nowadays profitability in many cases cannot be reliable indicator of company's success because there are many ways to embellish »bottom line« without substantial upturns. There is notable number of cases in which profitable companies go bankrupt. That is the reason why business continuity was used as a measure of company's success in this paper. Relation between financial (capital) structure and opening bankruptcy proceeding will be analyzed to determine which companies according to their affinities in financing are more likely to go bankrupt. Also, financial (capital) structure movement in years before bankruptcy occured and difference between financial (capital) structure of companies which belong to manufacturing and retail and wholesale activity will be analyzed. Sample consists of small and medium enterprises which operated in Republic of Croatia. They are divided in two subsamples – first subsample includes companies which have opened bankruptcy proceeding and second subsample includes companies which haven't opened bankruptcy proceeding and continued their business activity. Financial data was gathered from Croatian Financial Agency official website and data about bankruptcy proceedings was collected from Croatian Official Gazzette

Factores académicos y sociales de satisfacción con la escuela

Iako se unutar obrazovnih istraživanja fokus često stavlja na kognitivne činitelje i školska postignuća djece, uz njih su jako važna i emocionalna i socijalna iskustva učenika, kao i njihov cjeloviti doživljaj škole. Stoga je cilj provedenog istraživanja bio ispitati zadovoljstvo školom među učenicima završnih razreda osnovnih škola te utvrditi doprinos njihove socijalne samoefikasnosti i percipirane akademske kontrole, kao i socijalne integriranosti te percepcije nastavničke podrške tom zadovoljstvu. U istraživanju su pritom sudjelovala 302 učenika sedmih i osmih razreda osnovnih škola. Dobiveni su rezultati pokazali kako socijalna integriranost, podrška od strane nastavnika, percipirana akademska kontrola i školsko postignuće predstavljaju značajne prediktore općeg zadovoljstva školom, pri čemu je utvrđena i medijacijska uloga percipirane akademske kontrole s obzirom na povezanost ostalih prediktora sa zadovoljstvom školom. Ovi rezultati upućuju na važnost različitih vrsta učeničkih uvjerenja o svojim osobinama u objašnjenju individualnih razlika u učeničkom zadovoljstvu školom. Također, dobiveni nalazi pokazuju da osim akademskih, na učenički doživljaj škole utječu i socijalni činitelji, koje je važno uzimati u obzir prilikom planiranja i izvedbe školskih aktivnosti.Despite the fact that the focus within educational research is often placed on cognitive factors and academic achievements, children\u27s social and emotional experiences are also very relevant for their overall school commitment. Consequently, the goal of the present study was to investigate the relevance of students\u27 social self-efficacy and perceived academic control, as well as social integration and the perception of teacher support for their general school satisfaction. The study was conducted in elementary schools where a total of 302 students enrolled into seventh and eighth grade completed the prepared questionnaires. The obtained results indicated social integration, teacher support, perceived academic control and school achievement as statistically significant predictors of school satisfaction. Furthermore, perceived academic control was revealed as a mediator with regard to the relationship between other predictors with school satisfaction. These findings indicate the relevance of different types of students\u27 beliefs regarding their own characteristics for their school satisfaction. They also suggest that in addition to their academic experience, children\u27s social experiences also influence their school satisfaction and should be considered with more care when planning and organizing school activities.Aunque en las investigaciones de educación a menudo el foco está en los factores cognitivos y rendimiento escolar de los niños, también son muy importantes las experiencias emocionales y sociales de los alumnos, tanto como su impresión íntegra de la escuela. Por eso el objetivo de la investigación realizada fue examinar la satisfacción con la escuela entre los alumnos de los últimos grados de la educación primaria y constatar la contribución de su autoeficacia social y control académica percibida, tanto como la integración social y la percepción del apoyo de los enseñantes para esta satisfacción. En la investigación participaron 302 alumnos de la séptima y octava clase de las escuelas primarias. Los resultados obtenidos han mostrado que la integración social, el apoyo por parte de enseñantes, el control académico percibido y el rendimiento escolar representan predictores significativos de la satisfacción general con la escuela. Además, se comprobó el papel mediador del control académico percibido con respecto a la relación entre otros predictores y la satisfacción con la escuela. Los resultados obtenidos también demuestran que además de los factores académicos, en la impresión que los estudiantes tienen sobre la escuela influyen también los factores sociales, que deberían tomarse en consideración a la hora de planear y realizar actividades escolares

