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Flexicurity remains an important policy instrument in the EU and will be especiallyimportant in the changing economic and labor market environment, characterized with changing nature of work and development of new forms of work. Purpose. This paper examines the implementation of flexicurity policies in Slovenia and compares them with the EU countries. Design/methodology/approach. As there is no uniform measure of flexicurity, the analysis is structured in accordance with four elements of flexicurity policies, developed within the EU, and suitable indicators: (i) flexibility of contractual relations; (ii) lifelong learning; (iii) active labor market policies; and (iv) social protection system. Analysis uses descriptive statistics for last available years and compares these data with crisis year 2010. Data for international comparisons were obtained from the European Commission, Eurostat and Organization for the Economic Co-operation and Development, Statistical Office of the Republic of Slovenia and the Employment Service of Slovenia. Findings and iImplications. Slovenia has in the past already performed labor market reforms that relate to flexicurity components, yet there is still room for improvement. These are especially needed in the field of lifelong learning and expenditures for active labor market policies, where Slovenia is at the tail of the EU countries. In the front of flexibility, a significant decline in the employment protection was noticed with the last legislative change in 2013, which aimed at reducing segmentation and increasing labor market flexibility. In the front of social protection, Slovenia is among the EU countries with the most generous social systems, which, on the other hand, create high work disincentives. Limitations. This study focuses only on the presentation of the recent indicators of flexicurity components, which is one of its major limitation. Future research should study in more detail the effects of flexicurity on labor market, reconsider the importance of flexicurity in assuring decent work and develop a more comprehensible measure of flexicurity. Originality. The paper adds to the existing literature on Slovenia by giving an overview of recent developments of flexicurity concept, pointing on the areas that require policy response.

Purpose. The purpose of this study is to trace the theoretical developments of the gravity model of trade. The key question is: what are the dominant features of the development of the gravity trade model? Methodology. This research is conducted by employing a number of methods that include the historical, descriptive and analytical methods. The main contribution of this paper is to trace the historical and theoretical development phases of the gravity model. Findings. This study is a novel attempt in terms of the identification of the four distinctive phases of the development of the gravity model. This work would, therefore, expand the existing literature on the gravity model. We argue that the development of the gravity model is the outcome of many research efforts. A large body of literature has given the model a solid theoretical foundation. But there is no consensus about the proper econometric estimation methods of the model. The gravity model is significant both historically and analytically. It is a useful tool for the analysis of international trade. It has become a popular research device used by the researchers and policy makers around the world. The gravity is regarded as one of the most successful models in the literature of international economics. Originality. The original contributions of this paper lie in streamlining the consistent historical development of the gravity model over a longer period of time-frame, ranging from 1885 to 2018. Limitations and Implications. This work is theoretical aspects of the trade gravity model. Future researchers could overcome the limitations by combining the theoretical and empirical studies in a paper. This paper can help the future researchers in dealing with the broad body of literature of gravity model. Acknowledement. This study was supported by the National Natural Science Foundation of China (grants No.71673223 & 71473197), and a PhD scholarship from the China Scholarship Council (CSC). The first author would like to thank the CSC for the financial support. He also acknowledges the invaluable research advice and guidance received from Dr. Yoto V. Yotov, professor at the School of Economics of the Lebow College of Business at Drexel University, Philadelphia, USA. The authors are highly grateful to the anonymous reviewers, managing editor, and the editor-in chief for their kind help and critical comments on the earlier drafts of the paper. However, the authors are responsible for the contents and limitations of the study. They declared no conflict of interests.

PURPOSE For the purpose of enforcing flexicurity, deregulation of national labor standards is necessary. The purpose of the paper is to analyze the basic components of flexicurity as well as its secondary components (demographic, social and industrial relations) for a better understanding of the representation of basic flexicurity components in the Republic of Croatia compared to the selected EU states. METHODOLOGY The paper is illustrated in order to provide a methodology that allows for how many components of flexicurity are represented in the Croatian labor market in relation to selected European countries which grouped together by in groups according to common characteristics with respect to flexicurity. RESULTS The research results show an unfavorable position of the Republic of Croatia in terms of flexicurity components compared to other researched countries. We have to point out that certain components show a minimal advancement. Therefore, Croatia would profit from a stronger social dialogue in order to balance the stated components. Croatia could implement flexicurity only under the condition of developing new solidary interest relations that will reflect not only the changed needs of the workers and employers as collective partners but also that of the unemployed. CONTRIBUTION The paper deals with issues that are discussed not only at national level but also at EU level. The scientific contribution of the work derives from the extensive empirical (qualitative and quantitative) research. The paper contains a detailed analysis, appropriate scientific research methods and numerous current and secondary sources of foreign and domestic scientific literature. Work is important for the academic community, policy makers, experts, students of economics and management, as well as for the wider public interested in the labor market. It also provides important insight into further design and development of labor market policies in Croatia. LIMITATIONS Limitations in the research were for some countries (such as for Croatia becoming a member of the European Union in 2013) because there was no uniform data for all the years of research needed. EDITORIAL NOTICE: This paper is withdrawn.

Purpose. The paper explores reverse logistics activities such as product return, reuse of materials, and waste disposal impacts on the management of waste products in the Nigerian manufacturing companies. This is with a view to examining the awareness of reverse logistics to the management of waste products in Nigeria and determines the importance of reverse logistics activities and process to the management of waste products of Nigeria manufacturing firms. Methodology. Using a cross-sectional survey research design, 300 staff of selected manufacturing firms that deal with waste product were selected in Lagos and a well-structured and validated questionnaire was administered. From this, 250 copies were returned, while 246 were valid for the purpose of analysis. Data generated were analysed using descriptive statistics, analysis of variance test of significance and Friedman rank test. Findings and Implication. The findings revealed that the respondents convinced that their reverse logistics activities arising from return of goods may be as very important to developing efficient and effective management of waste products of Nigeria manufacturing firms. The results also indicates that reverse logistics is highly significant in achieving the organizational goals (p < 0.05), company's future success (F = 8.18, p < 0.05), the functioning of a manufacturing company (p < 0.05) and strategically positioning the company. The study therefore recommends the need for a growing focus on various sections of reverse logistics processes in waste products’ management of manufacturing company in order to achieve organisational goal and enhances sustainable business performance.

