Oeconomica Jadertina publishes research and professional papers in the field of economics and other related scientific fields. Oeconomica Jaderina is primarly oriented on publishing research papers (original scientific papers, preliminary papers and reviews), but professional papers, conference papers and book reviews are also considered for publishing.
Fluktuacije deviznoga tečaja u sustavu zlatnoga standarda
Tri su cilja ovoga rada. Prvo, objasniti funkcioniranje sustava zlatnoga standarda. Drugo, objasniti kako su devizni tečajevi fluktuirali u različitim razdobljima zlatnoga standarda. Treće, objasniti razloge prestanka postojanja zlatnoga standarda. Metodološki temelj istraživanja u ovome radu je povijesni pristup. Uz analitičko-sintetički okvir istraživanja, primijenjene su primarno deskriptivna i komparativna metoda, a istraživanje je temeljeno na sekundarnim izvorima podataka. Temeljna osobina sustava zlatnoga standarda bila je neograničena konvertibilnost domaće valute za zlato koju je jamčila središnja banka neke zemlje po unaprijed utvrđenom paritetu. Također, bila su dopuštena međunarodna plaćanja zlatom, to jest zlato se moglo slobodno kretati iz jedne zemlje u drugu. U početku, u ovome sustavu devizni tečajevi su fluktuirali u uskom rasponu između gornje i donje zlatne točke. Pri tome su gornja i donja zlatna točka bile određene zlatnim paritetom uvećanim ili umanjenim za troškove prijevoza i osiguranja zlata. Poslije, u razdoblju brettonwoodskoga sporazuma, devizni tečajevi fluktuirali su u odnosu na postavljeni paritet u rasponu fluktuacije od ±1 %, koji je održavan intervencijama središnjih banaka na deviznom tržištu. Iako je sustav zlatnoga standarda imao svojih prednosti koje su se očitovale ponajprije putem stabilnosti deviznoga tečaja, njegov osnovni nedostatak bio je vezanost količine novca u optjecaju za količinu zlata kojom je neka zemlja raspolagala. To je bio ograničavajući čimbenik u razdobljima rata ili recesije, ali i u okolnostima rasta vrijednosti međunarodnih transakcija. Zbog posljedica njegovih nedostataka, zlatni standard službeno je ukinut 1971. godine.
devizni tečaj, zlatni standard, Bretton Woods, zlatna točka, prilagodljivo vezanje
The Relationship Between Share Price Movement and Audit Adjustments
The purpose of this research was to examine the correlation between the fluctuations in share prices following the release of independent auditor reports for companies listed on the Zagreb Stock Exchange during the period from 2016 to 2018, and the audit adjustments made to the financial results in their unaudited financial statements. The research hypotheses were evaluated using the regression coefficients derived from panel regression models that were estimated with a random effects estimator. The results of the research indicated a statistically significant positive correlation between the relative change in share price after the disclosure of independent auditor reports and the absolute earnings audit adjustments. In addition, there was a statistically significant positive correlation between the relative change in share price after the disclosure of independent auditor reports and the absolute upward earnings audit adjustments. However, no statistical significance was found between the relative change in share price after the disclosure of independent auditor reports and the absolute downward earnings audit adjustments. The lack of a significant correlation between downward earnings audit adjustments and share prices post-disclosure of an independent auditor’s report has raised further questions, thereby creating a new direction for future research. The study’s limitations include a relatively small sample size and the possible presence of omitted variable bias.
Service Quality in the P2P Economy: SERVQUAL Applied to Airbnb Listings in World Heritage Site
As a result of the rapid growth of peer-to-peer (P2P) as an innovative business model in the hospitality industry and the need for world heritage sites (WHS) protection from over-tourism development, investigating the service quality of P2P accommodation in WHS is of paramount importance. The main purpose of this paper was to identify which service dimensions in P2P accommodation in WHS have been evaluated by guests as of the highest quality. To achieve the main purpose of this paper, empirical research was conducted using a convenience sample of 352 tourists who had used P2P accommodation in the Dubrovnik WHS between April and October 2022 and between May and October 2023. Based on empirical research using the SERVQUAL model, tourists had the lowest expectations for hosts' empathy and responsiveness, compared with tangible elements in accommodation units, which they expected the most. The results indicated that, in WHS, the most prominent dimension of P2P accommodation units, based on perceptions, is responsiveness. Additionally, tourists who stayed in P2P accommodations in the Dubrovnik WHS rated empathy and responsiveness as the two highest-rated quality dimensions. In addition to its theoretical contribution, the findings of this paper could serve as guidelines for categorizing P2P accommodation in WHSs and as indicators for hosts in WHSs of what needs to be upgraded and improved. The results could also help urban planners and P2P promoters in WHS assess the degree of reality or exaggeration in P2P. Given the limitations of this paper and considering the research area and sample, future research should examine more WHSs and conduct comparative analyses of P2P accommodation quality outside WHSs.
