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

TURISTIČKA DJELATNOST I MENADŽMENT – IZAZOV ZA ŽENE

The tourist trade and tourism management represent a special challenge to women. If this is the century of tourism, and if this is the time of “pink-collars” in management, that is, an invasion of female managers, then the domination of women in this industry can truly be expected. The authors point to numerous trends in tourism development that women have successfully embraced. Inevitable questions arise in the Balkan region: Is there a fear of strong women? What is the business style of female managers and what advantages do female managers have over their male counterparts? The authors seek the answers to these and other questions through case studies.Turistička djelatnost i menadžment predstavljaju poseban izazov za žene. Ako je prema očekivanjima ovo stoljeće – stoljeće turizma, a u menadžmentu vrijeme “ružičastih” kragni tj. najezda žena menadžera, onda se s pravom očekuje njihova dominacija baš u ovoj djelatnosti. Autori stoga ukazuju na mnogobrojne trendove u razvoju turizma koje s uspjehom riješavaju žene. Neizbežna pitanja za Balkan, pritom, su: postoji li strah od jakih žena; kakav je poslovni stil žene menadžera i koje su prednosti žene – menadžera u odnosu na muškarca. Odgovore na ova pitanja, ali i neka druga autori su pokušali dobiti i preko studije slučaja

KRIMINALISTIČKA OBAVJEŠTAJNA DJELATNOST

U radu se obrađuje kriminalistička obavještajna djelatnost kao novi model policijske reakcije na kriminalitet. Policija i druga tijela za provođenje zakona u odnosu na kriminalitet imaju preventivnu i represivnu ulogu. Kako se većina istražnih metoda odnosi na represivno djelovanje, sve je evidentnije da je učinkovita kriminalna politika nemoguća ukoliko se ne promijeni strategija pristupa u borbi protiv kriminaliteta. Obilježja suvremenog kriminaliteta uvjetovala su promjenu klasičnog policijskog modela rada, odnosno prijelaz s pretežito reaktivnog i represivnog na novi model rada koji se zasniva na proaktivnom načinu rada policije, a koji se ostvaruje kroz kriminalistički obavještajni model zasnovan na policijskom poslu vođenom/usmjeravanom kriminalističko obavještajnim informacijama. Raspolaganje kvalitetnim i pravovremenim obavještajnim podacima ključno je za djelotvoran rad policije. Veliki broj zemalja usvojio je pristup rada policije vođen obavještajnim saznanjima u cilju uspješnijeg sprječavanja kriminaliteta. Kriminalistička obavještajna djelatnost je policijska (istražna) djelatnost i filozofija, koja obuhvaća procese prikupljanja, analiziranja i vrednovanja policijsko zanimljivih podataka s ciljem efikasnijeg suzbijanja kriminaliteta na svim razinama. Suština kriminalističkog obavještajnog rada je konverzija podataka u ''intelligence'', odnosno obavještajnu informaciju. Obavještajna informacija omogućuje onima koji odlučuju, znači rješavaju kriminalističke istražne probleme, izabrati najbolja rešenja

Stanje znanstveno-stručnog izdavaštva u području brodogradnje u Hrvatskoj

Međunarodno vrjednovani znanstveni prilozi brojem i kakvoćom znatno pridonose ugledu zajednica koje ih ostvaruju. Zbog toga je i u održavanju međunarodnog ugleda brodogradnje važno podržavati znanstveno-istraživačku i znanstveno-publicističku djelatnost, kako pojedinih znanstvenika-autora tako i znanstvenih časopisa

PRAVNI OKVIR ZDRAVSTVENE ZAŠTITE U REPUBLICI HRVATSKOJ

Zdravlje je jedna od najvažnijih stvari u čovjekovu životu. Nije uzaludna uzrečica koja kaže da zdrav čovjek ima stotinu želja, a bolestan samo jednu – da ozdravi! Zdravstvo i zdravstvena zaštita vrlo su složeno i široko područje. U Republici Hrvatskoj postoji niz pravnih propisa koji uređuju tu materiju. Ishodišna točka su načela zajamčena Ustavom RH. Ta se načela konkretiziraju zakonima i podzakonskim aktima poput pravilnika, kodeksa. Republika Hrvatska potpisnica je i međunarodne Konvencije kojom su uređena temeljna prava i obveze zdravstvenih djelatnika i pacijenata. Autorica je u uvodnom je dijelu rada izložila kratak pregled pravnoga okvira u Republici Hrvatskoj dok drugi dio rada obrađuje, po mišljenju autorice, dva najvažnija zakona; Zakon o zdravstvenoj zaštiti i Zakon o zaštiti prava pacijenata. Zakon o zdravstvenoj zaštiti temeljeni je propis koji uređuje zdravstvenu zaštitu i zdravstvenu djelatnost. On sadrži odredbe o temeljnim pravima, obvezama, statusnim pitanjima, definicijama zdravstvenih radnika i djelatnika, njihove potrebne kvalifikacije i stručnost za obavljanje poslova u zdravstvenoj djelatnosti, osnivanje komore, prekršajne odredbe. Unatoč tomu što je riječ o bitnom i vrlo složenom propisu nije zanemariva činjenica da se sam zakon vrlo često mijenjao, pa čak i po dva do tri puta godišnje. Takva praksa može povlačiti vrlo visoku razinu pravne nesigurnosti na tom izrazito osjetljivom i složenom području. S druge strane, Zakon o zdravstvenoj zaštiti, zakon je koji pacijentima jamči njihova prava. Autorica rada u posebnome poglavlju obrađuje odrebe toga zakona. Osim što je zakon usmjeren na pacijente, on predstavlja imperativ i samim zdravstvenim radnicama u pogledu njihova ponašanja prema pacijentima

POREZ NA DOHODAK U REPUBLICI HRVATSKOJ

Ovaj članak obrađuje porez na dohodak kao neposredni (izravni) porez u poreznom sustavu Republike Hrvatske kojim su obuhvaćeni fizičke osobe, obveznici poreza na dohodak. Definiranje i pojašnjenje vrste dohodaka s obzirom na izvor dohotka i to: dohodak od nesamostalnog rada, dohodak od samostalne djelatnosti, dohodak od imovine i imovinskih prava, dohodak od kapitala, dohodak od osiguranja, drugi dohodak, te metodologija utvrđivanja porezne obveze i poreznih stopa i utvrđivanje poreznog razdoblja. Navedeni su primici koji se ne smatraju dohotkom, što je to porezni gubitak te osobni odbitak kao neoporezivi dio dohotka