Purpose. The entrepreneurial process is a complicated structure defined by interaction of many factors. When analyzing entrepreneurship in the context of modern - day development of new technologies, technology parks are also being introduced in this process. Technology parks are specific forms which started their growth in the middle of twentieth century. They are viewed as places where technology, entrepreneurship, knowledge, innovation and creativity are being combined together in order to nurture the process of creating visions, ideas and new values. Technology parks are the nexus between academic community and ventures. The aim of this paper was to present the interaction between entrepreneurship and technology parks, and to identify the role of technology parks in today's entrepreneurial venture. Design. Over time industrial economy has developed into information economy, which also has many forms. That lead to acknowledgement of the strength of connection between industry and know - how. Therefore this paper foremost defines the concepts of entrepreneurship and technology parks through their historic evolution and modalities of their interaction, that being the base for a case study. A case study was conducted in Technology park Varaždin in the period from March 7th to March 13th 2016, using following methods. Firstly secondary data analysis was conducted (data acquired from available literature and business reports) which gave basis for a decision regarding primary data collecting and hypotheses proposal. Afterwards primary data analysis was conducted (data acquired using online survey method). Survey was conducted on population consisting of entrepreneurs whose companies are tenants of Technology park Varaždin. The mentioned research survey consisted of twenty questions divided into four sections. Findings. Total of three hypotheses were proposed and tested in order to make tenants profiles and analysis of their habitat in Technology park Varaždin, and finally in order to identify the role of Technology park Varaždin in their entrepreneurial process.

Purpose. This research paper shows which value add measures are used by German DAX 30 corporations in their 2015 annual reports. It explains how different measures like shareholder value, economical value add (EVATM), return on capital employed (ROCE), return on equity (ROE) and others are calculated and how they correlate. Corporate governance has been highly professionalized which clearly shows in the annual reports of all firms. The requirement for “sustainable creation of value” as stated in the German Corporate Governance Codex (Regierungskommision Deutscher Corporate Governance Kodex, 2015) is made transparent as a core element in the companies’ annual reports. Design. 70% of the DAX 30 firms show value add data and some of them even highlight that value add has been made part of their corporate management approach. In turn this means that 30% of the firms are not showing value add data in a prominent way. The paper focuses on the 70% showing value add data and how EVA, company specific EVA-like measures or ROCE are the most used ones. Findings. The paper shows that ROCE with a factor of 0,97 correlates best with EVA and in absence of an EVA calculation is the best measure to represent value creation. Originality. As part of a dissertation the aim is to develop a best in class measurement system and comparison for corporate governance theoretical and empirical analyses. The paper has been presented at 21st European Scientific Conference of Doctoral Students - PEFnet2017 organized by the Faculty of Business and Economics of Mendel University in Brno, taking place on November 30, 2017 on the campus of Mendel University in Brno, Czech Republic.

Purpose. Crude oil is an important and most demanded commodity throughout the world. There are various oil processes like electricity production, manufacturing processes and transport sector. Oil is the basic necessity thus is important to study the volatility in oil prices because oil price volatility reduces the aggregate output for short run and as a result uncertainty increases and investment also decreases (Guo and Kliesen, 2005).This research analysis the effect of exchange rate variation and the fiscal policy changes on the oil price volatility and granger causality of macroeconomic variables. Lee (1998) defined volatility as the standard deviation in a given period. She submitted that Volatility has a negative and significant impact on economic growth immediately, while the impact of oil price changes delays until after a year. She concludes by stating that it is volatility/change in crude oil prices rather than oil price level that has a significant influence on economic growth. Methodology. GARCH (1,1) test define the exchange rate has not a significant relation with the local oil price but fiscal policy effect and foreign oil price has a significant relation on the local oil price. Granger Causality test indicate that oil price volatility does not granger cause on public sector investment and gross domestic production does not granger cause on public sector investment is significant. Except these relationship, all other variables relationship exist and possible. Findings. This research identify the effect of exchange rate, fiscal policy and international oil prices on oil prices of Pakistan. Different econometrics tests are utilized for analyses. Due to shortage of time, money and resources, this study only focus on Pakistan but this type of study can also implemented in Asia or more developing countries for more generalize effects and conclusion. Originality. This is the first implemented research who define the magnitude, direction and effects among the variable in context of Pakistan. Before this research, there is only opinions are founds by different economists, politicians and analysists.

Purpose. The article is focused on the empirical properties of the high-frequency data of 20 selected stocks from the Warsaw Stock Exchange (in particular the ones listed on WIG 20).The intraday data from at least more than 1 year were analysed. In particular, correlation between returns and durations were checked. Methodology. Also, the heterogeneous autoregressive model for realized volatility (HAR) was analysed and an attempt to construct the UHF-GARCH model was taken. The HAR model is a linear model and the UHF-GARCH is based on a certain adjustment of physical durations. Then, the standard ARMA-GARCH approach can be considered. Moreover, the hypothesis of Diamond and Verrecchia predicting a negative correlation between price changes and the time passed between transactions was checked. The analysis was done in R statistical software. Findings. The presented research can serve as an introduction to some further (and more thorough and narrow) researches. Except a direct presentation of outcomes from the study of the selected stocks from the Warsaw Stock Exchange, the paper contains quite an extensive literature review on high-frequency data.

Purpose. Attention of macroeconomists and financial experts has focused on the determinants of bank credit, with more attention on the demand side analysis. However, few existing study on the supply side determinants of bank credit are reported with inconsistent results, though they emphasized the role of economic growth. By employing Autoregressive Distribution Lag estimation technique, this study specifically focuses on the short-run dynamic and long-run effects of bank credit supply determinants in Nigeria using the data that span 1970-2015. We found that exchange rate, money supply, net foreign liabilities and real GDP all have a positive long-run impact on bank credit to private sector in Nigeria, whereas the effect of the general price level is negative. In the short run, the effect of money supply, net foreign liabilities and reserve requirement on bank credit to the private sector is positive with only inflation exerting a negative influence. In conclusion, policymakers are required to implement policies that stabilize the financial system and boost per capita income in order to promote a sustained and stable growth of bank credit to private sector in Nigeria. Bankers also should, however, monitor the rate at which they create credit which has implication for the overall money supply.The study was set out to estimate both the short and long-run relationship as well as dynamic effect of supply side factors on bank credit to private sector in Nigeria between 1970 and 2015. Methodology. The study employed Linear Autoregressive Distributed Lag (ARDL) co-integration test as suggested by Pesaran, Shin and Smith, (2001). Findings. It was evidenced that exchange rate, money supply, net foreign liabilities and real GDP all have a positive long-run impact on bank credit to private sector in Nigeria, whereas the effect of the general price level is negative. In the short run, the effect of money supply, net foreign liabilities and reserve requirement on bank credit to the private sector is positive with only inflation exerting a negative influence. Limitations. This study is limited only by its focus on the supply size analysis. A new line of study is suggested that can possibly investigate both the demand and supply size analysis together in one paper. Originality. This is an original work and has neither been published in any other peer-reviewed journal nor is under consideration for publication by any other journal.

