Improving portfolio liquidity: MCDM approach to share selection on the Zagreb Stock Exchang

This article describes how investors on the Zagreb Stock Exchange (ZSE) can use Multiple Criteria Decision Making (MCDM) to select shares for investment. Both financial and market liquidity criteria are used to compare different shares. Market liquidity criteria include the average number of daily trades and the average daily turnover on the regular market. These criteria help to determine the liquidity of shares in the secondary market, which is the main contribution of this research.The investment selection proposal is based on the PROMETHEE. The performance of the portfolio constructed using the Modern Portfolio Theory (MPT) was tested. Predictably, the inclusion of liquidity criteria in the share selection process resulted in an increase in the liquidity of the portfolio, an effect that is clearly evident after 2019. However, such a portfolio does not provide significantly different returns compared to a scenario where liquidity criteria are excluded from share selection process. Reading this paper provides an insight into how to make investment decisions based on criteria consistent with investors’ objectives in an developing capital market

UTJECAJ PERCIPIRANE KVALITETE USLUGE NA NAMJERE PONAŠANJA KORISNIKA U PEER-TO-PEER (P2P) SMJEŠTAJU

In this study, the focus was on exploring the attitudes of Airbnb users in Croatia. The primary goal was to investigate the impact of perceived service quality on users\u27 behavioral intentions, with a particular emphasis on user engagement as a mediating variable. The significance of comprehending the concept of perceived service quality was highlighted, as it can aid in improving service design and development, enhancing service quality, and promoting user engagement, intention to reuse and positive recommendations. A questionnaire was administered to a sample of 327 respondents to assess the impact of perceived service quality, expressed through technical, economic, and social categories, users\u27 behavioral intentions, and whether this influence is mediated by user engagement. Data analysis was performed using Structural Equation Modeling (SEM) with SPSS Amos 23.0 software. Our findings indicate that service quality\u27s technical, economic, and social categories directly and positively affect the behavioral intentions of users in peer-to-peer accommodation. Moreover, user engagement was found to mediate between service quality categories and users\u27 behavioral intentions. This suggests that users prefer the security, functionality, trustworthiness, ease of use, financial benefits, advanced information about prices, satisfaction, connection with other users, and the possibility of exchanging experiences, comments and suggestions for improvement, leading to repeated use and recommendation of the service.U ovom istraživanju fokus je bio na ispitivanju stavova Airbnb korisnika u Hrvatskoj. Primarni cilj bio je istražiti utjecaj percipirane kvalitete usluge na namjere ponašanja korisnika, s posebnim naglaskom na uključenost korisnika kao medijatorsku varijablu. Istaknuta je važnost razumijevanja koncepta percipirane kvalitete usluge jer može pomoći u poboljšanju dizajna i razvoja usluge, poboljšanju kvalitete usluge te promicanju uključenosti korisnika, namjere ponovnog korištenja i pozitivnih preporuka. Upitnik je primijenjen na uzorku od 327 ispitanika kako bi se procijenio utjecaj percipirane kvalitete usluge, izražene kroz tehničku, ekonomsku i društvenu kategoriju na namjere ponašanja korisnika, te je li taj utjecaj posredovan uključenosti korisnika. Analiza podataka provedena je korištenjem Structural Equation Modeling (SEM) sa softverom SPSS Amos 23.0. Rezultati pokazuju da tehnička, ekonomska i društvena kategorija kvalitete usluge izravno i pozitivno utječu na namjere ponašanja korisnika u peer-to-peer smještaju. Štoviše, utvrđeno je da angažman korisnika posreduje između kategorija kvalitete usluge i namjera ponašanja korisnika. Spomenuto sugerira da korisnici preferiraju sigurnost, funkcionalnost, pouzdanost, jednostavnost korištenja, financijsku korist, napredne informacije o cijenama, zadovoljstvo, povezanost s drugim korisnicima te mogućnost razmjene iskustava, komentara i prijedloga za poboljšanje, što dovodi do ponovne uporabe i preporuke usluge