Distribution of non-native Pacific oyster Magallana gigas (Thunberg, 1793) along the eastern Adriatic coast

Non-native Pacific oyster Magallana gigas (Thunberg, 1793) was introduced to the Mediterranean Sea for aquaculture purposes in the 1960s. Although this species was not introduced for aquaculture to the Croatian part of the Adriatic Sea, in the 1970s, it was reported in the Lim Bay, in the North-eastern Adriatic. Until recently, there has been no research on the species in the Croatian part of the Adriatic. The aim of this research was to summarize existing and novel data on the distribution of M. gigas in coastal areas of the Eastern Adriatic and to provide a baseline for the future monitoring and assessment programmes of the species. Distribution of M. gigas was determined by three different methods: (i) a visual census of the presence of M. gigas specimens in the medio-littoral zone ; (ii) DNA identification of M. gigas larvae in the water column ; and (iii) the presence of M. gigas in the subtidal zone at depth between 25 and 40 m. Magallana gigas has a well- established population in the medio-littoral zone of natural and anthropogenic habitats along the coast of the North-eastern Adriatic Sea (west coast of Istria peninsula), but it is not present in the deeper layers . In the Central-eastern and South-eastern Adriatic Sea, the species was either absent or sporadically recorded with no evidence of fully established populations. Considering the great invasion success of M. gigas worldwide and effects that this species could have on the invaded ecosystem (e.g. competition for food and space with native species), detailed future monitoring is needed for the Eastern Adriatic Sea

A predictive processing theory of sensorimotor contingencies: explaining the puzzle of perceptual presence and its absence in synesthesia

Normal perception involves experiencing objects within perceptual scenes as real, as existing in the world. This property of “perceptual presence” has motivated “sensorimotor theories” which understand perception to involve the mastery of sensorimotor contingencies. However, the mechanistic basis of sensorimotor contingencies and their mastery has remained unclear. Sensorimotor theory also struggles to explain instances of perception, such as synesthesia, that appear to lack perceptual presence and for which relevant sensorimotor contingencies are difficult to identify. On alternative “predictive processing” theories, perceptual content emerges from probabilistic inference on the external causes of sensory signals, however, this view has addressed neither the problem of perceptual presence nor synesthesia. Here, I describe a theory of predictive perception of sensorimotor contingencies which (1) accounts for perceptual presence in normal perception, as well as its absence in synesthesia, and (2) operationalizes the notion of sensorimotor contingencies and their mastery. The core idea is that generative models underlying perception incorporate explicitly counterfactual elements related to how sensory inputs would change on the basis of a broad repertoire of possible actions, even if those actions are not performed. These “counterfactually-rich” generative models encode sensorimotor contingencies related to repertoires of sensorimotor dependencies, with counterfactual richness determining the degree of perceptual presence associated with a stimulus. While the generative models underlying normal perception are typically counterfactually rich (reflecting a large repertoire of possible sensorimotor dependencies), those underlying synesthetic concurrents are hypothesized to be counterfactually poor. In addition to accounting for the phenomenology of synesthesia, the theory naturally accommodates phenomenological differences between a range of experiential states including dreaming, hallucination, and the like. It may also lead to a new view of the (in)determinacy of normal perception

A cytomegaloviral protein reveals a dual role for STAT2 in IFN-γ signaling and antiviral responses

A mouse cytomegalovirus (MCMV) gene conferring interferon (IFN) resistance was identified. This gene, M27, encodes a 79-kD protein that selectively binds and down-regulates for signal transducer and activator of transcription (STAT)-2, but it has no effect on STAT1 activation and signaling. The absence of pM27 conferred MCMV susceptibility to type I IFNs (α/β), but it had a much more dramatic effect on type II IFNs (γ) in vitro and in vivo. A comparative analysis of M27+ and M27− MCMV revealed that the antiviral efficiency of IFN-γ was partially dependent on the synergistic action of type I IFNs that required STAT2. Moreover, STAT2 was directly activated by IFN-γ. This effect required IFN receptor expression and was independent of type I IFNs. IFN-γ induced increasing levels of tyrosine-phosphorylated STAT2 in M27− MCMV-infected cells that were essential for the antiviral potency of IFN-γ. pM27 represents a new strategy for simultaneous evasions from types I and II IFNs, and it documents an unknown biological significance for STAT2 in antiviral IFN-γ responses