peer-to-peer (P2P), service quality, world heritage site (WHS)
UNESCO Global Geopark Biokovo–Imotski Lakes: Potential Contribution to the Enhancement of Tourism in the Imotski Region
The purposes of the research were to determine the expected benefits of the designation of the Biokovo-Imotski Lakes Geopark (BILUGGp) as a UNESCO Global Geopark for tourism development in the Imotski Region, and the expected benefits of partnership programmes with the Geopark. The paper also reviews of examples of good practices from selected UNESCO Global Geoparks, highlighting projects and activities that could be adapted to support BILUGGp. Empirical research using the e-Delphi technique was employed to investigate the mentioned topic, in conjunction with online research regarding UNESCO Global Geoparks, pertinent documents, as well as scientific and professional literature. Data: The internet survey covered 213 UNESCO Global Geoparks, i.e., their websites, located in 48 countries, and 27 panellists ultimately participated in the e-Delphi survey. Results show the expected benefits of this designation for the tourism development of the Imotski Region include a substantial increase in the destination’s visibility (37%), the promotion of new tourist facilities (33%), and the establishment of conditions favorable for geotourism development (32%). 2) The expected benefits arising from partnership programs with the Geopark are evident in collaboration with other Geoparks on particular projects (such as Geofood) (37%), enhanced overall promotion (30%), and greater visibility for stakeholders (26%). The designation of Geopark offers numerous benefits and opportunities for growth across the entire region, which encompasses Imotski, Biokovo, Zabiokovlje, and the Makarska Riviera. It promotes the development of tourism, enhances geotourism and destination branding, encourages collaboration with other Geoparks, and supports the development of agriculture, hospitality, trade, and services. Furthermore, it stimulates the revitalization of traditional crafts and customs, establishes a variety of partner programs, advocates for the sustainable management of both natural and cultural heritage, and contributes positively to the well-being of the local community.
UNESCO Geoparks, Biokovo-Imotski Lakes Geopark, tourism development, benefits, partnership
The Services Sector in the Dutch Economy: Economic Contribution and External Trade Performance
This study aims to present the structural dynamics and the contribution of the services sector to the Dutch economy, as one of the European Union countries that serves as a leading model for service-based economies. A descriptive-analytical approach was used to analyse official Eurostat statistics on the services sector for the period 2010-2020, while trade in services data extend to 2024. Results reveal that the services sector plays a pivotal role within the Dutch economy, contributing significantly to value creation, profitability, and foreign trade, including exports and imports. Despite its flexibility and diversity, the services sector remains vulnerable to global fluctuations, emphasizing the need for strategic investment and policy support to maintain competitiveness and long-term growth. This study is limited by the absence of 2017 data for the services sector, and the small sample size used in the regression models. The contribution of this study lies in providing a uantitative analysis that complements previous qualitative studies and sheds light on its role in the Dutch economy and international trade. More comprehensive future research, in terms of both data and period, could be recommended, including a study of the impact of global factors on the service sector in the Netherlands, or a comparison with specific countries.
Artificial Intelligence and Green Transformation: Human Capital Upgrading, Green Finance, and ESG Assessment as Drivers of Sustainable Productivity
This study investigates the interrelationship between the adoption of artificial intelligence (AI), green finance, and Environmental, Social, and Governance (ESG) performance in relation to sustainable productivity within Chinese publicly listed companies. Utilizing comprehensive firm-level panel data that encompasses 1,000 listed firms from 2012 to 2024, amounting to 13,000 firm-year observations sourced from the CSMAR database, corporate disclosures, and reputable ESG rating agencies, the study applies pooled OLS and fixed-effects models, a difference-in-differences (DiD) framework, and mediation analyses to fill existing gaps in the comprehension of sustainable transformation mechanisms. The findings reveal a positive correlation between AI adoption and sustainable productivity (β = 0.115, p < 0.01), as well as with the intensity of green finance (β = 11.16, p < 0.05 in fixed effects). However, the ESG effects seem to indicate cross-sectional selection rather than improvements within firms. Mediation analysis indicates that green finance and ESG collectively account for approximately 18% of AI’s overall association (5.9% and 12.0%, respectively), with the remaining 82% functioning through direct operational channels. The 2012 Green Credit Guidelines are associated with a relative decrease in measured productivity among polluting industries (DiD: −16.48, p < 0.01), aligning with the policy’s restrictions on ‘Two-High’ sectors. Heterogeneity analysis shows that small firms benefit disproportionately from AI adoption (β = 0.131 compared to β = 0.112 for larger firms), challenging traditional beliefs regarding the technology-adoption benefits of large organizations. Key limitations include potential endogeneity, dependence on text-based and rating-based proxies, and the focus on a single-country context and this is why the future studies should consider employing instrumental-variable approaches, alternative metrics, and cross-country analyses. This study enhances the understanding of sustainable transformation as a synergistic process that integrates technological, financial, and governance aspects.
artificial intelligence, green finance, ESG performance, sustainable productivity, panel data analysis, mediation analysis, Chinese listed firms
Prognoziranje realizirane volatilnosti: empirijski nalazi referentnog europskog dioničkog indeksa
Realizirana volatilnost temelji se na intradnevnim visokofrekventnim prinosima i standardna je mjera stvarne, premda nepoznate, integrirane volatilnosti financijske imovine. Iako je realizirana volatilnost determinirana ex-post, u posljednjem desetljeću razvijeno je nekoliko modela za njezino predviđanje, koji se razlikuju prema svojstvima koja nastoje obuhvatiti, kao što su duga memorija, heteroskedastičnost, cjenovni skokovi, asimetrična reakcija na pozitivne i negativne šokove te mikro strukturni šum, kao i prema tome modeliraju li realiziranu volatilnost izravno ili posredno. Uspješnost takvih modela još je uvijek nedovoljno istražena, osobito na europskim tržištima kapitala, za razliku od američkih tržišta koja su zastupljenija u dosadašnjim studijama. Stoga je cilj ovoga rada usporediti uspješnost odabranih modela u prognoziranju realizirane volatilnosti indeksa DAX, koji se smatra referentnim europskim dioničkim indeksom. U tu svrhu uspoređuju se HAR, MEM, HEAVY i realizirani GARCH modeli ne samo radi utvrđivanja modela s najvećom prognostičkom točnošću, već i radi ispitivanja ovisi li njihova učinkovitost o frekvenciji uzorkovanja i izboru realizirane mjere koja se prognozira. Time rad doprinosi literaturi u kojoj ne postoji konsenzus o najprikladnijim modelima za prognoziranje pojedinih realiziranih mjera volatilnosti. Empirijski nalazi pružaju implikacije za upravljanje rizicima i vrednovanje financijskih instrumenata na europskim tržištima kapitala, osobito u razdoblju neizvjesnosti obuhvaćenom analizom. Istraživanje se temelji na jednominutnim zaključnim cijenama indeksa DAX, dok se prognostička točnost vrednuje primjenom više kriterija.
