Za smanjivanje troškova postoje brojne metode opisane u literaturi koje objašnjavaju na koji je način moguće smanjivati pojedine vrste troškova. Većina metoda koje se spominju u literaturi ne navodi ...konkretne mjere i aktivnosti za smanjivanje troškova. U proizvodnim tvrtkama problem nastaje kada je ostvarena cijena koštanja pojedinog proizvoda dobivena obračunom radnog naloga veća od planske cijene tog proizvoda. Cilj istraživanja je pronaći jedan od načina za rješavanje spomenutog problema pomoću smanjivanja direktnih i indirektnih troškova. Metodologija se temelji na razvoju i postavljanju Modela za smanjivanje direktnih i indirektnih troškova (MSDIT- 8) u proizvodnim tvrtkama koji se sastoji od osam meðusobno povezanih koraka. Rezultati testiranja prikazuju punu funkcionalnost navedenog modela koji je omogućio na jednom mjestu usporeðivanje planirane, ostvarene i prognozirane cijene koštanja kao i izračunavanje ukupnog iznosa smanjivanja troškova po svim radnim nalozima. Ključni rezultati prikazuju korištenje različitih mjera i aktivnosti za smanjivanje troškova na primjeru drvne industrije. Ovo istraživanje predstavlja prilog razvoju modela za smanjivanje direktnih i indirektnih troškova u proizvodnim tvrtkama.
This paper analyzes financial markets in four developing countries (Croatia, Serbia, Slovenia, Slovakia) using daily returns of their respective stock market indices from January 1, 2006 till ...December 31, 2016, time frame which was rarely analyzed. Analysis was conducted by various statistical tests, more precisely serial correlation test, runs test, Augmented Dickey-Fuller test, unit root test, variance ratio test and test of January effect. Results suggest that all analyzed indices, except BelexLine (Serbia), confirm weak form of efficient market hypothesis, while the results on the index BelexLine are mixed and it can be concluded that it does not follow weak form of efficient market hypothesis. Given these results, it can be said that not only passive approach to portfolio management is more appropriate on all indices, except BelexLine, but also additional test and more complex models are necessary in order to confirm this conclusion.
Purpose:
The relationship between the macroeconomic environment and banking risks is one of the basic conditions for the stability of the state financial system. The purpose of this paper is to show ...the interdependence between the macroeconomic environment and the financial system, i.e., to highlight the importance of various macroeconomic factors and their impact on the banking system in Croatia.
Methodology:
Statistical data for the period from 2010 to 2022, obtained from publicly available databases, are analysed. Correlation analysis was performed to determine the intensity and direction of the relation-ship between macroeconomic and banking variables. Regression analysis was conducted to determine if macroeconomic variables could explain some of the changes in banking variables.
Results:
The results of the analysis show a significant correlation between the macroeconomic variable unemployment rate and all banking variables, as well as between the macroeconomic variable inflation rate and the banking variables: non-performing loans (NPL) and bank loans. Gross domestic product (GDP) is not correlated with any of the observed variables, which is a very interesting result. The unemployment rate is the predictor that is significant for all banking variables, while the inflation rate is the predictor that is significant only for non-performing loans.
Conclusion:
The conducted analyses show that economic development plays a role in the business policies of banks. These results can be particularly useful for bank management and the government, as they provide all stakeholders with important information about the role of macroeconomic policies of financial institutions in Croatia and, consequently, the Croatian economy.
Jedna od ključnih aktivnosti menadžmenta u proizvodnom trgovačkom društvu je upravljanje poslovnim rezultatom na temelju pravovremenih i točnih informacija o poslovanju. Kod provođenja ove aktivnosti ...menadžment treba pratiti kretanje ostvarene dobiti koju uspoređuje s planiranom dobiti. Problem nastaje ukoliko je ostvarena dobit manja od planirane dobiti, a odstupanje nije u granicama dozvoljenih vrijednosti. Zbog toga je cilj istraživanja u ovom radu, postaviti i razraditi Model za optimiziranje dobiti u proizvodnom trgovačkom društvu koji će menadžmentu dati informaciju o maksimalnoj dobiti na temelju optimiziranog proizvodno prodajnog asortimana, uzimajući u obzir sve raspoložive resurse za proizvodnju te mogućnosti prodaje na tržištu. Proces transformacije podataka u modelu, odvija se u pet međusobno povezanih koraka. Posebno treba istaknuti treći i peti korak u kojima se provode postupci za optimiziranje dobiti putem metode linearnog programiranja uz napomenu da se u petom koraku, provodi postupak za optimiziranje dobiti s modificiranom funkcijom cilja. Na aplikativnom primjeru, uspješno je testirana potpuna funkcionalnost Modela za optimiziranje dobiti u proizvodnom trgovačkom društvu, što bi trebalo omogućiti korištenje modela u trgovačkim društvima koja imaju različite proizvodne djelatnosti. Očekivani doprinos u ovom radu predstavlja prilog razvoju originalnog modela za optimiziranje dobiti u proizvodnom trgovačkom društvu koji menadžmentu treba omogućiti upravljanje poslovnim rezultatom.