Neurophysiologic markers of primary motor cortex for laryngeal muscles and premotor cortex in caudal opercular part of inferior frontal gyrus investigated in motor speech disorder : a navigated transcranial magnetic stimulation (TMS) study

Transcranial magnetic stimulation studies have so far reported the results of mapping the primary motor cortex (M1) for hand and tongue muscles in stuttering disorder. This study was designed to evaluate the feasibility of repetitive navigated transcranial magnetic stimulation (rTMS) for locating the M1 for laryngeal muscle and premotor cortical area in the caudal opercular part of inferior frontal gyrus, corresponding to Broca's area in stuttering subjects by applying new methodology for mapping these motor speech areas. Sixteen stuttering and eleven control subjects underwent rTMS motor speech mapping using modified patterned rTMS. The subjects performed visual object naming task during rTMS applied to the (a) left M1 for laryngeal muscles for recording corticobulbar motor-evoked potentials (CoMEP) from cricothyroid muscle and (b) left premotor cortical area in the caudal opercular part of inferior frontal gyrus while recording long latency responses (LLR) from cricothyroid muscle. The latency of CoMEP in control subjects was 11.75 +/- A 2.07 ms and CoMEP amplitude was 294.47 +/- A 208.87 A mu V, and in stuttering subjects CoMEP latency was 12.13 +/- A 0.75 ms and 504.64 +/- A 487.93 A mu V CoMEP amplitude. The latency of LLR in control subjects was 52.8 +/- A 8.6 ms and 54.95 +/- A 4.86 in stuttering subjects. No significant differences were found in CoMEP latency, CoMEP amplitude, and LLR latency between stuttering and control-fluent speakers. These results indicate there are probably no differences in stuttering compared to controls in functional anatomy of the pathway used for transmission of information from premotor cortex to the M1 cortices for laryngeal muscle representation and from there via corticobulbar tract to laryngeal muscles.Peer reviewe

Neurophysiologic markers of primary motor cortex for laryngeal muscles and premotor cortex in caudal opercular part of inferior frontal gyrus investigated in motor speech disorder : a navigated transcranial magnetic stimulation (TMS) study

Transcranial magnetic stimulation studies have so far reported the results of mapping the primary motor cortex (M1) for hand and tongue muscles in stuttering disorder. This study was designed to evaluate the feasibility of repetitive navigated transcranial magnetic stimulation (rTMS) for locating the M1 for laryngeal muscle and premotor cortical area in the caudal opercular part of inferior frontal gyrus, corresponding to Broca's area in stuttering subjects by applying new methodology for mapping these motor speech areas. Sixteen stuttering and eleven control subjects underwent rTMS motor speech mapping using modified patterned rTMS. The subjects performed visual object naming task during rTMS applied to the (a) left M1 for laryngeal muscles for recording corticobulbar motor-evoked potentials (CoMEP) from cricothyroid muscle and (b) left premotor cortical area in the caudal opercular part of inferior frontal gyrus while recording long latency responses (LLR) from cricothyroid muscle. The latency of CoMEP in control subjects was 11.75 +/- A 2.07 ms and CoMEP amplitude was 294.47 +/- A 208.87 A mu V, and in stuttering subjects CoMEP latency was 12.13 +/- A 0.75 ms and 504.64 +/- A 487.93 A mu V CoMEP amplitude. The latency of LLR in control subjects was 52.8 +/- A 8.6 ms and 54.95 +/- A 4.86 in stuttering subjects. No significant differences were found in CoMEP latency, CoMEP amplitude, and LLR latency between stuttering and control-fluent speakers. These results indicate there are probably no differences in stuttering compared to controls in functional anatomy of the pathway used for transmission of information from premotor cortex to the M1 cortices for laryngeal muscle representation and from there via corticobulbar tract to laryngeal muscles.Peer reviewe

Biocompatible microemulsions for improved dermal delivery of sertaconazole nitrate: Phase behavior study and microstructure influence on drug biopharamaceutical properties