The Relationship Between Bitcoin Prices and Ethereum Trading Volume
The paper aimed to investigate the statistical relationship between Bitcoin prices and Ethereum trading volumes, as well as to create a simple predictive model for Ethereum trading volumes based on Bitcoin prices. To perform Spearman’s rank correlation analysis and to construct an artificial neural network (ANN) model, daily closing prices of Bitcoin in USD and daily trading volumes of Ethereum were utilized. The timeframe covered by the data starts May 1, 2020 and ends November 22, 2025. In this study, Ethereum volumes were treated as the dependent variable, while Bitcoin prices served as the independent variable. The findings indicate a significant, moderate, positive correlation between Bitcoin prices and Ethereum volumes, and the ANN model successfully predicted Ethereum volumes with a high level of accuracy. These results reinforce existing evidence regarding the relationships among cryptocurrencies. Furthermore, by confirming the efficacy of artificial neural networks (ANN) in predicting trends within the cryptocurrency market, the study also makes a methodological contribution. In addition, the study also offers a simpler modelling approach that highlights the significance of bilateral interactions among major cryptocurrencies through a single-input model. Based on the impressive performance of the ANN model, exchanges, fintech companies, and investment firms could incorporate lightweight machine-learning systems into their forecasting tools to provide real-time analytics with minimal processing requirements.
Kognitivne pristranosti u financijskom i medicinskom odlučivanju: interdisciplinarni pristup i strategije za učinkovitije donošenje odluka
Svrha ovoga rada je istražiti utjecaj kognitivnih pristranosti na donošenje odluka u područjima financija i medicine te ispitati mogućnosti interdisciplinarnog prijenosa strategija za umanjenje njihova utjecaja. Analiza se temelji na teorijskom okviru dualnog modela razmišljanja (Sustav 1 i Sustav 2) i sekundarnoj analizi relevantne literature iz područja ekonomije, kognitivne psihologije i medicine. Fokus je stavljen na četiri najčešće pristranosti (potvrđivanja, sidrenja, heuristiku dostupnosti i pretjerano samopouzdanje) uz prikaz njihovih manifestacija u oba konteksta i strategija za njihovo umanjenje utjecaja, uključujući metakognitivne tehnike, kontrolne liste, grupno odlučivanje i simulacijske metode poput Monte Carlo analize. Rezultati pokazuju da su temeljni mehanizmi pristranosti konzistentni u različitim kontekstima, iako se njihove posljedice razlikuju ovisno o području i ciljevima odlučivanja. Ta konzistentnost otvara prostor za razvoj zajedničkih strategija i prijenos učinkovitih metoda između ta dva analizirana područja. Praktične implikacije uključuju mogućnost primjene medicinskih strukturiranih protokola u financijama te integraciju kvantitativnih modela iz financija u kliničke procjene. Ograničenja rada odnose se na nedostatak primarnih empirijskih podataka, fokus na ograničen broj pristranosti i teorijsku razinu prijedloga interdisciplinarnog prijenosa. Buduća istraživanja trebaju kombinirati teorijske uvide s praktičnim rješenjima i tehnološkim inovacijama kako bi se otvorio prostor za učinkovitije i robusnije okvire odlučivanja. Interdisciplinarni pristup dodatni je iskorak u povećanju kvalitete stručnih odluka u financijskom i medicinskom odlučivanju.
kognitivne pristranosti, heuristike, medicinsko odlučivanje, financijsko odlučivanje, interdisciplinarni pristup
Thematic Analysis of Corporate Discourse on Diversity and Inclusion in Organizational Documents
Diversity and inclusion are increasingly integrated into organizational strategies, particularly in the areas of sustainable development, social responsibility, and human resource management. Although these concepts are becoming more prominent in public discourse, it remains insufficiently clear how organizations define and represent them in their official documents. This paper assumes that organizational definitions of diversity and inclusion shape organizational identity and influence the development of management policies and practices. The aim of the study is to examine how these definitions reflect different social, ethical, and managerial orientations and to propose an analytical framework for their classification and interpretation. The research is based on a thematic analysis of organizational documents, through which four functional groups of definitions were identified: motivational–value-based, normative, operational, and declarative. These groups illustrate the different ways organizations conceptualize inclusion, from emphasizing belonging and organizational values, to articulating ethical norms and social responsibility, to operationalizing inclusion through procedures and formal definitions of key concepts. The proposed typology provides a structured framework for understanding discursive approaches to diversity and inclusion and serves as a useful tool for analyzing and evaluating inclusive policies in practice. The findings may support organizations in aligning their stated values with the practical aspects of diversity management and contribute to the development of more coherent and effective inclusion strategies. This further contributes to understanding the role of organizational discourse in shaping inclusive practices and strategies.
