Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.5
K. Petljak
Increasing concern about environmental and social issues in food production and consumption has been spreading rapidly in Europe. From the corporate social responsibility (CSR) perspective, food and agribusiness companies are frequently subject to broad interests and there is an increasing need for them to respond to the sustainability challenges. Companies in the food sector are facing rapid changes due to the growing concern and raising awareness among consumers of traceability in the food supply chain, the origin of raw materials and food safety, environmental impacts of products and processes, as well as other social issues, such as animal welfare. As customers, governments, nongovernmental organizations (NGOs), media and wider society are all demanding from companies to provide an open and well-substantiated account on how they operate, what their impact on society is, and how they are minimizing negative impacts and saving scarce natural resources. More recently, retailers have also increasingly begun to address environmental concerns on the store level, as well as in the supply chain. The purpose of this paper is to identify and provide an overview of environmental practices among food retailers, the ones which they are pursuing on the store level, as well as in the supply chain.
{"title":"GREEN SUPPLY CHAIN MANAGEMENT PRACTICES IN FOOD RETAILING","authors":"K. Petljak","doi":"10.22598/IELE.2019.6.1.5","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.5","url":null,"abstract":"Increasing concern about environmental and social issues in food production and consumption has been spreading rapidly in Europe. From the corporate social responsibility (CSR) perspective, food and agribusiness companies are frequently subject to broad interests and there is an increasing need for them to respond to the sustainability challenges. Companies in the food sector are facing rapid changes due to the growing concern and raising awareness among consumers of traceability in the food supply chain, the origin of raw materials and food safety, environmental impacts of products and processes, as well as other social issues, such as animal welfare. As customers, governments, nongovernmental organizations (NGOs), media and wider society are all demanding from companies to provide an open and well-substantiated account on how they operate, what their impact on society is, and how they are minimizing negative impacts and saving scarce natural resources. More recently, retailers have also increasingly begun to address environmental concerns on the store level, as well as in the supply chain. The purpose of this paper is to identify and provide an overview of environmental practices among food retailers, the ones which they are pursuing on the store level, as well as in the supply chain.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77722603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.2
I. Novak
This study employs a quantile auto-regression approach in order to examine the market efficiency of the Croatian stock market using daily CROBEX returns in the period of 2000-2019. Auto-regression model AR (1) confirmed the significant influence of the previous day return, nevertheless model suffered from heteroscedasticity. In order to avoid the OLS restrictions, this paper applies the quantile unit root approach. According to the results of the quantile unit root weak form of the efficient market, the hypothesis was rejected. Endogenous shocks were found to be persistent and asymmetric. Model results stayed robust regardless of the structural break. This predictable behavior of CROBEX may enable investors to obtain abnormal profits.
{"title":"EFFICIENT MARKET HYPOTHESIS: CASE OF THE CROATIAN CAPITAL MARKET","authors":"I. Novak","doi":"10.22598/IELE.2019.6.1.2","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.2","url":null,"abstract":"This study employs a quantile auto-regression approach in order to examine the market efficiency of the Croatian stock market using daily CROBEX returns in the period of 2000-2019. Auto-regression model AR (1) confirmed the significant influence of the previous day return, nevertheless model suffered from heteroscedasticity. In order to avoid the OLS restrictions, this paper applies the quantile unit root approach. According to the results of the quantile unit root weak form of the efficient market, the hypothesis was rejected. Endogenous shocks were found to be persistent and asymmetric. Model results stayed robust regardless of the structural break. This predictable behavior of CROBEX may enable investors to obtain abnormal profits.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"15 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86444567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.3
Dora Naletina, Mate Damić, Adriana Bebek Gorički