One of the key management activities in a manufacturing company is managing its business resultbased on timely and accurate business information. In carrying out this activity, management shouldmonitor the movement of realized profits, which it compares with the planned profit. The problemarises if the realized profit is less than the planned profit, and this deviation is not within the allowedvalues. Therefore, the aim of the research in this paper is to set and develop a Profit Optimization Modelin a Production Company that will provide management with information on maximum profit basedon optimized product sales range, considering all available production resources and market salesopportunities. The process of data transformation in the model takes place in five interconnected steps.Special mention should be made of the third and fifth steps in which the procedures for optimizingthe profit by linear programming methods are carried out, noting that in the fifth step the procedureof optimizing the profit with the modified goal function is carried out. On the application example,the full functionality of the Profit Optimization Model in a manufacturing company was successfullytested, which could enable the use of the model in companies that have different manufacturingactivities. The expected contribution in this paper is a contribution to the development of an originalmodel for profit optimization in a manufacturing company, which management should enable tomanage business results.
Za smanjivanje troškova postoje brojne metode opisane u literaturi koje
objašnjavaju na koji je način moguće smanjivati pojedine vrste troškova. Većina metoda
koje se spominju u literaturi ne navodi ...konkretne mjere i aktivnosti za smanjivanje
troškova. U proizvodnim tvrtkama problem nastaje kada je ostvarena cijena koštanja
pojedinog proizvoda dobivena obračunom radnog naloga veća od planske cijene tog
proizvoda. Cilj istraživanja je pronaći jedan od načina za rješavanje spomenutog
problema pomoću smanjivanja direktnih i indirektnih troškova. Metodologija se temelji
na razvoju i postavljanju Modela za smanjivanje direktnih i indirektnih troškova (MSDIT-
8) u proizvodnim tvrtkama koji se sastoji od osam međusobno povezanih koraka. Rezultati
testiranja prikazuju punu funkcionalnost navedenog modela koji je omogućio na jednom
mjestu uspoređivanje planirane, ostvarene i prognozirane cijene koštanja kao i
izračunavanje ukupnog iznosa smanjivanja troškova po svim radnim nalozima. Ključni
rezultati prikazuju korištenje različitih mjera i aktivnosti za smanjivanje troškova na
primjeru drvne industrije. Ovo istraživanje predstavlja prilog razvoju modela za
smanjivanje direktnih i indirektnih troškova u proizvodnim tvrtkama.
This research investigates whether banks that adopted new regulatory requirements earlier, such as Basel III, are more profitable, as well as more efficient, than banks that adopted these ...requirements later. In addition, all 138 banks are based in the G7 member countries, which are the most developed countries in the world. Also, banks are categorized into early and late adopters based on Basel III Leverage Ratio performance by using Fitch Connect. Moreover, profitability ratios, such as the Return on Equity, Return on Assets and efficiency ratio Operating Efficiency, were collected from Fitch Connect to analyze if early adopters were more profitable and efficient than the late adopters. Also, STATA is used to analyze descriptive statistics and a univariate analysis of both groups. Furthermore, the finding is that early adopters of the Basel III Leverage Ratio are not the more profitable or efficient firms compared to late adopters as anticipated. In addition, the results of early and late adopters do not differ that much in the analysis regarding profitability and efficiency ratios. This implies that it is not necessarily correct to assume that stricter regulation, such as Basel III, will negatively affect the profitability or efficiency of banks. In addition, these results are useful to regulators and policymakers of the G7 member countries for two reasons. Also, regulators can clearly see how banks are adopting new stricter regulation.
This paper explores activities of the banking companies in the new regulatory environment of the European banking system. For this purpose, the dynamic panel data models are estimated by utilizing ...the system GMM estimator. The research sample consists of 35 publicly listed groups of banks operating in the period from 2000 to 2016, selected by size of assets. The chosen banking companies are unquestionably market makers on the bank-centric economy of the EU. Hence, the research is in line with other current empirical works regarding the post-Basel III Standard adjustment of the banking industry as a whole. The model results show that the required increase in capital position affects the lack of bank credit activity towards the non-financial sector. The banks can maintain the higher regulatory capital ratio and self-finance the required growth by increasing the volume of share capital. Asymmetric information about the bank's net worth discourage public investors to get into the shareholders position, which results in further bank lending constraints and reduced profitability. Potential growth of the revenue from non-credit risk operations cannot compensate for the negative pressure on the real value of the banking firm. From the policy-making perspective, the paper concludes that the resolution of structural problems of non-performing credit assets under new regulatory conditions should contribute to restoring the confidence of the investment public towards the self-financing capacity of the banking industry as well as bring the banking system back to the traditional client-oriented business model.