diversity, inclusion, organizational culture, organizational discourse, management practices, human resources, business ethics
Current State and Development Perspectives of the Cultural Routes of the Council of Europe in Istria County
The paper examines the current state and development prospects of the Cultural Routes of the Council of Europe within Istria County (Croatia). The authors began with the premise that Istria, being a cross-border, multicultural, and multilingual area distinguished by a unique cultural landscape, possesses significant potential for establishing European cultural routes. The research problem arises from the observation that the implementation of the Cultural Routes of the Council of Europe in Istria has remained in its initial stages of development, and that key stakeholders have not yet fully recognized the strategic potential of enhancing the region’s distinctive heritage through the establishment of transnational cultural routes. The research methodology employed a qualitative case study approach, incorporating both desk and field research, which involved interviews with representatives from key stakeholders. After conducting a literature review, this research presents a case study of Istria County. The analysis focuses on identifying existing challenges, developmental prospects, and recommended strategic measures concerning the implementation of the Cultural Routes of the Council of Europe in the region. The findings indicate that European thematic cultural routes, recognized as the most accessible and cost-efficient forms of cultural tourism, can play a crucial role in reinforcing local identities and promoting sustainable economic development in the region. Istria County, as a cross-border area, has the potential to promote cultural routes as a model for the valorisation of shared European heritage and core European values.
cultural routes, Council of Europe, transborder regions, European heritage, Istria
Residents’ views on intangible cultural heritage and the possibility of improving the tourist offer
Oral traditions should be a key factor in cultural creativity, identity development, and sustainable tourism. This work contributes to a deeper understanding of intangible cultural heritage in the role of building cultural identity. At the same time, it reminds us of their importance as a possible foundation of intangible heritage that can connect the past with the future. The subject of the research is the role and significance of Dalmatian oral traditions as a form of intangible cultural heritage. Through the analysis of intangible heritage, symbolism, and the transmission process within the community, the importance of oral traditions as a key factor in preserving the community's cultural identity is highlighted. The emphasis is on the role of intangible culture in modern society, as well as on the challenges, protection, and reinterpretation in the context of tourism. The work is based on a survey method directed to the residents of destinations through an online questionnaire conducted in May 2025. The results confirm the connection between the local population and oral tradition, with an emphasis on storytelling. It was noted that the majority of respondents believe that folk traditions should have an important role in education and cultural programs. At the same time, the role of tourist boards in activating traditional actors and factors important for the preservation of cultural traditions was recognized. The results indicate that traditions are still represented in the collective consciousness of the community. The need for a multi-layered approach to the valorization of oral traditions through education, state and local governments, media, cultural institutions, and the local community in the process of transmitting traditions to younger generations was identified. Monitoring the attitudes of the community through longitudinal studies in order to improve the tourist offer through the diversification of the tourist product and the development of year-round tourism. The research limitations are in the small sample size. It should be a subject of interest for future researchers of regional traditions.
intangible cultural heritage, oral traditions, local population, protection, sustainability
Implementation of a multi-agent artificial intelligence system for financial trading decision-making process
The application of artificial intelligence in financial analysis leads to the development of advanced multi-agent systems that enable more effective analysis and decision-making than existing methods. This paper presents the development and implementation of a multi-agent artificial intelligence system for generating financial trading recommendations, integrating specialized agents for data collection, technical analysis, news processing, and portfolio management. The system combines quantitative analysis based on technical indicators with qualitative insights from financial news, utilizing natural language processing techniques such as prompt engineering and retrieval-augmented generation. The system's architecture enables autonomous operation of four specialized agents that contribute to generating trading recommendations. An evaluation conducted over six months in 2025 on five representative technology stocks reveals a significant improvement in risk management compared to the "buy and hold" reference strategy. Results demonstrate a significant reduction in volatility and maximum drawdown for most analysed stocks, particularly for highly volatile stocks such as Tesla, where the system maintains a maximum drawdown of 7.72% compared to 47.84% for the reference strategy. The system adapts trading recommendations to various market conditions and the specifics of each stock, thereby maintaining portfolio stability during periods of market instability. Financial news analysis using NLP enables the system to recognize whether news is positive or negative, its importance to the stock, and how it may affect its price. Despite identified limitations in adopting a more cautious approach during strong upward trends, the modularity of this architecture enables the continuous development and optimization of individual components. The research confirms the value of multi-agent approaches in integrating different data sources to improve the trading decision-making process.
The psychology of economic narratives: emotional asymmetry and the paradox of inflation forecasts
This paper investigates the influence of the emotional tone in expert commentary on inflation forecasts while keeping the informational content constant. Utilizing concepts from behavioural economics and cognitive psychology-specifically framing, anchoring, and the positive-negative asymmetry, the research presents the “inverse effect”, namely a counterintuitive pattern that increases inflation forecasts with reassuring commentary, whereas alarmist commentary decreases them. A between-subjects experiment was carried out involving 254 Polish university students chosen for their limited economic knowledge. Participants were randomly assigned to receive either positively or negatively toned commentary that was informationally equivalent, and they provided forecasts before and after the intervention. The data were analysed using nonparametric tests (Mann-Whitney U and Wilcoxon), with effect sizes reported. The results indicate that emotional framing has a significant effect on expectations. The negative tone had a more pronounced effect than the positive tone, aligning with the concept of affective asymmetry; however, the direction of the change was contrary to the initial hypotheses, thereby demonstrating the inverse effect. These results enhance the understanding of how economic communication can shape public perception without the introduction of new information, carrying implications for central banks, policymakers, and the media. Limitations of the study include the non-representative nature of the student sample, the laboratory setting, and the restricted measurement of individual differences. Future research should explore field settings, more diverse populations, and model-based methodologies to examine boundary conditions and confirm the inverse effect across different formats.