The kernel of the debate on the relation between government spending and economic growth is whether the former causes the latter or the latter causes the former. In addition, there is the issue of possibility of nonlinearity in the relation between government expenditure and economic growth. Purpose. The purpose of this paper is to examine the relations between government expenditure and economic growth in Nigeria. Design/Methodology/Approach. The nonlinearity and causality in the relation between government expenditure and economic growth are examined using nonlinear autoregressive distributed lag model (NARDL), vector error correction model (VECM) and causality. Findings/Implications. The findings show the existence of cointegration and nonlinear effect on the relation between government expenditure and economic growth in both long- and short-run. The results equally show unidirectional causality that runs from economic growth to government expenditure thus providing support for Wagner’s law in Nigeria. Originality. The findings from this study suggest that nonlinearity and asymmetry should be taken into account when examining the nexus between government expenditure and economic growth.

Purpose. There are sufficient evidences in the literature that welfare of food producers and consumers is easily compromised due to unfavorable food price volatility dynamics. Therefore, this study investigates the volatility dynamics in food price index returns (FPIRETURNS), imported food price index returns (CIFCPIRETURNS), price of dollars at bureau de change (BDCRETURNS) and inter-bank rate (EXRETURNS). Design/Methodology/Approach. In view of the increasing quest to account for volatility behavior such as non-linear and time-varying risk premium in food price series using an appropriate tool, this paper adopts exponential generalized autoregressive conditional heteroscedasticity (EGARCH) model. This is because it allows error terms to be conditional heteroscedastic, and the dynamics process generating the underlying heteroscedasticity to be asymmetric. That is, the model introduces a parameter that can reveal how conditional variance respond to both positive and negative shocks of equal magnitude (asymmetric effect). Findings and Implications. The study finds leverage effect and high persistence in some of the selected models. Also, exchange rate volatility affects volatility of FPIRETURNS, but it is more pronounced on the volatility of CIFCPIRETURNS. Limitations. Inadequate data especially for CIFCPIRETURNS is a huge limitation in this study. Originality. However, this study has sufficient empirical evidences that instability in forex market flows into the Nigerian food market with pronounced leverage effect and persistence in food price volatility. The recommendation is, government should implement stabilization policy in the forex market as a precursor to ensuring stability in domestic food market.

The book „Contemporary Labor Market“ written by Marija Bušelić, PhD, was published by Juraj Dobrila University of Pula. The book represents a scientific work accessible to experts, students, but also to a wider circle of readers. The 21st century is a time of change in the field of labor, occurring and changing through extraordinary dynamics. It is therefore necessary to observe labor and related phenomenon in a wider and interdisciplinary way...For any author who would place himself in the position of writing a book on such a demanding, complex and dynamic subject such as human labor and the labor market, one of the key questions would probably be the selection of topics and the method to present them without leaving out fundamental theories and relevant knowledge on which labor theory is based, while at the same time updating the theme with the presentation of all relevant issues and areas that are present on the global, as well as on the European and national labor market "scene". We are convinced that Bušelić succeeded in that task entirely through her very specific and praise worthy contribution to the already published domestic and international scientific works dedicated to human labor. Furthermore, her work can serve as an incentive and basis for further research of a number of particular topics covered in this book.

Purpose. The main objective of this study is to investigate the dynamics of exchange rate shocks in Nigeria. Methodology. The researcher used Error Correction Model (ECM) with annual time series data covering the period of 36 years; 1981 through 2016 as the estimation technique. The estimated co-integration test shows that the macroeconomic variables in the system do share a long run relationship with the exchange rates in the period under investigation. Accordingly, each variable in the system tends to adjust proportionally to bring in the system back to its long run equilibrium. Findings and Implications. The estimation result shows that increase in productive output (gross domestic product) leads to depreciation of the exchange rate in the short run but with insignificant effect in the long run. This, hence, implies that the dwindling trend in domestic production has remained one of the major causal factors of the persistent fluctuation in exchange rate in Nigeria. The persistent rise in price level is equally found to lead to appreciation of the exchange rate simply because of over reliance on cheap and more sophisticated foreign goods and materials, in the short run but with insignificant effect in the long run. The domestic interest rate, as reveal by the estimation results, is found to be significantly impacted on the fluctuation of exchange rate in Nigeria. Limitations. The main limitation of this study is in the area of data availability and model specification. The VAR model as popularized by Sims, (1980) is such that all the variables in the framework are assumed to be endogenous with the exception of exogenous variable. This problem may raise the tendency of for multicollinearity and the statistical insignificance of the regressors co-existing with high overall statistical significance of the regression model (Gujarati, 2005; Brooks, 2008). Originality. To the best of my knowledge, at the time of conducting this research, many of the studies in Nigeria have employed other methods other than Vector Error Correction Model (VECM). And, we affirm that this work is original and not being considered elsewhere for publishing. Therefore, this study will contribute to existing literature on the dynamics of exchange rate shocks in Nigeria.

Purpose. This paper focuses on the measurement of the human capital level in Albania, Serbia and European Countries and in identifying the gaps between them. In addition, it focuses on the link between human capital and the Gross Domestic Product (GDP), by extending the analyse in finding the gender disparity of human capital and GDP relationship. Lastly, this study estimates the growth rate of the human capital level for Albania and Serbia and make a comparison with the average human capital of the European Countries. Methodology. The methodology used in the calculation of the growth rate of human capital is exponential trend method which makes possible the estimation of the years needed for Albania and Serbia to catch up the average of EU-28. The data employed mostly in the above-mentioned analysis is the data set taken from Barro and Lee (2010) corresponding the Educational Attainment Data from 1950 to 2010. For the estimation of the growth rate of the human capital level, additional data until 2015 have been used compiled from the UIS database and UN population database, respectively. Findings. The findings show that Albania has a higher probability of an earlier convergence than the Serbia has. Even though the proxy of human capital for year 2010 for Albania (9.85), is lower than Serbia (10.97), Albania is experiencing a rapid increase in the average years of schooling. Limitations. But again, the study is limited to data related to only the years of schooling without considering the quality of education and skills acquired. Originality. This study can serve as a contributor to the performance examination of Albania and Serbia to the EU community with regard to human capital accumulation.