Izvršni menadžeri čine mali postotak zaposlenika kompanije, ali su ujedno i najvažnija skupina zaposlenika. Idealna strategija menadžerskih kompenzacija osigurava zadržavanje najboljih talenata dok ...istodobno privlači nove talente i minimizira stopu zamjene zaposlenika. Kompenzacije izvršnih menadžera sastoje se od osnovne plaće, kratkoročnih i dugoročnih poticaja, beneficija i bonusa. Svrha rada bila je istražiti i analizirati podatke o strukturi i čimbenicima koji utječu na određivanje kompenzacija izvršnih menadžera top pet globalnih brendova. Prikupljeni podaci o visinama kompenzacija izvršnih menadžera odnose se na razdoblje od 2010. do 2015. godine. Odabrani izvršni menadžeri na čelu su kompanija koje su prema Interbrandovoj listi iz 2015. godine rangirane kao najboljih pet globalnih brendova. Počevši od sedamdesetih godina prošlog stoljeća, kompenzacije glavnih izvršnih menadžera u SAD-u eksponencijalno rastu. Omjer između visine plaća glavnih izvršnih menadžera i ostalih zaposlenika iz godine u godinu se povećava. U pojedinim slučajevima glavni izvršni menadžeri zarađuju i više od četiristo puta više od mediana plaće svojih zaposlenika. Analitičari sugeriraju kako bi svaka kompanija trebala poduzeti određene regulatorne akcije, jer bi se implementiranjem različitih mjera određivanja kompenzacija odnos glavnoga izvršnog menadžera i nadzornog odbora učinio transparentniji svim dioničarima kompanije.
This paper explores activities of the banking companies in the new regulatory environment of the European banking system. For this purpose, the dynamic panel data models are estimated by utilizing ...the system GMM estimator. The research sample consists of 35 publicly listed groups of banks operating in the period from 2000 to 2016, selected by size of assets. The chosen banking companies are unquestionably market makers on the bank-centric economy of the EU. Hence, the research is in line with other current empirical works regarding the post-Basel III Standard adjustment of the banking industry as a whole. The model results show that the required increase in capital position affects the lack of bank credit activity towards the non-financial sector. The banks can maintain the higher regulatory capital ratio and self-finance the required growth by increasing the volume of share capital. Asymmetric information about the bank's net worth discourage public investors to get into the shareholders position, which results in further bank lending constraints and reduced profitability. Potential growth of the revenue from non-credit risk operations cannot compensate for the negative pressure on the real value of the banking firm. From the policy-making perspective, the paper concludes that the resolution of structural problems of non-performing credit assets under new regulatory conditions should contribute to restoring the confidence of the investment public towards the self-financing capacity of the banking industry as well as bring the banking system back to the traditional client-oriented business model.
Iako hrvatska turistička praksa još uvijek ne poznaje formalni model regionalizacije, u svijetu postoje različiti modeli umrežavanja turističkih organizacija, pri čemu polaznu točku za povezivanje ...čini postojanje cjelovitoga turističkog proizvoda na razini turističkog odredišta. Polazište u radu predstavlja umrežavanje turističkih zajednica turistički nerazvijenog kontinentalnog dijela Hrvatske, posebno onih koje djeluju u Slavoniji kao najnerazvijenijoj turističkoj regiji, kao preduvjet za efikasno marketinško upravljanje turističkim odredištima na ovim područjima. Cilj istraživanja je provjeriti podržavaju li turističke zajednice regije da ova regija na turističkim tržištima može postati prepoznatljivija samo ukoliko se njezinim turističkim razvojem bude upravljalo jedinstveno, s regionalne razine, na kojoj će se formirati Turistička organizacija Slavonije. Primarno istraživanje provedeno je u rujnu i listopadu 2013. godine metodom ispitivanja putem anketnog upitnika među direktorima turističkih zajednica unutar regije Slavonije. Dobiveni rezultati primarnog istraživanja mogu se sažeti u tome da većina turističkih zajednica u regiji podržava jedinstveno upravljanje regijom kao turističkim odredištem, kao i izradu jedinstvenog marketing programa na razini regije. Na temelju dobivenih rezultata moguće je potaknuti osnivanje regionalne turističke organizacije u Slavoniji.
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