sentiment, inflation perception, economic communication, positive–negative asymmetry, inverse effect, cognitive bias
The correlation between organizational climate and employee’s job satisfaction: Results from Croatian enterprises
Organizational climate (OC) impacts and shapes employees’ performance, motivation, and job satisfaction (JS). This satisfaction stems from specific elements that affect the quality of an individual’s work life. The connection between OC and JS is intricate as it relates to every employee’s experience and its understanding. Numerous scientific studies indicate that the leadership style of managers plays a key role in creating JS. This paper examines the ways in which various dimensions of organizational culture (OC) relate to employee job satisfaction (JS) in Croatian companies, based on the primary hypothesis and five supplementary hypotheses. The initial section of the questionnaire pertains to a series of statements connected to the OC. Satisfaction served as a dependent variable, whereas the independent variables represented the five dimensions of the OC: “internal communication,” “enterprise structure,” “enterprise policy,” “employee’s advancement opportunities,” and “regard for employees’ personal interests”. An empirical study was carried out on a random selection of 100 employees from medium and large companies. The findings indicate that the relationship between OC and JS is mainly reflected in the “internal communication” aspect. Thus, enhancing “internal communication” is significantly linked to boosting employee JS in the chosen companies. No meaningful correlation was observed in the other four dimensions. The respondents highly rated their JS and the influence of their superior leaders on the chosen five dimensions. Due to the lack of sufficient empirical studies of this nature in Croatia and the surrounding region, the value of this work lies in its findings that are beneficial both to researchers and professionals. They can improve the design and execution of difficult changes to ensure a positive OC and JS. A relatively small size of the respondent sample and the demographic imbalance further restricted the general validity of the conclusions. In upcoming studies, the authors may explore additional statistical tests and further examine the connections between various forms of OC and specific industries and business operations.
organizational climate, employee job satisfaction, internal communication, leaders’ influence
AI versus Human Content Creation on Instagram: Engagement Outcomes and Consumer Perceptions
The study examines the comparative performance of human- and AI-generated content on Instagram, evaluating both engagement metrics and consumer preferences. The aim is to identify whether AI can match or exceed human content creation in terms of reach, interaction, and perceived quality. A within-subjects field experiment was conducted on an existing Instagram account with 770 followers. Twenty-four single-image culinary posts (12 human-created, 12 AI-generated) were published in alternating order. Engagement data were collected via Instagram Insights and analyzed using the Mann-Whitney U test. Two Instagram Story surveys were conducted to identify which post elements (image, caption, recipe) most influenced engagement. Results showed that AI generated content has the potential to generate similar outcomes in terms of likes, comments, shares, saves, reach, impressions, engagement rate, or engagement score. Human content generated more comments and hashtag impressions, while AI content achieved greater profile visits and higher reach among non-followers. Survey findings indicated that visuals were the most important driver of engagement (64%), followed by recipe/information (26%) and captions (10%). Consumers preferred human visuals and recipes, but AI captions were more appealing. These results suggest complementary strengths, with implications for hybrid content strategies. The study was limited to a single Instagram account in the culinary niche, using static image posts. Results may not be generalized to other industries, platforms, or content formats. Potential platform effects, such as shadow banning, and limitations of the AI tool in generating certain dishes may also have influenced outcomes. Future research should test across industries, platforms, and content formats to explore long-term impacts of AI in content creation.
social media marketing, Instagram engagement, artificial intelligence, content creation, consumer preferences
How does a non-linear fiscal reaction affect Croatia's fiscal sustainability under shifting fiscal policy regimes?
This paper examines the effects of a non-linear fiscal reaction on Croatia’s fiscal sustainability under shifting fiscal policy regimes. The findings confirm a non-linear relationship between the primary fiscal balance and public debt in the baseline model, whereas in the extended models this relationship generally becomes linear, depending on the set of variables considered. This demonstrates that, despite the prevailing linear nature of fiscal policy, policymakers’ fiscal responses are not necessarily homogeneous, as their impulses may vary substantially depending on public-debt thresholds. Moreover, the results corroborate the recessive and regressive character of indirect tax revenues and the progressive character of direct tax revenues. The output gap and direct tax revenues act as corrective stabilisers, exhibiting lower cyclicality and making a significant contribution to improving the State’s overall fiscal position during expansionary phases. Markov-switching models and robustness tests clearly indicate that Croatia predominantly pursues a restrictive and procyclical fiscal policy, and that the implementation of such a policy during recessionary and consolidation phases has further deepened the recession.
expansionary and restrictive fiscal policy
Ethics in adult education: Research into the attitudes of adult learners on the use of artificial intelligence in educational systems
In this paper, the attitudes of adult learners toward the ethical aspects of using artificial intelligence (AI) in educational systems are explored. The development and integration of AI technologies in education raise numerous questions related to privacy, bias, transparency, and accountability, which are key ethical issues in modern education. By using a combination of quantitative and qualitative research methods, data were collected from adult learners enrolled in various educational programs to investigate their perceptions and concerns regarding the use of AI in educational systems. The results show that learners have diverse attitudes towards the application of AI, recognizing the potential benefits in personalization and improving the quality of education, while also expressing concerns about possible negative implications for privacy and ethical standards. This paper contributes to a better understanding of the complexity of ethical issues in adult education, particularly in the context of the increasingly prevalent role of artificial intelligence.
ethics, adult education, AI, educational processes
Do football players act sustainably? An explorative study focusing on opportunities and limits of sustainable consumption and disposal of football boots
Football is by far the most popular sport in the world. To pursue this passion, players need the right equipment. The most fundamental utensils needed are football boots. Which football boots are the right ones, every player decides for himself. This study aims to investigate how sustainable is such a football boot from consumption to disposal. Furthermore, the aim of this study is to identify if the idea of sustainability in general has already become established in football. The theoretical background is set by the scientific fields of sports, fast fashion and sustainable consumption. An explorative survey of football players of two amateur football clubs in Southern Germany was executed to generate an overview on purchasing and disposing behaviour concerning football boots. Results show, that players of both football clubs are not very sustainably oriented. The vast majority dispose of their football boots in the trash rather choosing sustainable options. Similarly, not enough attention is paid to environmentally friendly aspects such as sustainable packaging or ecological material when buying. Most players hardly pay attention to these criteria. They pay more attention to comfort criteria such as appearance or fit. This is also reflected in the respondents' prioritization of sustainability. However, the majority of both clubs ensure a longer product life cycle through care and by using their foot-ball boots for a long time.