The concept of the sharing economy - a view from different perspectives

Ubrzani tehnološki razvoj posljednjih nekoliko desetljeća doveo je do odmicanja od tradicionalnog modela poslovanja poduzeća prema razvoju novih modela koji se oslanjaju na korištenje digitalnih platformi za dijeljenje nedovoljno iskorištenih dobara ili usluga, što je poznato kao ekonomija dijeljenja. Porast ekonomije dijeljenja značajno mijenja potrošačko ponašanje milijuna ljudi širom svijeta. Ekspanzivan rast ekonomije dijeljenja i njezin dramatičan utjecaj na različite aspekte današnjega društveno-ekonomskog sustava potiče sve veći interes javnosti posljednjih desetak godina. Na tržište su ušli novi igrači na mnogim poljima koji su stekli značajnu prednost, a neki su čak i nadigrali postojeće igrače. Ekonomija dijeljenja značajno mijenja modele poslovanja u raznim industrijama te nameće brojna ekonomska, društvena i pravna pitanja. Cilj ovoga rada je ukazati na trendove u razvoju koncepta ekonomije dijeljenja i pregledom relevantne literature pružiti iscrpnu analizu dosadašnjih spoznaja kao i sagledati potencijalna neistražena područja ekonomije dijeljenja. U radu se daje pregled literature o motivaciji i iskustvima korisnika, utjecaju recenzija na odabir usluga te čimbenicima koji utječu na formiranje cijene. Uz aspekt korisnika proučava se i aspekt pružatelja usluga, njihova motivacija za sudjelovanjem kao i strategije i ponašanje pružatelja usluga. Rad ističe važnost proučavanja svih sektora i platformi u ekonomiji dijeljenja na temelju spoznaje da se najveći broj dosadašnjih studija odnosi na područje smještaja.The rapid technological development of the past few decades has led to a shift away from traditional business models toward new models that rely on digital platforms to share underutilized goods or services. This phenomenon is known as the sharing economy, and it is significantly changing the consumer behaviour of millions of people worldwide. The expansive growth of the sharing economy and its dramatic impact on various aspects of today’s socio-economic system have fuelled increasing public interest in the last ten years. Many new players have entered the market in various fields, gaining significant importance, and some have even overtaken existing players. The sharing economy significantly changes business models in different industries and poses numerous economic, social, and legal issues. The aim of this paper is to identify trends in the development of the sharing economy concept, provide an exhaustive analysis of current knowledge through a review of relevant literature, and explore potential unexplored areas of the sharing economy. To this end, the paper offers an overview of the literature on the motivation and experiences of users, the influence of reviews on service selection, and the factors that influence pricing. In addition, the paper examines the motivation for participation, strategies, and behaviour of service providers. The paper underscores the importance of studying all sectors and platforms in the sharing economy, given that the largest number of studies to date relate to the area of accommodation

THE ROLE OF SECTOR IN USERS’ ATTITUDES TOWARDS THE PERCEIVED QUALITY OF SHARING ECONOMY SERVICES

Ovaj rad analizira percipiranu kvalitetu usluge u ekonomiji dijeljenja, specifično u sektorima smještaja i prijevoza. Cilj istraživanja je utvrditi razlike u stavovima korisnika usluga u ovim sektorima u percepciji kvalitete usluge i identificirati koja dimenzija kvalitete usluge je važnija za korisnike. Istraživanje se temeljilo na dvije dimenzije kvalitete usluge: tehničkoj i društvenoj. Ispitivanje je provedeno na uzorku od 327 ispitanika, a uzorak istraživanja činili su korisnici ekonomije dijeljenja u smještaju i prijevozu u Hrvatskoj. Rezultati pokazuju da je za korisnike usluge smještaja i prijevoza važno da se aplikacija redovito ažurira kako bi brzo dobili nove informacije i lakše izabrali uslugu. Također, obje skupine korisnika smatraju da imaju višestruke koristi od ove usluge, kao što su mogućnost upoznavanja drugih ljudi i osjećaj sigurnosti. Međutim, postoji statistički značajna razlika u percepciji korisnika u određenim aspektima društvene dimenzije kvalitete usluge. Naime, društvena dimenzija pokazala se izuzetno važnom u istraživanjima sektora smještaja. Pokazuje se da je želja za zajednicom i socijalnom interakcijom razlog odabira takvog smještaja u odnosu na tradicionalni oblik. Uloga domaćina je ključna u odabiru smještaja, a gosti cijene boravak s domaćinom jer im među ostalim pruža priliku za autentičnim iskustvima. Ovi rezultati mogu biti korisni za pružatelje usluga u ekonomiji dijeljenja u smještaju i prijevozu, kako bi bolje razumjeli preferencije i očekivanja svojih korisnika i poboljšali kvalitetu svojih usluga.This paper analyzes the perceived service quality in the sharing economy, specifically in the accommodation and transport sectors. The aim of the research was to determine differences in service quality perceptions among users in these sectors and to identify which category of service quality is more important to them. The research was based on two categories of service quality: technical and social. The survey was conducted on a sample of 327 respondents, and the research sample consisted of users of the sharing economy in accommodation and transport in Croatia. The results show that for users of accommodation and transport services, it is important that the application is regularly updated to quickly receive new information and to make service selection easier. Additionally, both groups of users believe that they have multiple benefits from this service, such as the ability to meet other people and a sense of security. However, there is a statistically significant difference in user perception in certain aspects of the social category of service quality. Specifically, the social category has been shown to be extremely important in accommodation sector studies. The desire for community and social interaction is a reason for choosing this type of accommodation over traditional forms. The role of the host is crucial in the choice of accommodation, and guests appreciate staying with a host because it provides them with the opportunity for authentic experiences. These results can be useful for service providers in the sharing economy in accommodation and transport to better understand the preferences and expectations of their users and improve the quality of their services