With the rising importance of air travel and the globalization process, retailers have started to change their perception of airports as not merely being marginal settings for their business, but rather an important part of the entire retail chain. Air transport has been developing rapidly, and low-cost carriers now offer cheap and regular flights to many destinations that were off the beaten track in the past. Due to this development, retailers are trying to respond to the rising demand and are also trying to tackle the rising competition and make airports function as full-sized shopping malls. Air transport is the youngest traffic branch in Croatia, but it is also the fastest-developing one, bringing more and more tourists every year and connecting the country with the rest of Europe and the world. This paper aims at presenting key characteristics of passenger retail at airports, with special focus on the analysis of duty-free shops on Croatian airport market. The primary research aimed at exploring students’ perception of duty-free shops at Croatian airports. The findings confirm that this population is highly price-sensitive and often opt for cheaper products and more affordable transport and do not therefore frequent duty-free shops at the airport as much. In addition, it has been concluded how students lack information on what duty-free shops offer, and the advantages and conditions of buying at a duty-free. Alcoholic drinks, tobacco and perfumes are the best-selling products and therefore, more affordable at duty-free shops. More effective marketing efforts and * Assistant Professor at Department of Trade and International Business, Faculty of Economics and Business, University of Zagreb; dora.naletina@efzg.hr ** Assistant at Department of Trade and International Business, Faculty of Economics and Business, University of Zagreb; mdamic@efzg.hr *** Asset protection system coordinator, HŽ Infrastructure LLC; adriana.bebekgoricki@hzinfra.hr Intereulaweast, Vol. VI (1) 2019 22 price cutting would result in better sales and revenues for duty-free shops and would additionally stimulate their development worldwide, especially in the Republic of Croatia.
{"title":"PASSENGER RETAIL AT AIRPORTS: THE CASE STUDY OF THE REPUBLIC OF CROATIA","authors":"Dora Naletina, Mate Damić, Adriana Bebek Gorički","doi":"10.22598/IELE.2019.6.1.3","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.3","url":null,"abstract":"With the rising importance of air travel and the globalization process, retailers have started to change their perception of airports as not merely being marginal settings for their business, but rather an important part of the entire retail chain. Air transport has been developing rapidly, and low-cost carriers now offer cheap and regular flights to many destinations that were off the beaten track in the past. Due to this development, retailers are trying to respond to the rising demand and are also trying to tackle the rising competition and make airports function as full-sized shopping malls. Air transport is the youngest traffic branch in Croatia, but it is also the fastest-developing one, bringing more and more tourists every year and connecting the country with the rest of Europe and the world. This paper aims at presenting key characteristics of passenger retail at airports, with special focus on the analysis of duty-free shops on Croatian airport market. The primary research aimed at exploring students’ perception of duty-free shops at Croatian airports. The findings confirm that this population is highly price-sensitive and often opt for cheaper products and more affordable transport and do not therefore frequent duty-free shops at the airport as much. In addition, it has been concluded how students lack information on what duty-free shops offer, and the advantages and conditions of buying at a duty-free. Alcoholic drinks, tobacco and perfumes are the best-selling products and therefore, more affordable at duty-free shops. More effective marketing efforts and * Assistant Professor at Department of Trade and International Business, Faculty of Economics and Business, University of Zagreb; dora.naletina@efzg.hr ** Assistant at Department of Trade and International Business, Faculty of Economics and Business, University of Zagreb; mdamic@efzg.hr *** Asset protection system coordinator, HŽ Infrastructure LLC; adriana.bebekgoricki@hzinfra.hr Intereulaweast, Vol. VI (1) 2019 22 price cutting would result in better sales and revenues for duty-free shops and would additionally stimulate their development worldwide, especially in the Republic of Croatia.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86381099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.6
Gordana Golubić
The hypothesis guiding this paper is if digital technologies have the power to alter the commercial banks’ set-up and the way they provide their services. This would suggest that the new types of (traditional) banking services and the new type of (traditional) banking service providers have emerged in the market. The paper describes the commercial banking services, the set-up commercial banks operate in and the changes occurring in the market triggered by financial technology (the FinTech firms). When researching the effects of financial technology, the paper focuses on the trends in the market and the efficiencies the new services are responsible for. The new service providers have shown that they are meeting the demands of the consumers/clients that banks have not, such as crowdfunding, or battling financial inclusion. The grand issue surrounding the FinTech sector is the lack of applicable regulatory environment. Challenges the regulators are faced with when designing the regulation applicable to the financial technology are the speed the services are evolving with and choosing the right moment to place regulation. The lack of adequate regulation leaves customers/clients unprotected. Nevertheless, the FinTech sector is growing rapidly. Indications in the market suggest the FinTech firms are leading the way the commercial banking sector will follow.