Football Boots, Football Players, Football, Sports, Sustainable Consumption, Sustainability
Multidimensional digital branding model of intangible cultural heritage – example of Croatian lace making
Heritage economics is an underdeveloped scientific field. Furthermore, with the growing awareness of the importance of valorization and preservation of cultural heritage as an essential feature of the cultural and national identity of each country, the question arises of how to brand elements of cultural heritage, especially for new marketing generations. The problem of insufficient visibility and inadequate branding of heritage has been observed especially when it comes to intangible heritage, which is also the subject of research in this paper. Namely, it seems that marketing efforts in branding heritage have so far been made primarily by UNESCO and its list of protected cultural goods, but elements at the level of national protection and promotion often remain in the shadows, which is also a problem in the Republic of Croatia. The paper explores the branding model of Croatian lace-making, given the fact that in 2009 this traditional Croatian skill was inscribed on UNESCO's Representative List of the Intangible Cultural Heritage of Humanity under the title Lace-making in Croatia. The model presented by the authors in the paper represents a platform according to which elements of intangible cultural heritage that have not reached the level of UNESCO protection, but are protected at the national level, can be branded. The authors' model proposes a multidimensional model of branding Croatian lace-making, with special emphasis on digital technologies. Methodologically, the research was carried out by combining the Delphi method and brainstorming within the author's team of this paper and research through a focus group of full-time students at the undergraduate study of management at the Department of Economics of the University of Zadar. Using these methods, a 4-D model of branding Croatian lace-making was created, as well as a multidimensional model of branding Croatian lace, which are presented in the paper. As a successful case study, and related to the topic of the research - lace-making, a brief review is also given of the lightning-fast increase in the popularity of lace and lace products that was caused among all generations by the Croatian representative at the world-famous Eurosong 2024 Festival, Marko Purišić - Baby Lasagna. At the end of the paper, the authors provide practical implications and guidelines for further research.
economics of cultural heritage, branding of cultural products, marketing of intangible heritage elements, lace making, lace making in Croatia, digital branding, Baby Lasagna phenomenon
Ecosystem services as public goods in the function of tourism in Croatian national parks
Protected areas can represent an important component of the tourism product, and through tourism, the economic role of protected areas can be observed through tourism. However, national parks represent original parts of nature, and the economic use of their resources is prohibited. Therefore, the purpose of this paper is to review and understand the justification for this form of protection of natural values ​​by analyzing the tourism significance of ecosystem services in Croatian national parks. The aim of the paper is to demonstrate the economic role of ecosystem services in protected areas using examples of tourism activities. Starting from the definition of public goods and the ecosystem approach, ecosystem services used in tourism in Croatian national parks are compared. For the purposes of the paper, secondary data available in the management plans of selected protected areas on ecosystem services related to tourism were analysed and compared in detail. The CICES classification was applied to identify and compare the aforementioned services, which are then viewed in relation to the type of good from the aspect of rivalry and exclusivity, which contributes to understanding the problems of managing such goods. Eight classes of cultural services that can be associated with tourism activities in the considered national parks were identified, such as recreational activities, enjoyment of the landscape, resonance with the cultural heritage of the area, as well as additional classes such as the use of visual materials, erosion control, and wind protection. The results of the analysis of the rivalry and exclusivity of the identified ecosystem services indicate the importance of managing tourism activities in the observed national parks.
protected areas, ecosystem services, CICES, public good problem, economic valuation of the environment
Strategic decision-making, marketing investments, and game theory: Optimal competitive strategies between Coca-Cola and Pepsi
The market rivalry between Coca-Cola and Pepsi throughout history represents a paradigmatic example of dynamic and long-standing competition within the soft drink industry. Although both companies offer similar products and target the same market segments, their business models and strategies differ significantly. Over the years, PepsiCo has benefited from early diversification, expanding its portfolio to include non-carbonated beverages and snack products, while Coca-Cola has remained strongly focused on the carbonated beverage segment, relying on global brand recognition and a traditional marketing approach. Despite their differing strategies, both companies continuously adapt their business models to respond to changing consumer preferences, making them a fascinating example of long-term corporate rivalry. This research is motivated by the need for a deeper understanding of the complex aspects of competitive dynamics between Coca-Cola and PepsiCo, particularly in the context of marketing investments and their role in ensuring market dominance. Despite extensive literature on market competition, the scientific research environment has not yet fully utilized the theoretical frameworks of game theory to analyze the strategic decisions of these companies. Therefore, the aim of this study is to model the market interaction between Coca-Cola and Pepsi through the Prisoner's Dilemma game, applying three key strategies: maintaining equal investment, reducing investment, and increasing investment in marketing activities. The analysis is based on empirical data on marketing investment costs for the period 2014–2023, enabling a quantitative modeling of competitive decisions. Additionally, the study explores the possibility of extending the model through the application of mixed strategies, allowing for a more realistic simulation of uncertainty and changing market conditions. The findings of this research can serve as a foundation for making optimal investment strategies, where corporate decisions will not only impact their individual profitability but also shape the overall market dynamics of the soft drink industry. Expanding the model to include multiple players, including other major competitors in the soft drink industry, could further enhance the understanding of market competition.
