If we look at economic growth as a function of labour and capital then, aside from the labour force, investment is a key determinant of capital accumulation and, accordingly, a prerequisite for ...economic growth and prosperity. During the analysed period (1996:Q1-2015:Q4) investment in Croatia demonstrated pro-cyclically behaviour but showed a higher level of fluctuation then personal consumption or GDP. The aim of the paper is to examine the influence of oil prices on investment during the analysed period using Vector Autoregression (VAR) analysis and to determine the nature of their relationship by permuting four different oil price indicators. The results indicate that investment initially react positively to the growth of oil prices after which their reaction to oil price growth becomes negative (and more pronounced than the initial positive reaction). Contribution of oil price changes to investment fluctuations were also found. Keywords: investment, oil prices
Analysis Of The Elasticity Of Demand For Bread Cvitković, Doris; Lolić Čipčić, Marina
Elektronički Zbornik Radova Veleučilišta u Šibeniku,
12/2023, Letnik:
17, Številka:
3-4
Journal Article
Recenzirano
Odprti dostop
Measures of demand elasticity indicate the direction and intensity of the reaction of the quantity of demand for a good or service due to a change in the determinants of demand. Among them, the price ...elasticity of demand stands out because it measures the reaction of customers to price changes. Price elasticity is therefore important for management in making pricing decisions because it answers the question of how raising or lowering prices will affect sales revenue and, consequently, the company's financial results. In this paper, the elasticity of demand for selected types of bread from the company Bobis d.o.o. was empirically tested. The listed company is the leader in the production of bread, fresh pastries, confectionery products, and cakes (NKD 2007 10.71) in County of Split-Dalmatia, and, at the same time, one of the top ten entrepreneurs in the same industry at the national level. For the analysis, data on sales volumes and associated prices of bread in forty-four branches within County of Split-Dalmatia in 2022 were used. In the empirical part of the paper, the coefficients of price and income elasticity of demand for selected types of bread were estimated. By comparing the calculated coefficients of price elasticity of demand for selected types of bread before and after the introduction of the pricing campaign, the results point to the conclusion that the demand for bread is price elastic. The range of the calculated coefficients of price elasticity of demand is significantly higher when the campaign is introduced, in other words, the introduction of the pricing campaign reduced the sensitivity of customers to price changes in the short term, i.e. after the end of the pricing campaign sales increase despite the return of prices to the levels that preceded the campaign. Finally, the calculation of the coefficients of income elasticity of demand implies that, for all selected types, bread is considered to be a normal good.
Mjere elastičnosti potražnje ukazuju na smjer i intenzitet reakcije količine potražnje za nekim dobrom ili uslugom uslijed promjene determinanti potražnje. Među istima, posebno se ističe cjenovna elastičnost potražnje jer mjeri reakciju kupaca na promjene cijena. Cjenovna je elastičnost stoga menadžmentu važna za donošenje odluka o cijenama jer odgovara na pitanje kako će podizanje ili snižavanje cijena utjecati na prihode od prodaje i, posljedično, na financijski rezultat tvrtke. U ovom je radu empirijski testirana elastičnost potražnje za odabranim vrstama kruha tvrtke Bobis d.o.o. Navedena je tvrtka vodeća u djelatnosti proizvodnje kruha, svježih peciva, slastičarskih proizvoda i kolača (NKD 2007 10.71) u Splitsko-dalmatinskoj županiji, a ujedno i jedan od top deset poduzetnika u istoimenoj djelatnosti na nacionalnoj razini. Za potrebe analize korišteni su podatci o količinama prodaje i pripadajućim cijenama kruha u četrdeset četiri poslovnice unutar Splitsko-dalmatinske županije u 2022. godini. U empirijskom dijelu rada izvršene su procjene koeficijenata cjenovne i dohodovne elastičnosti potražnje za odabranim vrstama kruha. Usporedbom izračunatih koeficijenata cjenovne elastičnosti potražnje za odabranim vrstama kruha prije i nakon akcije, rezultati upućuju na zaključak da je potražnja za kruhom cjenovno elastična. Raspon kretanja izračunatih koeficijenata cjenovne elastičnosti potražnje znatno je veći prilikom uvođenja akcije, drugim riječima, uvođenjem akcije kratkoročno je smanjena osjetljivost kupaca na promjene cijena, odnosno prihodi od prodaje nakon prestanka akcijske prodaje rastu unatoč vraćanju cijena na razine koje su prethodile akciji. Konačno, izračun koeficijenata dohodovne elastičnosti potražnje implicira da se, kod svih odabranih vrsta, kruh ponaša kao normalno dobro.