{"title":"DO DIGITAL TECHNOLOGIES HAVE THE POWER TO DISRUPT COMMERCIAL BANKING?","authors":"Gordana Golubić","doi":"10.22598/IELE.2019.6.1.6","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.6","url":null,"abstract":"The hypothesis guiding this paper is if digital technologies have the power to alter the commercial banks’ set-up and the way they provide their services. This would suggest that the new types of (traditional) banking services and the new type of (traditional) banking service providers have emerged in the market. The paper describes the commercial banking services, the set-up commercial banks operate in and the changes occurring in the market triggered by financial technology (the FinTech firms). When researching the effects of financial technology, the paper focuses on the trends in the market and the efficiencies the new services are responsible for. The new service providers have shown that they are meeting the demands of the consumers/clients that banks have not, such as crowdfunding, or battling financial inclusion. The grand issue surrounding the FinTech sector is the lack of applicable regulatory environment. Challenges the regulators are faced with when designing the regulation applicable to the financial technology are the speed the services are evolving with and choosing the right moment to place regulation. The lack of adequate regulation leaves customers/clients unprotected. Nevertheless, the FinTech sector is growing rapidly. Indications in the market suggest the FinTech firms are leading the way the commercial banking sector will follow.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91172426","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.7
Željka Bregeš, Tina Jakupak
Digitalization is considered to be necessary for the achievement of the European Union’s aim of modernization of business registers in EU countries. This paper aims to contribute to the improvement of digitalization of business register after one year experience. Authors take an insight into the process. First, the authors identify key issues and differences between countries. The authors focus on digitalization attempt. Then, by comparing different business registers authors find different solutions. Finally, the authors conclude this paper of the implementation of digital solutions from the future perspective. The authors in this paper study the new system introduced in June 2017 and analyze it a year after interconnection business registers in all EU countries. Is it really interconnection of business registers? Is it possible to search for data and information on companies registered in all EU countries? Did we make a step forward regarding the digitalization of the market and business register? This paper is a sequel to the paper Digitalization of Business Register from the judge’s perspective due to the author’s position and everyday challenges as the judges at Commercial court in Zagreb, Courts’ Register Department.
{"title":"DIGITALIZATION OF BUSINESS REGISTER – ONE YEAR AFTER","authors":"Željka Bregeš, Tina Jakupak","doi":"10.22598/IELE.2019.6.1.7","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.7","url":null,"abstract":"Digitalization is considered to be necessary for the achievement of the European Union’s aim of modernization of business registers in EU countries. This paper aims to contribute to the improvement of digitalization of business register after one year experience. Authors take an insight into the process. First, the authors identify key issues and differences between countries. The authors focus on digitalization attempt. Then, by comparing different business registers authors find different solutions. Finally, the authors conclude this paper of the implementation of digital solutions from the future perspective. The authors in this paper study the new system introduced in June 2017 and analyze it a year after interconnection business registers in all EU countries. Is it really interconnection of business registers? Is it possible to search for data and information on companies registered in all EU countries? Did we make a step forward regarding the digitalization of the market and business register? This paper is a sequel to the paper Digitalization of Business Register from the judge’s perspective due to the author’s position and everyday challenges as the judges at Commercial court in Zagreb, Courts’ Register Department.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87380067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-06-01DOI: 10.22598/IELE.2019.6.1.4
I. Kovač, Davor Labaš