strategic decision-making, game theory, prisoner's dilemma, marketing investments, Coca-Cola, Pepsi
Enhancing Organizational Commitment: The Role of Job Satisfaction in the Relationship Between Compensation and Work Environment in High Schools
In the school context, organizational commitment greatly affects the quality of teaching, interaction between teachers and students, and overall academic progress. The purpose of this study is to examine and analyze the effect of compensation and work environment on organizational commitment mediated by job satisfaction in high schools in north Indonesia. This research uses quantitative methods and is analyzed using structural equation modelling partial least squares (SEM-PLS). The number of respondents in this study was 58 respondents because the target of this study was non-permanent teachers. The results of this study indicate that compensation has a positive insignificant effect on organizational commitment, compensation has a positive significant effect on job satisfaction, (3) work environment has a negative insignificant effect on organizational commitment, work environment has a positive insignificant effect on job satisfaction, job satisfaction has a significant positive effect on organizational commitment, job satisfaction mediates the relationship between compensation and organizational commitment, job satisfaction does not mediate the relationship between work environment and organizational commitment. Furthermore, future research can also conduct a comparative study with permanent teachers to ascertain the established or otherwise relationship of the research constructs.
Compensation, Work Environment, Job Satisfaction, Employee Commitment
Smart Money Moves: The Role of Financial Literacy & Inclusion in Boosting SME Performance in Indonesia
More than 60% of Indonesia's GDP comes from Micro, Small, and Medium-Sized Enterprises (MSMEs), which also employ a sizable percentage of the labor force across a range of industries. But even with their significant contribution, a lot of MSMEs struggle with access to formal financial services and financial management. The primary barriers to their expansion and sustainability are low financial literacy and restricted financial inclusion. The management and financial performance of MSMEs are hampered by low financial inclusion and financial literacy. Through financial management practices, this study seeks to examine how financial inclusion and financial literacy affect the financial performance of MSMEs in West Nusa Tenggara (NTB). A quantitative approach using the Partial Least Square-Structural Equation Modeling (PLS-SEM) technique is the study methodology employed. A survey of 100 MSMEs in NTB was used to gather data. The findings demonstrated that financial management behavior is positively and significantly impacted by financial inclusion and financial literacy. Financial performance is positively and significantly impacted by financial management practices and financial inclusion. However, financial performance is significantly and negatively impacted by financial literacy. Furthermore, the relationship is mediated by financial management practices.
Evaluation of the operational efficiency of GH Zadar department using the DEA method
This paper analyzes the efficiency of hospital departments at Zadar General Hospital using Data Envelopment Analysis (DEA). The focus is on optimizing input and output activities of these departments to enhance their operational efficiency. The methodology involves constructing a linear frontier function based on collected input and output departmental data. The analysis employs the following parameters - inputs: number of hospital beds (P) and number of employed physicians (L), and outputs: number of discharged patients (BOB) and number of performed examinations (BOP). The CCR model is utilized to analyze hospital efficiency, demonstrating how departments could reduce their inputs while maintaining the same output levels, or alternatively, increase their outputs while maintaining current input levels. Data Envelopment Analysis is employed to measure the relative efficiency of departments compared to their peers and to identify specific factors that explain their efficiency. Results indicate significant variability in departmental efficiency, suggesting opportunities for improvement. Key findings emphasize the need for continuous evaluation and enhancement of departmental operational efficiency, coupled with the implementation of targeted training programs and technological investments. Specific strategies are proposed, including consolidation, specialization, and improved resource management to achieve optimal efficiency. In conclusion, this study provides empirically-grounded guidelines for decision-making and resource optimization, contributing to improved hospital operational efficiency. This analysis can serve as a model for similar studies in other healthcare institutions, aimed at enhancing their efficiency and quality of services provided.
efficiency, analysis, hospital, DEA, data envelopment analysis, DMU, decision making units
Consequences of the deactivation of the European Union’s fiscal rules and their reinstatement
This article examines the deactivation and the subsequent reinstatement of the European Union fiscal rules in response to the COVID-19 pandemic and its aftermath. It aimsto evaluate the macroeconomic and fiscal consequences of suspended fiscal rules and their role in addressing unprecedented economic challenges. A review-based methodology is employed, utilizing secondary data from authoritative sources, including the European Commission and Eurostat. The findings reveal that suspending fiscal rules enabled EU Member states to implement expansive fiscal measures, mitigating the pandemics economic impact but significantly inreasing public debt levels.Despite these interventions, disparities in fiscal responses and outcomes among Member States persist. We also highlight the challenges of reinstating fiscal rules amidst high debt levels and evolving economic conditions, emhasizing the need for flexibility and tailored approaches. Limitations include reliance on the aggreagate data and a lack of primary empirical evidence. Future research should focus on the long-term implications of reinstated fiscal rules on economic recovery, public investment and EUs green and digital transitions. Recommendations include improving fiscal governance frameworks to balance sustainability with flexiblity and enhancing compliance mechanisms for Member States.