Influence of perceived quality on users' behavioral intentions in sharing economy in transport

Ekonomija dijeljenja je društveno ekonomski trend koji iz temelja mijenja način života i potrošačke navike. Ekspanzivan rast ekonomije dijeljenja i njezin dramatičan utjecaj na različite aspekte današnjeg društveno ekonomskog sustava potaknuo je sve veći interes javnosti posljednjih nekoliko godina. Međutim, unatoč rastućem broju istraživanja, malo je empirijskih studija koje se bave konceptom kvalitete usluge u području ekonomije dijeljenja, a posebice u sektoru prijevoza. Ne postoji dovoljno empirijskih istraživanja o tome zašto se korisnici uključuju u ekonomiju dijeljenja, koji su motivi korisnika, kako se kvaliteta usluge može poboljšati, što razvija povezanost korisnika s uslugom, koji su prediktori namjera ponašanja niti zašto mnogi ljudi još uvijek nerado sudjeluju u tom novom trendu. Stoga je cilj ovog istraživanja doprinijeti smanjenju navedenog nedostatka. Predmet istraživanja ove disertacije je percipirana kvaliteta korisnika usluge i njen učinak na uključenost i namjere ponašanja korisnika usluga ekonomije dijeljenja u prijevozu na području RH. Kako bi se istražila ova problematika provedeno je empirijsko istraživanje na uzorku korisnika usluga ekonomije dijeljenja u prijevozu. Teorijskim i empirijskim istraživanjem postignuti su postavljeni ciljevi istraživanja i potvrđene hipoteze istraživanja: (1) Tehnička kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (2) Uključenost korisnika usluge je medijator između tehničke kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (3) Ekonomska kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (4) Uključenost korisnika usluge je medijator između ekonomske kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (5) Društvena kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (6) Uključenost korisnika usluge je medijator između društvene kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (7) Tehnička kategorija ima veći rang važnosti od društvene kategorije kvalitete usluge ekonomije dijeljenja u prijevozu. Dimenzije kvalitete usluge koje ostvaruju utjecaj na namjere ponašanja korisnika su važne za pružatelje zainteresirane za razvoj dugoročnih odnosa sa svojim korisnicimaSharing economy is a socio economic trend that fundamentally changes lifestyles and consumer habits. The expansive growth of sharing economy and its dramatic impact on various aspects of today’s socio economic system has induced growing public interest in recent years. However, despite the growing number of studies, there are only few empirical studies dealing with the concept of service quality in the field of sharing economy, especially in the transport sector. There is not enough empirical research on why users are involved in the sharing economy, what are users' motives, how service quality can be improved, what develops users' connection to the service, what are predictors of behavioral intentions or why many people are still reluctant to participate in this new trend. Therefore, the aim of this research is to contribute to the reduction of this shortcoming. The subject of research in this dissertation is perceived service quality and its effect on the users' involvement and intentions of behavior in sharing economy in transport in Croatia. In order to investigate this issue, an empirical study was conducted on a sample of users of transport sharing economy services. Theoretical and empirical research achieved the set research goals and confirmed the research hypotheses: (1) Technical category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (2) Users' involvement is a mediator between the technical category of service quality and the intentions (3) Economic category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (4) Users' involvement is a mediator between the economic category of service quality and the intentions, (5) Social category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (6) Users' involvement is a mediator between the social category of service quality and the intentions, (7) Technical category has a higher rank of importance than the social category in sharing economy in transport. Dimensions of service quality that influence the intentions of customer behavior are important for providers interested in developing long term relationships with their customers