Economic globalization and the increased flow of goods, services, and capital do not only imply new possibilities from the environment, but also new strategic challenges for companies. If a company wants to survive and remain active on the market, it is necessary to expand business activities outside the borders of the mother country i.e. to begin the process of internationalization. There are many modes of internationalization, from those referred to as trans-border (or trans-regional) business operations, those are usually exporting activities, to sophisticated forms that include the activity of founding and taking over foreign companies, technology transfer and other skills and strategic alliances where companies pursue common interests on the global market. If business internationalization is a form of measure of strategic success in relatively unfavorable conditions, then it is relevant to put forward the proposition that business internationalization of the companies in Croatia is the result of developed technological capabilities. Since capabilities are generally seen as prerequisites for expanding business operations, it is not surprising that technological capabilities are considered dominant determinants of the level of internationalization of a company’s business activities. The paper addresses interrelationships among technological capabilities measured through investments in technology, investments in research and development, the frequency of introduction of new products and technological solutions and business internationalization defined in its narrow sense as exporting activities and trans-border sales made by Croatian companies. Primary * Assistant professor, Department of International Economics, Faculty of Economics and Business University of Zagreb; ikovac@efzg.hr ** Assistant professor, Department of Managerial Economics, Faculty of Economics and Business University of Zagreb; dlabas@efzg.hr Intereulaweast, Vol. VI (1) 2019 44 research has been conducted on the companies in the Republic of Croatia by the use of a questionnaire (the companies that realize the export share of over 50% in the total income).
{"title":"THE ROLE OF TECHNOLOGICAL CAPABILITIES IN THE INTERNATIONALIZATION OF CROATIAN COMPANIES","authors":"I. Kovač, Davor Labaš","doi":"10.22598/IELE.2019.6.1.4","DOIUrl":"https://doi.org/10.22598/IELE.2019.6.1.4","url":null,"abstract":"Economic globalization and the increased flow of goods, services, and capital do not only imply new possibilities from the environment, but also new strategic challenges for companies. If a company wants to survive and remain active on the market, it is necessary to expand business activities outside the borders of the mother country i.e. to begin the process of internationalization. There are many modes of internationalization, from those referred to as trans-border (or trans-regional) business operations, those are usually exporting activities, to sophisticated forms that include the activity of founding and taking over foreign companies, technology transfer and other skills and strategic alliances where companies pursue common interests on the global market. If business internationalization is a form of measure of strategic success in relatively unfavorable conditions, then it is relevant to put forward the proposition that business internationalization of the companies in Croatia is the result of developed technological capabilities. Since capabilities are generally seen as prerequisites for expanding business operations, it is not surprising that technological capabilities are considered dominant determinants of the level of internationalization of a company’s business activities. The paper addresses interrelationships among technological capabilities measured through investments in technology, investments in research and development, the frequency of introduction of new products and technological solutions and business internationalization defined in its narrow sense as exporting activities and trans-border sales made by Croatian companies. Primary * Assistant professor, Department of International Economics, Faculty of Economics and Business University of Zagreb; ikovac@efzg.hr ** Assistant professor, Department of Managerial Economics, Faculty of Economics and Business University of Zagreb; dlabas@efzg.hr Intereulaweast, Vol. VI (1) 2019 44 research has been conducted on the companies in the Republic of Croatia by the use of a questionnaire (the companies that realize the export share of over 50% in the total income).","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"55 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91391480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-01DOI: 10.22598/IELE.2018.5.2.8
V. Šmejkal
In the recent decision of the Erzberger case C-566/15, the Court of Justice of the European Union had to address the issue of whether the national rules on employee participation in company management (so-called co-determination) are in line with EU law, in particular whether they do not restrict the free movement of workers within the EU internal market. Although in the present case the judges did not find the existence of restrictions, in their brief ruling they did not give answers to all the questions related to this case and the co-determination in multinational business groups. The article attempts to show for which cases of co-determination we already have clear answers in the current EU law and for which we do not. Overall, however, the analysis shows that the EU Court of Justice decision was pragmatic and therefore wise.