Purpose. The study aims to study four attributes of the electronic retailing service quality [website design, reliability/fulfillment, security/privacy and customer service] based on the implications each one of them has towards brand loyalty [being measured through intentions to repurchase from the same brand on upcoming occasions and customer incentives to pay a price premium for the brand]. This process in two contexts, when respondents are faced with a local vs global brand. Design/Methodology/Approach. Through literature review the study has used the model of mapping electronic service quality variables introduced by Wolfinbarger and Gilly (2003) in their eTail Quality model. Related to data collection we have conducted two focus groups each being prompted with local and global renown brands, respectively. Considering that the study aims to measure perceptions, and knowing that the best way to express them is through linguistic terms, which is the way humans express their feelings on daily basis, the analysis is based on fuzzy logic by using triangular fuzzy sets as means of analysis. The process through the analysis phase has followed the (i) fuzzification process, where linguistic terms have been converted to triangular fuzzy sets, (ii) fuzzy averaging to find group opinions, (iii) clarifying weak and/or strong conditions in between the importance and satisfaction degrees, lastly (iv) defuzzification process in order to convert triangular fuzzy sets in linguistic terms. Findings and Implications. The analysis suggests that when customers are faced with global brands, service quality elements such as website design, customer service and reliability/fulfillment are good predictors for the creation of behavioral intents towards the brand. Whereas when customers faced with local brands, service quality elements such as security/privacy, reliability/fulfillment and website design, have high implications towards customers’ behavioral intents. Limitations. The study represents an innovative approach to measuring service quality variables in the apparel purchase online context. Due to its generic nature as a model the conceptual framework and methods of analysis could be tested in other industries, apart from the apparel online purchase. Furthermore, in order to enforce external validity, the study is recommended to be replicated within the same or other contexts. Originality. This scientific paper presents an innovative approach to measuring online service quality in the apparel industry. Furthermore, the understanding of underlying factors impacting customers purchase online from local or global brands makes it unique in its nature for the context applied. The use of fuzzy logic and triangular fuzzy sets has allowed the research to use linguistic measurements (which belong to the nature of how humans’ express feelings) and their conversion in fuzzy triangular sets allowing for deeper analysis in descriptive and predictive statistics without comprising the reliability of either of them.

This paper examines the trade account sustainability for sub-Saharan African (SSA) countries over the period 1960-2014. It addresses three important issues econometrically in the sustainability literature: i) nonlinearity, ii) structural breaks and iii) cross-sectional dependence. By incorporating these three stylized facts jointly in the modelling and estimation procedure, we refute the erstwhile view that the SSA countries violate their intertemporal budget constraints and challenge the position that these countries may not be able to control their external imbalances. This puts in perspective that the observed unsustainable current accounts in many of these countries are not necessarily failure to control the imbalances between exports and imports but exogenously driven by policy somersaults leading to mean shifts in relationship. Purpose. The purpose of this paper is premised on the need to understand the reality of current account sustainability among the sub-Saharan African countries, update the understanding since the last papers were published by Arize (2002), Narayan and Narayan (2005) and Razafimahefa and Hamori (2007), and to study the implications of nonlinearity as well as structural breaks. Design/Methodology/Approach. We develop a smooth break stationarity technique that accounts for the unknown number of breaks in the series thereby overcoming the bias due to using sharp structural break stationarity techniques that require predetermined number of break points. In particular, utilize the Fractional Frequency Flexible Fourier Form (FFFFF) and Integer Frequency Flexible Fourier Form (IFFFF). We solve the problem of crosssectional dependence by utilizing bootstrap method. Findings And Implications. Using the methodology outlined above, we find that it seems that the sub-Saharan African countries are unable to tame the divergence between exports and imports not because of any inherent inability but because of the exogenous factors major breaks in policy milieu that threaten their ability to ensure the intertemporal budget constraints are not violated. This puts in perspective that the observed unsustainable current accounts in many of these countries are not necessarily failure to control the imbalances between exports and imports but exogenously driven by policy somersaults leading to mean shifts in relationship. The policy implications therefore include ensuring more tranquil policy environment in the sub-Saharan Africa. Interestingly, lack of stability in policy environment and policy continuity has been one of the most bedeviling problems facing sub-Saharan Africa. Limitations. A major limitation of the present study is that the approach used to investigate is based on unit root testing. Bohn (2007) highlights the limitations of using this approach. However, the literature on sustainability has not seen a significant decline in the number of studies using the approach. Therefore, this study belongs to the class of studies that deduce sustainability from the stationarity property rather than from the error-correction response function.

The article provides an overview of the literature on notions including national image, national brand and national branding, then presents selected campaigns promoting Poland in the international arena. It evaluates how Poland, as a national brand, is perceived by young foreigners. Empirical studies were conducted among foreigners at the age of 20-25. 103 respondents from 23 countries participated in the research. The most common associations respondents had with Poland were history, Pope John Paul II and Polish vodka. Warsaw and Krakow are definitely the most recognizable Polish cities. Many respondents expressed positive opinions about Poland’s nature, landscapes, mountains and seaside. Among numerous events organized in Poland, the most well-known were the European Football Championship EURO 2012, the Woodstock Festival and Wroclaw – European Capital of Culture 2016. I believe Poland continues to be perceived through stereotypes, with associations to the Pope, vodka and religion predominating. These were enumerated as the main associations in a 2011 study and since then, despite Poland’s numerous promotional work in the international arena, there has been no success in creating new associations, such as Poland being an innovative and modern country or its people being entrepreneurial, to name two.

Multi-document summarization is an automatic procedure aimed at extraction of infor-mation from multiple texts written about the same topic. Resulting summary report al-lows individual users, such as professional information consumers, to quickly familiar-ize themselves with information contained in a large cluster of documents. This pro-posed work CBRS (Cluster Based Ranking with Significance) summarizes the multi document with semantic meaning of the terms in the documents. Such that it produces a good results while clustering and ranking with retrieving document. As a clustering result to improve or refine the sentence ranking results. The effectiveness of the pro-posed approach is demonstrated by both the cluster quality analysis and the summari-zation evaluation conducted on our simulated datasets.