The aim of this study was development of biocompatible topical microemulsions (MEs) for incorporation and improved dermal delivery of sertaconazole nitrate (SN). For this purpose, phase behavior and microstructure of pseudo-ternary glycereth-7-caprylate/caprate (Emanon EV-E, EV)/cosurfactant/Capryol (TM) 90/water systems were investigated. Furhermore, the influence of these properties on the drug skin delivery was also assessed. Expansion of ME single-phase regions with the use of short chain alcohols was a consequence of the more fluid interface when compared to other investigated systems, which was confirmed by electron paramagnetic resonance spectroscopy-EPR. The chosen bicontinuous to inverted bicontinuous formulations were assessed against the ME based on polysorbate 80 as referent sample. Despite incorporation of SN within the selected formulations induced similar alternations in electrical conductivity, viscosity and pH values, obtained EPR spectra suggested different SN localization: within the oil phase (for most of the EV based formulations), or interacting with the interface (polysorbate 80 based formulation). Due to higher in vitro drug release (12.24%-18.53%), ex vivo SN penetration into porcine ear skin (dermal retention Enhancement Ratio (ERO) ranged from 2.66 to 4.25) and pronounced antifungal activity, the chosen MEs represent promising vehicles for dermal delivery of SN in treatment of cutaneous fungal infections. The biopharmaceutical and skin performance differences obtained with different formulations were possible to be explained on the basis of their physicochemical characteristics.This is the peer-reviewed version of the article: Pajic, N. B., Nikolić, I., Mitsou, E., Papadimitriou, V., Xenakis, A., Randjelović, D., Dobricic, V., Smitran, A., Cekic, N., Calija, B.,& Savić, S. D. (2018). Biocompatible microemulsions for improved dermal delivery of sertaconazole nitrate: Phase behavior study and microstructure influence on drug biopharamaceutical properties. Journal of Molecular LiquidsElsevier Science Bv, Amsterdam., 272, 746-758. [https://doi.org/10.1016/j.molliq.2018.10.002]The published version: [https://cer.ihtm.bg.ac.rs/handle/123456789/2360

A plant-based diet supplemented with Hermetia illucens alone or in combination with poultry by-product meal: one step closer to sustainable aquafeeds for European seabass

Background: Increasing demand for high-value fish species and pressure on forage fish is challenging aquaculture to ensure sustainable growth by replacing protein sources in aquafeeds with plant and terrestrial animal proteins, without compromising the economic value and quality of the final fish product. In the present study, the effects of a plant protein-based diet (CV), two plant-based diets in which graded amounts of plan protein mixtures were replaced with Hermetia illucens meal alone (VH10) or in combination with poultry by-product meal (PBM) (VH10P30), a fishmeal (FM) diet (CF) and an FM diet supplemented with H. illucens (FH10) on growth performance, gut health and homeostasis of farmed subadult European seabass were tested and compared. Results: Fish fed the VH10 and VH10P30 diets showed the highest specific growth rates and lowest feed conversion ratios among the tested groups. Expectedly, the best preservation of PI morphology was observed in fish fed the CF or FH10 diets, while fish fed the CV diet exhibited significant degenerative changes in the proximal and distal intestines. However, PBM supplementation mitigated these effects and significantly improved all gut morphometric parameters in the VH10P30 group. Partial substitution of the plant mixture with insect meal alone or PBM also induced most BBM genes and activated BBM enzymes, suggesting a beneficial effect on intestinal digestive/absorption functions. Regarding intestinal microbiota, fish fed diets containing H. illucens meal (FH10, VH10, VH10P30) had the highest richness of bacterial communities and abundance of beneficial genera such as Lactobacillus and Bacillus. On the other hand, fish fed CV had the highest microbial diversity but lost a significant component of fish intestinal microbiota, the phylum Bacteroidetes. Finally, skin pigmentation most similar to that of farmed or even wild seabass was also observed in the fish groups fed CF, FH10 or VH10P30. Conclusion: Plant-based diets supplemented with PBM and H. illucens pupae meal have great potential as alternative diets for European seabass, without affecting growth performance, gut homeostasis, or overall fitness. This also highlights the importance of animal proteins in diets of European seabass, as the addition of a small amount of these alternative animal protein sources significantly improved all measured parameters