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U ovom članku istražuje se kako troškovna učinkovitost i rizik utječu na tržišni udio u europskom bankarskom sektoru. Analiza je motivirana poznatom hipotezom učinkovitosti i teorijom strukture-vođenja-uspješnosti. Hipoteza je da su poboljšana učinkovitost i pojačani rizik banke povezani s rastom tržišnog udjela banke. U odnosu na ostala istraživanja, u ovoj analizi uključen je rizik kao odrednica tržišnog udjela. U istraživanju se koriste godišnji podaci za 36 banaka iz europskih zemalja u razdoblju od 2007. do 2015. godine. Rezultati pokazuju da su rizik i učinkovitost pozitivno povezani s tržišnim udjelom imovine, zajmova i depozita. Nadalje, istraživanjem je utvrđeno da su banke u tranzicijskim zemljama bile manje uspješne u pretvaranju prednosti u pogledu troškovne učinkovitosti u povećanje tržišnih udjela od banaka u razvijenim europskim zemljama. Empirijski model je procijenjen korištenjem GMM metode kako bi se uzela u obzir dinamička priroda istraživanih komponenti te s ciljem zaobilaženja problema endogenosti., In this study we investigate how cost efficiency and risk affect market share in European banking industry. Our analysis is motivated by the well-known efficiency hypothesis and structure-conduct-performance theory. We hypothesize that improved efficiency and enhanced riskiness of a bank should be related to an increase in its market share. Therefore, in contrast to other studies, we include risk as a determinant of market share. In the study we use annual data for 36 European countries’ banks for the time span from 2007 to 2015. The results reveal that risk and efficiency are positively associated with market share of assets, loans and deposits. Additionally, we find that banks in transition countries were less successful in transposing their cost efficiency advantages into market share gains than banks in European developed countries. The empirical model is estimated by using the GMM method in order to account for dynamic nature of investigated components and to mitigate the endogeneity problem.

Most European transition countries have fixed or highly managed flexible exchange rate regimes. This exchange rate rigidity is sometimes argued to worsen the trade balance by keeping the currency overvalued. However, there is no unambiguous evidence that currency depreciation/devaluation positively affects trade balance and leads towards the adjustment, even in the short-run. Therefore, we examine the effect of real effective exchange rate (hereafter REER) on trade balance in European transition economies over the period 2000-2015. By using fixed effect model for static and generalised method of moments for dynamic estimation, we find that there is an adverse effect of the REER on trade balance in European transition countries over the period 2000-2015. Namely, depreciation of REER deteriorates trade balance in European transition countries, which could be explained by high import dependence and low export capacity. This implies that policymakers in European transition countries should not use exchange rate policy to improve trade balance. This is important in the light of their accession towards European economic and monetary integration, implying that these countries should focus more on using fiscal, rather than monetary (and exchange rate), policy to adjust trade balance, which is one of the required real convergence towards the EU standards.

The aim of this research is to reveal the direction of change the cultural dimensions of companies in AP Vojvodina, when the Republic of Serbia – as a country in transition – was being included in the European division of labor. Foreign direct investments from EU countries are used as a method of transposing cultural patterns. The research methodology used here included the application of the Mann Whitney and the Chi square tests to compare the attitudes of the managers of these two groups of companies in AP Vojvodina. The results indicate that there is no statistically significant difference in the attitudes of managers of the two groups of companies, in terms of the questionnaire items that explore the power distance dimension. In AP Vojvodina, masculinity and individualism are still valued to a greater extent by the managers of companies with foreign capital than by those with domestic capital. Managers of the companies with foreign capital show a higher degree of uncertainty avoidance than those with domestic capital, which is contrary to authors’ expectations, though explicable in the context of the recessionary business conditions under which the research was conducted.