Globalization is frequently viewed in economic and environmental terms. Goods and services move easily across regions and national boundaries. The United States, the European Union, and countless other nation-states and political bodies are struggling to define attitudes and policies towards immigrants and immigration for the 21st Century. The debate over language is often a heated one. Most nations encourage newcomers to learn the national language. Language can be seen as a mechanism for integration and acculturation. For full participation in the national and political life of a country, immigrants benefit from knowledge of the language. Just an Investment in Education in the process of learning the language immigration country Germany considers very important socio-economic factor in the process of socialization of immigrants. Where language differences are accepted, there are costs such as bi-lingual education, multi-lingual signs and instructions, and a constant need for qualified interpreters. Language is fluid and constantly changes, especially in terms of the development´s informational and communication technologies where it´s necessary adoption of digital competence. Digital society implies a transformation of the traditional way of life and the economic, industrial, educational, and labor changes as well as changes of personal and individual way of existence, but also the question of the "new" partnership in education. The study was conducted on N=185 students of higher education institutions in German among various constituents (faculties and departments) in Mannheim, Mainz, and Heidelberg. The research was conducted during winter semester 2016/2017 academic year, from November 9 to January 14. The survey instrument used was the first part of the questionnaire to record students’ opinions on different variables related to various multimedia foreign language learning tool. Research results show that students feel that it’s necessary to invest in the Education of immigrants in order to prevent the demolition of (inter)national identity, as well as to facilitate the realization of the process of socialization and more employment.

The conflicting results in relationship between monetary policy and the sustainability of the manufacturing sector necessitated this research. The study carried out some preliminary tests including the descriptive statistics and the Augmented Dickey Fuller unit root tests. The optimal lag length criteria, and the Johansen Co-Integration test were applied to verify long run association among the series. The Vector Error Correction model was estimated as a verification of the short run adjustment. The Breusch-Godfrey Serial Correlation Lm test, Durbin Watson Statistic, and Breusch-Pagan Heteroscedasticity tests were conducted. The results confirmed the existence of a long run relationship among the variables. A positive relationship between monetary policy and manufacturing sector performance in Nigeria was observed at the 5% level of statistical significance. No short run association between the external reserves and inflation rates was recorded. The study therefore recommends that the government avoid monetary policy summersaults.

The introduction of the euro for Croatian citizens meant the abandonment of the deutsche mark, a reliable currency, which had been used for a long time for comparison purposes and savings. Today, Croatia is a small, opened, indebted and highly euroised country, in which frequently mentioned introduction of euro is seen as a solution that could improve country’s economic position. The question of a common monetary policy is closely related to the issue of business cycle coherence between the members of such an area. Although a cycle in economic activity is a stylized fact, in economics it is less clear as to when the fluctuations in macroeconomic variables coincide between countries/regions and when these dynamics synchronize and/or converge. By analyzing two measures of business cycle coherence, namely synchronicity and similarity, between Croatia and new EMU members, we want to reconcile with vast empirical evidence supporting the hypothesis that monetary integration process results from a greater business cycle convergence and leads to an optimal currency area which finally leads to greater economic welfare in each of the member countries. Estimations are based on deviation cycle approach. Results in general indicate relatively similar cycle dynamics across the observed variables, suggesting that Croatia satisfies this selective criterion for its inclusion into the monetary union. Nonetheless, monetary integration is far more complicated issue, hence it requires further scientific verification and conceptualization.

In order to address the direction of causality between human capital and productivity growth in Nigeria, the study first investigated the pattern of productivity growth in Nigeria between 1970 and 2010. Following the endogenous growth model, which argued that technical progress, through an effective labor force, could lead to long-run growth which can be determined from within an economy; but it actually depends on the efficiency with which resources available to such an economy are utilized. This is against the exogenous growth model which emphasized that long-run growth can be attained by some unexplained technological progress, which is exogenous to any economy. Based on this controversy in literature, this study empirically determined the productivity growth in Nigeria, as well as the causal relation between human capital development and productivity growth in Nigeria using the Engle-Granger causality test. The results revealed that productivity growth has been very low and unstable in Nigeria as it oscillated between -1.5% and 0.6%. In addition, the nexus between human capital and productivity growth was examined. The findings revealed that while productivity growth caused human capital development, human capital development did not cause productivity growth.

The balanced supply and demand of the cereal is essential for achieving economic sustainable development in China. The wheat and products, the rice (including the milled equivalent), and the maize and products are three main cereals in China, the three cereals but the rice (including the milled equivalent) in China were enerally seriously comparatively insufficient before 1997, and then became fully sufficient. The co-integrative test demonstrated that there existed long-term equilibrium between balance of supply and demand and influencing factors, and the correcting coefficient was about 2.2 percent. As for balance degree of supply and demand, increase of machinery cost, daily-average labor price and indirect cost would improve it, increase of fertilizer expenditure and labor-input quantity would deteriorate it at short-term. The Granger causality test implied that balance of supply and demand owned interactive effect with laborer-input quantity, but not with the other cost. The highlight of this article was evaluating hypothesis of “Who will feed China” and influencing factors from perspective of the cost, achieving that the above hypothesis was not a real problem in China.

The competition on every market grows harder and harder every year. Innovation is seen by most companies as the only way to survive. For finding good innovations, innovation processes are needed to implement within the firm. This paper deals with the generations of those models. The first part of the paper lists the different generations described in the literature. In the second part the BIG Picture © model created by Dipl.-Ing. Dr. Lercher is introduced and compared to the criteria found in the described models. Therefor the aim of this paper is to give the reader an overview of the existing models and an understanding of the classified model. The estimated results were a classification in the current generation. However, the model shows additional criteria which have not been set by any of the review authors. The point, if this model is still a sixth generation model or already a seventh generation model, was let open for discussion in this paper. Methodology includes an analyses of the described generations of the most frequent cited authors and an evaluation of the new model.

Time, the only non-replaceable resource is quite difficult to manage, although as it has been studied over and over again time management can be of crucial importance for a contemporary business organization. Individuals and managers in particular, must learn how to make the best out of their time and use time management as a tool in gaining and maintaining a competitive advantage. Although, researchers from throughout the world have managed to identify and develop hundreds if not even thousands of different time management approaches and techniques, it can be easily argued that such techniques are unknown when it comes to business in the Republic of Macedonia in general and the Pollog region in particular. But, the lack of a scientific approach does not necessarily mean a lack of dedication to a better usage of time by employees and managers alike. The paper strives to present the results of a rather extensive field research on time management implemented by the authors in over fifty business entities in the region.

