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, timeframe 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.

Komunikacija je osnovni element socijalizacije svakog pojedinca i ima ključnu ulogu u stvaranju odnosa s obitelji, prijateljima, suradnicima i poslovnim partnerima. Komunikacija je proces svakodnevno prisutan u privatnom i poslovnom svijetu. Komuniciranje je proces sporazumijevanja, prijenosa informacija, stvaranja novih znanja i ideja te je jedan od osnovnih preduvjeta bez kojeg se nema uspješnog poslovanja. Interna komunikacija je proces razmjene informacija, ideja, misli i planova među ljudima unutar organizacije. Učinkovita interna komunikacija pridonosi uspostavi dobrih odnosa u organizaciji i poboljšanju općeg stanja unutar organizacije. Interna komunikacija jedan je od najvažnijih čimbenika koji utječe na zadovoljstvo zaposlenika, a time se to zadovoljstvo reflektira na produktivnost zaposlenika i utječe na uspjeh poslovanja. U ovom radu provedeno je istraživanje kako bi se utvrdila razina zadovoljstva poslom i internom komunikacijom djelatnika trgovačkog društva zastupništva i distribucije medicinske opreme.

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.

There are numerous methods described in the literature that explain how to reduction certain types of costs. Most of the methods mentioned in the literature do not list specific cost reduction measures and activities. The problem in...

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.

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 relationship 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.