Energija i gospodarski rast Lolić Čipčić, Marina
Oeconomica Jadertina,
12/2023, Letnik:
13, Številka:
2
Journal Article
Recenzirano
Odprti dostop
Bez energije nema ni gospodarskog rasta. Stoga je za neometan razvoj gospodarstva nužno osigurati dovoljne količine energije po pristupačnim cijenama. Sve učestalije energetske krize determiniranjem ...dostupnosti i cijena energenata snažno utječu na potrebu implementacije energetskih i ekonomskih mjera i politika koje će omogućiti neometan razvoj gospodarstava. U navedenim okvirima, zadaća je znanstvenika ponuditi nositeljima politika jasan teorijski i empirijski koncept odnosa energije i gospodarskog rasta kako bi se usvojile energetske politike koje će minimizirati ranjivost gospodarstava i omogućiti održivi gospodarski rast i međunarodnu konkurentnost. Cilj ovoga istraživanja upravo je ukazati na proturječnosti ekonomske teorije i postojećih empirijskih istraživanja međuovisnosti energije i gospodarskog rasta. Dok teorije rasta u potpunosti zanemaruju ili, u najbolju ruku, marginaliziraju ulogu energije, istraživanja uzročnosti gospodarskog rasta i potrošnje energije sve su brojnija iako, još uvijek, inkonkluzivna. Političke implikacije postojećih istraživanja stoje na klimavim nogama te bi se trebale uzeti s velikom dozom opreza. Jedino robusni i konzistentni rezultati istraživanja mogu poslužiti kao čvrsta baza donošenju adekvatnih i pravodobnih mjera ekonomske i energetske politike. Iako je dostupnost podataka jedno od ključnih ograničenja postojećih istraživanja, autori bi u svojim budućim istraživanjima trebali uvažavati multivarijantni okvir, primarno uvažavanjem cijena energije u modelima, te iskoristiti napredne ekonometrijske tehnike.
Recent turbulent developments in the world oil market have increased the volatility of oil prices and rekindled interest in studying their impact on macroeconomic activity. Using the vector ...autoregression framework, this paper investigates the impact of oil price shocks, expressed in linear, asymmetric and nonlinear form, on real gross domestic product (GDP) growth in an oil-importing small open economy, i.e., Croatia, for the period 1995:Q1-2019:Q4. The results corroborate the presence of the asymmetric, nonlinear and direct short-run effect of oil price shocks on real GDP growth. A decrease in oil prices leads to a statistically significant increase in real GDP and its more volatile behavior, while an increase in oil prices causes a considerable drop in economic activity only in the fourth quarter. The oil-related policy shock variables, fuel market liberalization and fuel taxation, turned out to be insignificant predictors of GDP growth in an asymmetric and nonlinear model specification.
•The pass-through of oil price shocks to economic activity is tested in a small and open economy.•Oil price indicators are expressed in linear, asymmetric, and asymmetric and nonlinear form.•The asymmetric, nonlinear and direct short-run effect of oil price shocks on economic activity is confirmed.•Oil-related policy shock dummy variables are not important determinants of real GDP growth.
Mjere elastičnosti potražnje ukazuju na smjer i intenzitet reakcije količine potražnje za nekim dobrom ili uslugom uslijed promjene determinanti potražnje. Među istima, posebno se ističe cjenovna ...elastičnost potražnje jer mjeri reakciju kupaca na promjene cijena. Cjenovna je elastičnost stoga menadžmentu važna za donošenje odluka o cijenama jer odgovara na pitanje kako će podizanje ili snižavanje cijena utjecati na prihode od prodaje i, posljedično, na financijski rezultat tvrtke. U ovom je radu empirijski testirana elastičnost potražnje za odabranim vrstama kruha tvrtke Bobis d.o.o. Navedena je tvrtka vodeća u djelatnosti proizvodnje kruha, svježih peciva, slastičarskih proizvoda i kolača (NKD 2007 10.71) u Splitsko-dalmatinskoj županiji, a ujedno i jedan od top deset poduzetnika u istoimenoj djelatnosti na nacionalnoj razini. Za potrebe analize korišteni su podatci o količinama prodaje i pripadajućim cijenama kruha u četrdeset četiri poslovnice unutar Splitsko-dalmatinske županije u 2022. godini. U empirijskom dijelu rada izvršene su procjene koeficijenata cjenovne i dohodovne elastičnosti potražnje za odabranim vrstama kruha. Usporedbom izračunatih koeficijenata cjenovne elastičnosti potražnje za odabranim vrstama kruha prije i nakon akcije, rezultati upućuju na zaključak da je potražnja za kruhom cjenovno elastična. Raspon kretanja izračunatih koeficijenata cjenovne elastičnosti potražnje znatno je veći prilikom uvođenja akcije, drugim riječima, uvođenjem akcije kratkoročno je smanjena osjetljivost kupaca na promjene cijena, odnosno prihodi od prodaje nakon prestanka akcijske prodaje rastu unatoč vraćanju cijena na razine koje su prethodile akciji. Konačno, izračun koeficijenata dohodovne elastičnosti potražnje implicira da se, kod svih odabranih vrsta, kruh ponaša kao normalno dobro.