ROE is the ratio of profitability which can be separated into three ratios in Du Pont model. The question is - can it be even more comprehensive with more than three Du Pont ratios; that is can it also include liquidity, market share, break-even point, plan vs. actual, structure of assets and liabilities, structure of fixed costs, etc.? If these can be included in calculation, the financial, management accounting and strategic analysis could be more integrated into one more rounded system. Financial ratio analysis would also integrate into one ratio the usually different areas of analysis, like structure of assets, structure of liabili-ties, liquidity, turnover, financial leverage, etc. Strategic management and management accounting ratios, developed in the literature and used in business practice, are represented. The article in front of you presents a theoretical proposal through deduction method of how mentioned measures can potentially be included in ROE, resulting in potential benefits in planning and controlling. Integrated different areas of financial ratio analysis, manage- ment accounting and strategic analysis each represented with its ratios in profitability measure ratio, provides potentially better view of conditions, profit multiplicators and risk the profitability is achieved by. Integration inside profitability measure gives a special qual-itative advantage, having in mind that achieved profit is the main goal for owners of the company`s equity.

In this study the presence and direction of the relationship between the current account deficit and credit rating index for Turkey has been tested using Gregory-Hansen co-integration test, which considers structural breaks and Toda-Yamamoto causality analysis for the period of 1992-2014. Based on the results of empirical applications, it has been concluded that both series are not stable and there is a long-term relationship between the variables. As a result of the Toda-Yamamoto method based on the Granger causality analysis, it has been determined that there is a one-way causal relationship between the variables from current account deficit towards credit rating index.

Foreign aid strategies have undergone restructuring as donors adopt aid selectivity practice to improve aid effectiveness. This study investigates the impact of aid selectivity practice on aid effectiveness (aid-growth relationship) in Sub-Saharan Africa (SSA) and several groups of countries within SSA from 1980 to 2012. Employing system generalized methods of moments (system GMM) technique; the study produces strong evidence that there is significant improvement in aid effectiveness due to aid selectivity practice.

This study examines relationship between Inward FDI and domestic investment in China, using co-integration and Granger causality analysis (Including bivariate and multivariate Granger causality models). We have used auto-regressive distributed lags(ARDL) econometric methodology technique to define relationship between inward FDI and domestic investment using time series data for China. Our study examines long run effects of FDI inflows on domestic investment over time span 1990-2014 for China using informal, formal institutions and key macroeconomic variables as control variables in the model. The results suggest that conclusions drawn from bivariate model may not be valid because of omission of important control variables. Our results of multivariate model show that there is positive unidirectional causality running from IFDI to DI in the long run. In the short run, both inward FDI and domestic investment do not allow Granger causality.

Several studies have analyzed the movement of foreign direct investment in Nigeria using linear approach. In contrast with all existing studies in Nigeria, this paper runs several non linear FDI equations where the main determinants of FDI are determined using Markov- Regime Switching Model (MSMs). The approach enables us to observe structural changes, where exist, in FDI equations through time. Asides, where FDI regression equation is truly nonlinear, MSMs fit data better than the linear models. The paper adopts maximum likelihood methodology of Markov-Regime Model (MSM) to identify possible structural changes in level and/or trends and possible changes in parameters of independent variables through the transition probabilities. The results show that FDI process in Nigeria is governed by two different regimes and a shift from one regime to another regime depends on transition probabilities. The results show that the main determinants of FDI are GDP growth, macro instability, financial development, exchange rate, inflation and discount rate. This implies liberalization that stems inflation and enhance the value of domestic currency will attract more FDI into the country.

The general goal of the interdisciplinary work refers to the research of complex experimental interactions and theoretical works on the subject of neural mechanisms in the perception of decision making; economic and perceptual decision making; high and low volatility bias of the investors perception, and the perception bias during the duration of the stimuli, according to the theory of subsequent effect. The work shows the complex interweaving of scientific achievements in the process of decision making. The given scientific and applicative research leads us towards understanding the levels of complexity of financial decision making with the principles of universality; spatial and temporal fluctuations of input in perceptual decision making (perception can be under the influence of attention and can surface subconsciously without conscious consciousness), possible extending of current results and models from two alternative choices and are they different in respect to spatial and temporal fluctuations ( our capability of deciding can result from random fluctuations in the background of electric noise in the brain) effects on the results of decision making. The focus of this research paper is the analysis of testing the perception of investors which shows us the subsequent effect of volatility, which further indicates the twisted perception after prolonged exposure to extreme levels of volatility. This established framework can give us key insight in the domain of deductive reasoning. Bias in deductions is questioned using the VIX index.

The objective of the study is to empirically examine the effect of working capital management on performance of manufacturing firms in Ghana. The study used six listed manufacturing companies on the Ghana Stock Exchange for the period 2008-2014. Correlation and regression analyses were used to analyze the effect of working capital management on manufacturing firms’ performance. The study examines the effect of different components of working capital management on firm’s performance. The study finds that the current ratio, average collection period and the accounts payable period have positive effect on profitability. However, only the current ratio has statistical significance. Also, while inventory conversion period as well as the cash conversion cycle have negative effect on performance, they are all statistically insignificant. It is recommended that finance managers should implement efficient and effective ways of managing working capital management. Emphasis should be placed on average payment period, improving sales growth and maintaining higher current ratio.

This research analyses the effect of oil price volatility and macroeconomic variables (Trade balance, private sector investment and public sector investment) on economic growth of Pakistan. Linear regression describes the Public sector investment and Trade Balance has significant and oil price volatility and private sector investment has insignificant effect on gross domestic production of Pakistan. Johenson co integration test described the long run relation among the variables. Vector Autoregression, impulse response function and variance decomposition conclude that effect of variables was stable within 10 years and the major part on the variable is due to itself rather than other variables.

Recent studies show that seniors will soon become one of the major prospective segments in hospitality and travel industry. Given that population aged 65+ is usually retired with pensions, they have leisure time for travelling at any time of the year. They are also the most demanding expecting services excellence and high-level security while at the same time 63% of seniors aged 65-74 reported some sort of chronic illness. Hence, energy-efficient and health-focused facilities can be a significant potential for tourism development in Sarajevo region, which is a popular destination considering its unique nature, rich gastronomic, cultural and historical heritage. However, currently there is no market segmentation tailored to specific needs of senior tourists and research aims to explore opportunities for this type of services with the objective of introducing accommodation facilities for elderly based on eco-smart solutions with highlighted focus on well-being and health. Setting of still water machines and installation of renewable energy system for electricity, ventilation and heat can have various positive effects increasing security, providing more healthy conditions, influencing life expectancy and counteracting the aging. Methodology includes feasibility study of eco-smart and health-oriented facility for seniors while practical implications for future actions are given in the conclusion.