Green Organization - Arrived in companies or still a vision? An exploratory study based on an expert survey on the significance of sustainability and the implementation of sustainability management in companies
Scientists and activists have been taking part in the sustainability debate for decades and calling for a rethink in politics and society. A change is becoming noticeable that is also having an impact on companies. They cannot avoid dealing with the issue of sustainability, as internal and external stakeholders exert pressure on them due to their interests. Based on an online survey, this explorative empirical study identifies and analyses what companies understand by the term "sustainability" and what importance is currently attached to sustainability management in companies. In addition, the main advantages of sustainable management for companies and obstacles to the implementation of sustainability in companies are also identified. The results of the study show that sustainability is of great importance to the companies surveyed. For the most part, companies have an understanding of sustainability. Reasons for "sustainable entrepreneurship" are based in particular on economic and "green" motives; the main reason is therefore to improve the image of the companies. The main obstacles to implementing "sustainable entrepreneurship" are the time required, the high costs and uncertainty about the economic benefits. The sustainability requirements are hardly or only partially perceived as a burden. Corporate goals and guidelines together form an important factor in establishing sustainability in the organizational culture. Companies voluntarily align themselves partially or completely with standardized environmental management norms.
green organization, sustainability, sustainability management
Key factors for developing sustainable wine tourism in the West Herzegovina Canton
This study aims to provide a situational analysis of the current development of wine tourism in the West Herzegovina Canton, especially highlighting key factors for developing sustainable wine tourism as perceived by winery owners and/or managers. Scientific and professional literature, online sources, and empirical research using the e-Delphi technique were utilised to investigate the topic. In addition to quantitative data analysis, the results were analysed and explained using the PEST matrix. Low interest among public policy stakeholders in its development was identified as the most problematic issue, while the quality of wine was recognised as the most important opportunity. Taking into account all the issues and opportunities, and considering the broader context of the West Herzegovina Canton's development, key factors for developing sustainable wine tourism include: increasing the interest of public policy stakeholders and investments in wine tourism development; implementing comprehensive marketing strategies for the promotion of wine tourism and its placement in the tourist market; encouraging cooperation among all stakeholders, improving communication, and fostering synergy; educating winemakers and other stakeholders directly involved in wine tourism; enhancing ecological wine production and wine quality; expanding capacity and modernising existing wineries; promoting wine tourism and improving the region's image; developing other specialised forms of tourism; advocating for supportive public policies and removing administrative obstacles; and managing the sustainable development of wine tourism. The research limitations included the absence of the Vineyard and Wine Register, the lack of operational tourist boards in three out of four municipalities in the West Herzegovina Canton, and issues with participant engagement during the empirical research. Future research recommendations include verifying the factors listed in the study's limitations and examining the structure of wine tourism at the time, identifying weaknesses, strengths, opportunities, and threats. New empirical studies could uncover additional factors crucial for wine tourism development in the West Herzegovina Canton and Bosnia and Herzegovina.
Development of wine tourism, sustainable development, West Herzegovina Canton.
Contemporary needs of animation programmes in business tourism
Tourism is most often viewed as a human need arising from the modern way of life, characterized by a specific need for activity, participation, and engagement. Business events and tourism are different but closely related services that a destination offers to visitors who seek a different experience during their stay. Every tourist destination and facility must diversify its service offerings by relying on various attractions, where animation holds great potential for expanding the offer, especially in terms of diversity. Animation, as a type of activity, explains its attractiveness through innovative content, diversity of technological approaches, and the broad possibilities of using and implementing animation in various spheres of socio-cultural activities. Accordingly, animation programs as part of the business tourism offering are an important element in meeting the needs of the modern guest, as they represent an aspect that can provide more than expected. Delighting participants after or outside of business activities is a challenge that offers an opportunity for significant growth and development among competing events. Participants expect nothing less than an unforgettable experience, which creates additional pressure on organizers to find ways to add value to the event experience. The constant pursuit of differentiation is key to capturing guests' attention and ensuring the success of the event and this is precisely the research problem. Which trends in animation programmes are best suited to the needs of modern business event users. The research was conducted through interviews with six respondents directly involved in the organization of business events. The research was conducted during February and March 2023. The results showed that, alongside leading trends in technology and sustainability, innovation and creativity stand out the most. Therefore, digital solutions at live events, combined with well-designed sustainable and socially-oriented animation programs, have the potential to become an integral part of the business industry. The contribution of this work is reflected in the analysis of trends in animation programs at business events and in defining specific trends that will characterize the offerings of animation programs in business tourism in the coming period.
animation programs; business tourism; trends; technology; sustainability
Evaluation of trade performance dynamics in Serbia using ARAT and Rough MABAC methods
Recently, there has been an increasing amount of literature dedicated to the importance and specifics of applying multi-criteria decision-making methods in trade. These methods, given that they are based on a mathematical approach, provide realistic results of the analysis of the treated problem. Based on that, this study investigates the dynamics of trade performance in Serbia based on the ARAT (Interval and Iterative Preference/Priority Scale), and the Rough MABAC (Multi-Attributive Border Approximation Area Comparison) method. The results of the study show that in 2023, the best performance of trade in Serbia was achieved. The worst performance of trade in Serbia was achieved in 2018. The ranking of trade performance in Serbia is as follows: 2023, 2022, 2021, 2020, 2019 and 2018. The performance of trade in Serbia has continuously improved. Effective management of human resources, investments, capital, sales, and profit contributed to this. Certainly, the positive influence of other relevant factors (foreign direct investments, new business models - multichannel sales: store and electronic, private brand, sale of organic products, the concept of sustainable development - economic, social, and environmental dimensions, the idea of social responsibility) must not be neglected. , digitization of the entire business, etc.). To achieve the target profit in Serbian trade, adequate adaptation to dynamic complex changes in the business environment and macroeconomic trends (geopolitical situation, energy crisis, inflation, exchange rate, interest rates, etc.) is important. In all this, digitizing the entire trade business plays a significant role.