Influence of perceived quality on users' behavioral intentions in sharing economy in transport

Ekonomija dijeljenja je društveno ekonomski trend koji iz temelja mijenja način života i potrošačke navike. Ekspanzivan rast ekonomije dijeljenja i njezin dramatičan utjecaj na različite aspekte današnjeg društveno ekonomskog sustava potaknuo je sve veći interes javnosti posljednjih nekoliko godina. Međutim, unatoč rastućem broju istraživanja, malo je empirijskih studija koje se bave konceptom kvalitete usluge u području ekonomije dijeljenja, a posebice u sektoru prijevoza. Ne postoji dovoljno empirijskih istraživanja o tome zašto se korisnici uključuju u ekonomiju dijeljenja, koji su motivi korisnika, kako se kvaliteta usluge može poboljšati, što razvija povezanost korisnika s uslugom, koji su prediktori namjera ponašanja niti zašto mnogi ljudi još uvijek nerado sudjeluju u tom novom trendu. Stoga je cilj ovog istraživanja doprinijeti smanjenju navedenog nedostatka. Predmet istraživanja ove disertacije je percipirana kvaliteta korisnika usluge i njen učinak na uključenost i namjere ponašanja korisnika usluga ekonomije dijeljenja u prijevozu na području RH. Kako bi se istražila ova problematika provedeno je empirijsko istraživanje na uzorku korisnika usluga ekonomije dijeljenja u prijevozu. Teorijskim i empirijskim istraživanjem postignuti su postavljeni ciljevi istraživanja i potvrđene hipoteze istraživanja: (1) Tehnička kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (2) Uključenost korisnika usluge je medijator između tehničke kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (3) Ekonomska kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (4) Uključenost korisnika usluge je medijator između ekonomske kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (5) Društvena kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (6) Uključenost korisnika usluge je medijator između društvene kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (7) Tehnička kategorija ima veći rang važnosti od društvene kategorije kvalitete usluge ekonomije dijeljenja u prijevozu. Dimenzije kvalitete usluge koje ostvaruju utjecaj na namjere ponašanja korisnika su važne za pružatelje zainteresirane za razvoj dugoročnih odnosa sa svojim korisnicimaSharing economy is a socio economic trend that fundamentally changes lifestyles and consumer habits. The expansive growth of sharing economy and its dramatic impact on various aspects of today’s socio economic system has induced growing public interest in recent years. However, despite the growing number of studies, there are only few empirical studies dealing with the concept of service quality in the field of sharing economy, especially in the transport sector. There is not enough empirical research on why users are involved in the sharing economy, what are users' motives, how service quality can be improved, what develops users' connection to the service, what are predictors of behavioral intentions or why many people are still reluctant to participate in this new trend. Therefore, the aim of this research is to contribute to the reduction of this shortcoming. The subject of research in this dissertation is perceived service quality and its effect on the users' involvement and intentions of behavior in sharing economy in transport in Croatia. In order to investigate this issue, an empirical study was conducted on a sample of users of transport sharing economy services. Theoretical and empirical research achieved the set research goals and confirmed the research hypotheses: (1) Technical category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (2) Users' involvement is a mediator between the technical category of service quality and the intentions (3) Economic category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (4) Users' involvement is a mediator between the economic category of service quality and the intentions, (5) Social category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (6) Users' involvement is a mediator between the social category of service quality and the intentions, (7) Technical category has a higher rank of importance than the social category in sharing economy in transport. Dimensions of service quality that influence the intentions of customer behavior are important for providers interested in developing long term relationships with their customers

Influence of perceived quality on users' behavioral intentions in sharing economy in transport