Twelve Pacific Rim countries that account for forty percent of world output and more than a quarter of world trade have signed a Trans-Pacific Partnership (TPP) agreement. Assuming that the agreement is ratified and implemented by the signatory countries, the TPP will have important implications for the world trading system. New ground is broken in this mega-regional agreement in a number of areas where progress has not yet been possible in the more comprehensive World Trade Organization negotiations. This paper provides an analysis of the innovations in the agreement, assesses their significance for the broader world trade regime, and considers the feasibility of extending them to the multilateral trading system. Synergistic effects on other ongoing mega-regional negotiations are also considered.

Limited national budgetary resources for R&D in period from 2007 to 2013 imposed a need for Croatian researchers to apply for European research grants. A challenge for effective absorption of European Structural and Investment Funds in the period 2014 to 2020, highlight a need to assess the impact of this external funding on research capacity in Croatia in 2007-2013 period. Qualitative interviews with grant recipients from Ruder Boskovic Institute revealed intangible achievements in terms of research career, enhanced interaction and knowledge transfer to business community, improved research management competences and possibilities for collaboration with internationally recognized research teams. Similar results from studies carried out in other countries indicates the importance of intangible achievements of research grants, which are becoming more and more relevant in the context of public policies (networking, cooperation, strategic planning, knowledge management). The use of EU funds is an extremely complex process which requires a change of approach to the use of public funds and the introduction of the principle of transparency of procedures for all stakeholders in the process, equal access to information and sound financial management. Weaknesses of the Croatian scientific system and absence of will to support excellent research through competitive funding present real threats to successful participation of Croatian researchers in the European framework programs and other external research funding programs. Findings of the study provide valuable insight for national authorities in terms of effective management of national research and innovation programs while maximizing the potential impact of EU funds allocated.

Human resources are the most important part of the operation in an enterprise. Based on this logic, companies must continuously invest in increasing the performance of internal capacity through the creation of their strategies which will define clear developing objectives. Enterprises, be it large or small companies, private or public, especially companies with energy profiles such as power plants or district heating, to offer their services, an internal organization of a high level is needed. This arrangement inevitably must include human resources. In our case, we have analysed the functioning of District Heating “Termokos” in Pristina, which for a year now operates with a new system of providing thermal energy - cogeneration project. Of course this also requires changes in the functioning of the enterprise reorganization, since we are dealing with the creation of new departments which require qualified and professional framework. During the analysis, we will focus on current data that we have from District Heating. To process the data we are using recognized statistical methods and similar models through which we will give our recommendations, for better functioning of the enterprise.

Online service quality is of high importance to the overall user experience within ecommerce platforms. The website service quality is considered to be a good predictor of customers’ brand loyalty intents. In this study four attributes of the electronic retailing service quality [website design, reliability/fulfillment, security/privacy and customer service] are studied based on the implications each one of them has towards brand loyalty [being measured through intentions to repurchase from the same brand on upcoming occasions and customer incentives to pay a price premium for the brand]. The paper aims to study this process in two contexts, when respondents are faced with a local vs global brand. The data collection is conducted through two focus groups. Considering that the study aims to measure perceptions, and knowing that the best way to express them is through linguistic terms, which is the way humans express their feelings on daily basis, the analysis is based on fuzzy logic. The analysis suggests that when customers are faced with global brands, service quality elements such as website design, customer service and reliability/fulfillment are good predictors for the creation of behavioral intents towards the brand. Whereas when customers faced with local brands, service quality elements such as security/privacy, reliability/fulfillment and website design, have high implications towards customers’ behavioral intents.

This paper presents methods for human detection for application in the field of national security in the context of state border surveillance. Except in the context of state border security, the presented methods can be applied to monitor other protected object and infrastructure such as ports and airports, power plants, water supply systems, oil pipelines, etc. Presented methods are based on use of thermal imaging systems for the human detection, recognition and identification. In addition to methods for the detection of persons, are presented and methods for face recognition and identification of the person. The use of such systems has special significance in the context of national security in the domain of timely detection of illegal crossing of state border or illegal movement near buildings, which are of special importance for national security such as traffic infrastructure facilities, power plants, military bases, especially in mountain or forests areas. In this context, thermal imaging has significant advantages over the optical camera surveillance systems because thermal imaging is robust to weather conditions and due to such an infrared thermal system can successfully applied in any weather conditions, or the periods of the day. Featured are procedures that has human detection results as well as a brief survey of specific implementation in terms of the use of infrared thermal imagers mounted on autonomous vehicles (AV) and unmanned aerial vehicles (UAV). In addition to the above in this paper are described techniques and methods of face detection and human identification based on thermal image (thermogram).

Innovations represent a challenge that every company faces during its life cycle no matter what kind of business sector it operates in. In today’s world of competition and fastgrowing industries, it is paramount to be innovative, especially in tourism. The main aim of this study was to determine how businesses and their employees in two countries - Croatia and Serbia, are directed toward new innovations, which innovations are most important to them, what are the main barriers to implementation and if there is a difference between innovation implementation in those two countries. For this purpose, the study was conducted in 13 tourism companies in Croatia and 20 in Serbia, in the period July-October 2016. The results indicate that companies in Croatia (M=3.86) are more open to innovations than Serbian tourism companies (M=3.50). Furthermore, the study showed that respondents have similar wishes and motives when implementing new ideas or innovations, such as educated workforce, health and well-being of people or improved business management. However, when it comes to key areas for innovation implementation, in Croatia emphasis should be on training and education of the workforce, while in Serbia emphasis should be placed on the introduction of new technologies. In addition, the key limiting factors of innovation implementation that stood out only in Serbia are lack of funds and poor ownership structure. However, there is willingness to implement innovations and readiness to work towards it. Education and a capable workforce are deemed essential to accomplish and implement new innovations in most companies.

To create a concept of the marketing strategy, it is necessary to analyse the factors affecting the purchasing decisions of consumers. For the variables: production, import, export, and manufacturer's price we examine their impact on the marketing of poultry meat in the EU-28 in 2009 and 2011. Countries are grouped into clusters, their properties are analysed in relation to the mentioned variables. With multiple regression analysis, we find that there is a statistical correlation between high production and de-pending on the variable, and between the imports and exports as the independent vari-ables. Based on the analysed data in the researched countries, we conclude that the qualitative development of the production of poultry meat required implementing sophis-ticated agricultural policy with low inputs prices and exploit all available spare re-sources.