The authors wanted to find out how recent financial crisis influenced performance of Croatian banks measured with ROA, ROE, NIM and Tobin's Q. Having this aim in mind, we have used many ...bank-specific, industry-specific or structural variables and macroeconomic variables. The analysis refers to 2007-2015 period. The research is conducted using static panel model on a balanced sample of Croatian banks listed on Zagreb Stock Exchange. The results of the analysis show that crisis dummy variable significantly influences performance but its direction is not uniform. Specifically, the research shows that bank performance improves in crisis period measured with accounting measure of performance, namely ROA, whereas, when employing stock-based measure of performance, i.e. Tobin's Q performance deteriorates during recession. Other explanatory variables that proved to be significant factors when explaining banks' profitability are leverage, growth rate of assets on bank level, interest income to interest expenses ratio, market share and inflation. However, their direction varies depending on measure of performance being used as well as on the period covered by the analysis. The authors have also reported the results of the analysis for the whole period, i.e. 2007-2015, as well as for the crisis period, i.e. 2009-2013 and non-crisis period, covering 2007-2008 and 2014-2015, separately.
A highly productive labour market, characterized by a high level of labour skills, knowledge and discipline, is a key prerequisite for economic growth. However, labour markets are rather complex. The ...demand for labour, as well as its supply, depend on a number of factors, often specific for a particular economy. This paper aims at providing an analysis of the labour market trends in Croatia in comparison to its counterparts within the EU28. Croatian labour market indicators imply one of the highest unemployment and lowest employment rates in comparison to other EU28 countries, especially regarding youth unemployment. The analysis also implies high labour costs in comparison to other post transitional EU economies, high wage rigidity as well as employment protection regulation rigidity. At the same time, relatively high labour costs are not accompanied by high labour productivity, as they should be. The observed negative labour market trends cannot be entirely explained by the cyclical movement of the Croatian economy. Dealing with the challenges of the Croatian labour market makes it necessary to take a broader perspective into account as well as the complexity of the transitional heritage. Improvement of the labour market situation in Croatia requires a strategic approach including a wide range of strategically coordinated policy measures at national level.
This study attempts to assess differences in the (non)financial characteristics of target and non-target insurance companies in the Polish insurance industry as well as to find the motives for ...becoming a takeover target. The analysis is conducted on the period 2000-2015 using logit regression analysis employing seven variables that capture the unique features of insurance companies' operations. These are size based on gross written premium, market share, gross written premium growth rate, loss growth rate, claims ratio, ownership and age. The empirical results indicate that target insurance companies are characterized by low premium growth prospects and high claims ratio.
DIVIDENDS - LAGGING INDICATOR OF COMPANIES' BUSINESS? Miletic, Marko; Barbaca, Domagoja Buljan; Cipcic, Marina Lolic
Fifth International Conference of the School of Economics and Business in Sarajevo (ICES2010). Proceedings,
01/2010
Conference Proceeding
Dividend policy represents one of the most important corporate policies and its influence on the company value has not been completely determined yet. Dividend decisions, as determined by a firm's ...dividend policy, are a type of financing decisions that affect the amount of earnings that a firm distributes to shareholders versus the amount it retains and reinvests. Dividend policy refers to payout policy that a company follows in determining the size and the pattern of cash distributions to shareholders over time. Conclusions of many studies in field of dividend policy are back to back and it is not possible to give overall conclusion about influence of dividends on company value. They represent an important motive for investors confronted with investment decisions, which stock to invest in. The main purpose of this paper is to investigate if there are statistically significant differences in specific financial ratios between companies who have increased the dividend and companies who have decreased the dividend.
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