{"title":"THE ECJ’S ERZBERGER RULING: A DOOR WIDELY OPENED TO NATIONAL MODELS OF EMPLOYEE PARTICIPATION?","authors":"V. Šmejkal","doi":"10.22598/IELE.2018.5.2.8","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.2.8","url":null,"abstract":"In the recent decision of the Erzberger case C-566/15, the Court of Justice of the European Union had to address the issue of whether the national rules on employee participation in company management (so-called co-determination) are in line with EU law, in particular whether they do not restrict the free movement of workers within the EU internal market. Although in the present case the judges did not find the existence of restrictions, in their brief ruling they did not give answers to all the questions related to this case and the co-determination in multinational business groups. The article attempts to show for which cases of co-determination we already have clear answers in the current EU law and for which we do not. Overall, however, the analysis shows that the EU Court of Justice decision was pragmatic and therefore wise.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72843067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-01DOI: 10.22598/IELE.2018.5.2.9
Boris Tušek, Ana Ježovita
In 2009 the International Auditing and Assurance Standards Board (IAASB) initiated a project entitles ‘Auditor reporting’ with an objective to appropriately enhance the communicative value and relevance of the audit report. This act of the IAASB can be considered as a starting point in the revision of the International Standards on Auditing related to the structure and content of the audit report. After perennial consultations, dialogs, numerous comments received, on January 2015, the IAASB issued six revised and one new Standard related to the auditors reporting. Revised and new Standards become effective for audits of financial statements for periods ending on or after December 15, 2016. The most significant content change relates to the new Standard ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report. The intention of including new paragraph(s) in the report, related to the key audit matters (KAMs), was to enhance its communication value by providing greater transparency on performed audits, and to give insights to stakeholders to the matters that, in the auditor’s professional judgement, were of the most significance. The subject of the paper is to analyse changes in the structure and content of the new audit report, with a focus to the new element KAMs. Related to the research problem, the objective of the paper will be to investigate improvements of the new audit reports, research an average number of KAMs included in one report, and make conclusions about differences between Croatian statutory auditors in prepar* Tenured Professor at University of Zagreb, Faculty of Economics & Business, Department of Accounting; btusek@efzg.hr ** Assistant Professor at University of Zagreb, Faculty of Economics & Business, Department of Accounting; ajezovita@efzg.hr Intereulaweast, Vol. V (2) 2018 242 ing the audit report. The research covers audit reports of Croatian listed companies (public interest entities PIEs) for 2016 and 2017. Research methodology includes using appropriate statistical methods as descriptive statistics, non-parametric tests, principal component analysis, and clustering.
{"title":"THE KEY AUDIT MATTERS AS AN ELEMENT OF THE INDEPENDENT AUDITOR’S REPORT – A BOOSTER TO THE CORPORATE GOVERNANCE","authors":"Boris Tušek, Ana Ježovita","doi":"10.22598/IELE.2018.5.2.9","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.2.9","url":null,"abstract":"In 2009 the International Auditing and Assurance Standards Board (IAASB) initiated a project entitles ‘Auditor reporting’ with an objective to appropriately enhance the communicative value and relevance of the audit report. This act of the IAASB can be considered as a starting point in the revision of the International Standards on Auditing related to the structure and content of the audit report. After perennial consultations, dialogs, numerous comments received, on January 2015, the IAASB issued six revised and one new Standard related to the auditors reporting. Revised and new Standards become effective for audits of financial statements for periods ending on or after December 15, 2016. The most significant content change relates to the new Standard ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report. The intention of including new paragraph(s) in the report, related to the key audit matters (KAMs), was to enhance its communication value by providing greater transparency on performed audits, and to give insights to stakeholders to the matters that, in the auditor’s professional judgement, were of the most significance. The subject of the paper is to analyse changes in the structure and content of the new audit report, with a focus to the new element KAMs. Related to the research problem, the objective of the paper will be to investigate improvements of the new audit reports, research an average number