This article analyzes the drawbacks of China’s current rural land system (the Household Contract System based on the collective ownership) mainly from the perspectives of contract, property rights and resource allocation. This article defines the Household Contract System as a lease where the collective (landowner) leases land to its members to farm independently. The drawbacks of China's current rural land system mainly include instability of the peasants’ land use right and insecurity of their land income right weakening peasants’ enthusiasm for investment in land, and a lot of restrictions on the transfer of peasants’ land leases obstructing the flows and optimized allocation of labor, land and capital. According to analysis, the drawbacks of China’s current rural land system result mainly from the collective ownership and the government-run nature of the collective. This article then makes and elaborates the proposition of the privatization of rural land to peasants. It also analyzes the government’s land rights in private ownership of land and refutes the popular arguments against the privatization of rural land.

The objective of the study was to determine the dependency of the net income from the sales of new and significantly modernised products on the expenditure on (1) marketing and staff training as well as on the expenditure on (2) land, buildings and structures; machinery, technical equipment and tools; and means of transportation within the scope of product and process innovations in Polish industry in 2010. Furthermore the study was intended to determine the effectiveness of the abovementioned expenditure aggregated to descriptive variables (1 and 2). In the study, the correlation and regression methods as well as the least squares method was applied.The estimation resulted in the determination of functional dependency of net sales income on the expenditure on marketing and staff training (0.5040) as well as on the expenditure on land, buildings and structures; machinery, technical equipment and tools; and means of transportation (0.8064) in the field of innovative processes in industry. The net sales income increased more than proportionally relative to the combined effect of the aforementioned expenditure (1.3104). The total increase in the aforementioned expenditure by 10% resulted in the increase in net sales income by 13.1%. The determined power regression model may have practical implications for the economic evaluation of expenditure in innovative processes in Polish industry in the future, as well as for the forecast (prediction).The expenditure application in innovative processes may also have social implications connected to the increase in the value-in-use of products and with the increase in the social efficiency of work in Polish industry.

The Austrian District of Burgenland is located in the eastern part of the country. In the last decade, the region has benefited from different subsidy programs from the European Union. The aim of this paper is to analyze and evaluate the export competitiveness of Burgenland in relation to the foreign trade of Austria as a whole from 2010 to 2014, which is the period showing the highest increase in exports since the Iron Curtain fell. The Revealed Comparative Advantage index (RCA) was used to determine the development of the region’s exports. The RCA index is used in international economics for calculating the relative advantage or disadvantage of a certain country in a certain class of goods or services. The findings show that Burgenland has important exports of agricultural products and that economic relationships with neighbouring countries are deepening. This study is an important contribution towards demonstrating the development of former Objective 1 area countries in the European Union.

On the Romanian market there are 21 international hotel chains, having 51 hotels. The goal of the research paper is to analyze which are the marketing mix policies and strat-egies used by the hotels, belonging to an international hotel chain on the Romanian market. For this purpose, a descriptive research was implemented through investigation of all the hotels that are part of an international hotel chain. The research reveals that hotels operate by abiding the norms established by contract. The higher the risk, the investment and control are, the more influence the hotel chain has regarding the pricing strategies. Hotels use their own channels but also the parent chain channels. Promo-tion strategy takes into account global, regional and local issues encountered. The ma-jority of the hotels have the possibility to decide some internal elements for their per-sonnel. All the hotels apply norms and standardized procedures regarding the quality of the services. The most expected advantage for a hotel that belongs to an international chain is the visibility at international level.

This conceptual paper proposes a framework for engaging talents at work that leads to business performance. The framework is built on concepts that are evolving and they are defined in several, in many cases confusing, ways in the literature. The research methodology is literature review. Therefore, the paper starts with overviewing the concepts of the knowledge economy, skills, knowledge, talents, work engagement, and organizational performance. Then, the suggested framework is presented and discussed. The paper contributes to a better understanding of the underlining conditions and processes of value creation through talent engagement, calling for more discussion around this phenomenon.

Authors summarized major causes of current financial crisis in EU on global and regional (European) level. On a global level these are credit rating agencies and compensations of CEO directors in financial sector. On regional level these are structural imbalance, increasing debts of EU countries, foreign trade imbalance among EU countries and loss of confidence in debt of EU countries. Measures for preventing future crises in EU according to the authors are improved debt management, application of Keynesian ideas for overcoming the crisis, reform of the criteria for entering the Eurozone, creation of a fiscal union, exit of the PIIGS countries from the Eurozone, taxation of the financial sector and creation of a banking union.

The aim of this paper is to investigate how foreign direct investment (FDI) affects domestic investment in the Republic of Croatia. More precisely, the general purpose of this study is to determine the impact of net inflow of foreign capital on domestic investment in order to gain a clearer picture about the sensitivity and efficiency of domestic investment. After parsing domestic investment and FDI in Croatia, according to Croatian Bureau of Statistics and the Croatian National Bank, a historical overview of their movement from 1995 to 2014 was analyzed. In the following an overview and comparison of studies from around the world which deal with similar topic was made. In the empirical part; domestic gross fixed capital formation, changes in domestic stocks, net FDI and GDP growth rate was used as variables. Quarterly time series data ranging from the Q1 2001 to Q4 2014 were processed with the subset VAR (vector autoregressive) econometric model. The results shows that FDI have negative influence on domestic investment in the Republic of Croatia with time lag.

The purpose of this paper is to research the development of tourism, taking into consideration the growing competition and new consumer intentions. The aim of this research is to analyze the alternative forms of tourism as a crucial factor for long term sustainability. As a basic research method used is an interview with tourist providers in Macedonia (travel agencies – DMC companies and tourist guides), regarding their experience for alternative tourism forms. Results are showing growing trend of alternative forms of tourism considering different tourist nationalities. These results are valuable for further scientific research in consumer analyzes, and presents an input for the national tourism in this region.

The paper includes analysis of financial ratios for evaluating a financial position. It is possible to assess the financial position of a certain company by using and combining liquidity, solvency and activity ratios. Preferable values of financial ratios should be related to the different factors, including industry, geographical position, size of a company. For research purposes appropriate parametric and non-parametric statistics is used. The research includes analyzing differences between financial ratios related to the size of companies in Croatia. Obtained results of the conducted research shows existance of statistically significant differences between financial ratios for evaluating financial postition for different companies sizes.