Ekonomija dijeljenja je društveno ekonomski trend koji iz temelja mijenja način života i potrošačke navike. Ekspanzivan rast ekonomije dijeljenja i njezin dramatičan utjecaj na različite aspekte današnjeg društveno ekonomskog sustava potaknuo je sve veći interes javnosti posljednjih nekoliko godina. Međutim, unatoč rastućem broju istraživanja, malo je empirijskih studija koje se bave konceptom kvalitete usluge u području ekonomije dijeljenja, a posebice u sektoru prijevoza. Ne postoji dovoljno empirijskih istraživanja o tome zašto se korisnici uključuju u ekonomiju dijeljenja, koji su motivi korisnika, kako se kvaliteta usluge može poboljšati, što razvija povezanost korisnika s uslugom, koji su prediktori namjera ponašanja niti zašto mnogi ljudi još uvijek nerado sudjeluju u tom novom trendu. Stoga je cilj ovog istraživanja doprinijeti smanjenju navedenog nedostatka. Predmet istraživanja ove disertacije je percipirana kvaliteta korisnika usluge i njen učinak na uključenost i namjere ponašanja korisnika usluga ekonomije dijeljenja u prijevozu na području RH. Kako bi se istražila ova problematika provedeno je empirijsko istraživanje na uzorku korisnika usluga ekonomije dijeljenja u prijevozu. Teorijskim i empirijskim istraživanjem postignuti su postavljeni ciljevi istraživanja i potvrđene hipoteze istraživanja: (1) Tehnička kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (2) Uključenost korisnika usluge je medijator između tehničke kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (3) Ekonomska kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (4) Uključenost korisnika usluge je medijator između ekonomske kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (5) Društvena kategorija kvalitete usluge ima izravan i pozitivan utjecaj na namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (6) Uključenost korisnika usluge je medijator između društvene kategorije kvalitete usluge i namjere ponašanja korisnika usluge ekonomije dijeljenja u prijevozu, (7) Tehnička kategorija ima veći rang važnosti od društvene kategorije kvalitete usluge ekonomije dijeljenja u prijevozu. Dimenzije kvalitete usluge koje ostvaruju utjecaj na namjere ponašanja korisnika su važne za pružatelje zainteresirane za razvoj dugoročnih odnosa sa svojim korisnicimaSharing economy is a socio economic trend that fundamentally changes lifestyles and consumer habits. The expansive growth of sharing economy and its dramatic impact on various aspects of today’s socio economic system has induced growing public interest in recent years. However, despite the growing number of studies, there are only few empirical studies dealing with the concept of service quality in the field of sharing economy, especially in the transport sector. There is not enough empirical research on why users are involved in the sharing economy, what are users' motives, how service quality can be improved, what develops users' connection to the service, what are predictors of behavioral intentions or why many people are still reluctant to participate in this new trend. Therefore, the aim of this research is to contribute to the reduction of this shortcoming. The subject of research in this dissertation is perceived service quality and its effect on the users' involvement and intentions of behavior in sharing economy in transport in Croatia. In order to investigate this issue, an empirical study was conducted on a sample of users of transport sharing economy services. Theoretical and empirical research achieved the set research goals and confirmed the research hypotheses: (1) Technical category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (2) Users' involvement is a mediator between the technical category of service quality and the intentions (3) Economic category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (4) Users' involvement is a mediator between the economic category of service quality and the intentions, (5) Social category of service quality has a direct and positive impact on the users' intentions in sharing economy in transport, (6) Users' involvement is a mediator between the social category of service quality and the intentions, (7) Technical category has a higher rank of importance than the social category in sharing economy in transport. Dimensions of service quality that influence the intentions of customer behavior are important for providers interested in developing long term relationships with their customers

Sharing economy: Comparing users’ service quality perceptions in accommodation and transport on the case of Croatia

This paper focuses on the two most prevalent and economically significant services of the sharing economy: accommodation and transport. Its primary objective is to compare these two crucial sectors in terms of user perspective and their perceived service quality. Given that these platforms operate similarly, this study aims to determine if there are unique aspects that require different approaches or areas that need to be improved. This is crucial for making these platforms function better and provide a better experience for users. The quality of service was analysed through technical and social categories. The goal was to determine whether and how the aforementioned service quality categories affect user behaviour and whether there are differences in the ranking of service quality categories from the users’ perspective, depending on the individual sector of the sharing economy. On a sample of 327 respondents, SEM analysis was used to show that the technical and social categories of service quality positively and directly influence the behavioural intentions of users in the sharing economy in both the accommodation and transport sectors. The findings also revealed that, for the users of the sharing economy service in the accommodation sector, the social category of service quality is more important than the technical category, while for the users of the sharing economy services in the transport sector, the technical category of service quality is more important than the social one