of KAMs included in one report, and make conclusions about differences between Croatian statutory auditors in prepar* Tenured Professor at University of Zagreb, Faculty of Economics & Business, Department of Accounting; btusek@efzg.hr ** Assistant Professor at University of Zagreb, Faculty of Economics & Business, Department of Accounting; ajezovita@efzg.hr Intereulaweast, Vol. V (2) 2018 242 ing the audit report. The research covers audit reports of Croatian listed companies (public interest entities PIEs) for 2016 and 2017. Research methodology includes using appropriate statistical methods as descriptive statistics, non-parametric tests, principal component analysis, and clustering.","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85265268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-01DOI: 10.22598/IELE.2018.5.2.12
Lucia Ana Tomić, M. Žunić, S. Vuletić
The European Parliament adopted the Directive 2017/828 as regards the encouragement of long-term shareholder engagement that grants shareholders to hold the right to vote on the remuneration policy for employees and directors. Following the collapse of large companies in the USA and common agency problem, the intent of regulators on capital markets was to ensure preconditions for stable companies, so remuneration policies were prescribed by the recommendations and through corporate governance mechanisms, such as is say on pay. In order to align interests of the companies and their directors, remuneration policy was recognized as one of the key instruments introduced by the EU legislator for financial institutions, primarily investment funds and banks. The implementation of the Directive into national legislation is mandatory, so for the first time the regulator gives shareholders the right to decide on the remuneration of directors, it gives them the option of setting the framework within the pay of directors is to be held and proposing public disclosure of remuneration policy. One of the major issues that will be imposed by the new Directive will be how and to what extent the decision on the remuneration of directors, will be left to the shareholders to vote at the general meeting. The authors in this paper analyze new system on remuneration policies, opportunities and obstacles that companies may face, as well as the challenges imposed to directors, in the implementation of the Directive in national legislation and practice. * Director of Compliance and management Board support office at Hrvatska poštanska banka d.d.; LuciaAna.Tomic@hpb.hr ** Attorney at Law Office Marko Žunić; lawyer.zunic@gmail.com *** Director of Legal Department at Hrvatska poštanska banka d.d.; Suzana.AudicVuletic@hpb.hr Intereulaweast, Vol. V (2) 2018 324
{"title":"UPCOMING CHALLENGES ON REGULATING REMUNERATION OF THE DIRECTORS AND IMPLEMENTING REMUNERATION POLICIES","authors":"Lucia Ana Tomić, M. Žunić, S. Vuletić","doi":"10.22598/IELE.2018.5.2.12","DOIUrl":"https://doi.org/10.22598/IELE.2018.5.2.12","url":null,"abstract":"The European Parliament adopted the Directive 2017/828 as regards the encouragement of long-term shareholder engagement that grants shareholders to hold the right to vote on the remuneration policy for employees and directors. Following the collapse of large companies in the USA and common agency problem, the intent of regulators on capital markets was to ensure preconditions for stable companies, so remuneration policies were prescribed by the recommendations and through corporate governance mechanisms, such as is say on pay. In order to align interests of the companies and their directors, remuneration policy was recognized as one of the key instruments introduced by the EU legislator for financial institutions, primarily investment funds and banks. The implementation of the Directive into national legislation is mandatory, so for the first time the regulator gives shareholders the right to decide on the remuneration of directors, it gives them the option of setting the framework within the pay of directors is to be held and proposing public disclosure of remuneration policy. One of the major issues that will be imposed by the new Directive will be how and to what extent the decision on the remuneration of directors, will be left to the shareholders to vote at the general meeting. The authors in this paper analyze new system on remuneration policies, opportunities and obstacles that companies may face, as well as the challenges imposed to directors, in the implementation of the Directive in national legislation and practice. * Director of Compliance and management Board support office at Hrvatska poštanska banka d.d.; LuciaAna.Tomic@hpb.hr ** Attorney at Law Office Marko Žunić; lawyer.zunic@gmail.com *** Director of Legal Department at Hrvatska poštanska banka d.d.; Suzana.AudicVuletic@hpb.hr Intereulaweast, Vol. V (2) 2018 324","PeriodicalId":52280,"journal":{"name":"InterEULawEast","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82440803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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