Digital transformation is reshaping labour market structures and increasing the importance of digital skills as a key component of human capital. This paper examines the determinants of digital skills use in eight Central and Eastern European countries (Croatia, Poland, Czechia, Slovakia, Hungary, Estonia, Lithuania, and Latvia). It uses data from the PIAAC survey released in December 2024 and applies a GSEM model. The findings show that countries such as Czechia and Estonia significantly outperform Croatia in employees’ digital skill levels. Higher education and employment in larger firms are associated with a greater likelihood of using more advanced digital skills. Gender differences remain evident, particularly in more demanding digital tasks.
Geo-economic fragmentation has become increasingly apparent through recent changes in the global economy. Major powers, particularly the United States, China, Russia, and India, are seeking to strengthen their positions in international markets, contributing to the emergence of a multipolar order. This paper examines changes in international economic relations and networks, with a particular focus on the role of the Quadrilateral Security Dialogue (QUAD). An analytical approach was used to assess China’s role in the Indo-Pacific region, while a comparative method was applied to compare the QUAD with other regional frameworks and initiatives, including ASEAN, RCEP, IPEF, and developments in the South China Sea. The findings suggest that the QUAD functions primarily as a security framework while also supporting trade cooperation among its members. Consistent with the concept of middle powers, it seeks to influence the regional balance in the Indo-Pacific. However, trade diversification remains dependent on the development of other regional initiatives and their trade policies.
Project-based learning (PBL) is a key component of modern curricula, engaging students in problem-solving and preparing them for the labour market. This paper examines how artificial intelligence personalisation (AIP) and biometric tools can support the achievement of PBL learning outcomes, increase motivation, and foster soft skills. In addition to a theoretical framework, the study presents a case study forming the basis for qualitative research. Behavioural methods are used to analyse participants’ non-verbal responses through biometric tools such as eye tracking and facial expression analysis, while semi-structured interviews explore their attitudes and perceptions of PBL. The findings indicate that PBL in a digital environment can effectively integrate AIP and biosensors to enhance motivation and skill development. Overall, the results highlight the potential of this approach to strengthen student motivation and support the development of soft skills by identifying key motivational triggers.
Natural resource management is a key component of sustainable development, particularly in tourism-oriented economies. This study examines how employees in Serbian tourism enterprises perceive the use and management of natural resources within their organisations. The research is based on survey data collected from 222 employees, with 188 valid responses from five large tourism enterprises included in the analysis. Descriptive statistics, t-tests, ANOVA, correlation, and multiple regression were used to analyse the data. The findings indicate moderate support for environmental responsibility and rational resource use, while employees expressed less positive views regarding procedural clarity and supervisory monitoring. Age and socio-economic status were identified as important factors influencing perceptions: older employees and those with higher incomes evaluated environmental practices more positively, whereas views on supervisory control varied according to education and income levels. The results highlight the importance of human capital in shaping organisational sustainability practices and perceptions.
Rad istražuje povezanost emisija stakleničkih plinova i dohotka po stanovniku u 27 zemalja članica Europske unije u razdoblju od 1995. do 2023. godine primjenom hipoteze okolišne Kuznetsove krivulje (EKC). Primjenom kvadratnih, kubnih i dinamičkih panel-modela analizirane su agregatne i sektorske emisije u razvijenijim i manje razvijenim zemljama članicama. Rezultati upućuju na strukturne razlike među skupinama zemalja. Obrnuta U-krivulja potvrđena je u ukupnim emisijama, sektoru zgradarstva i izgaranju goriva u razvijenijim zemljama, dok manje razvijene zemlje uglavnom bilježe rastuće i konveksne obrasce kretanja emisija i dohotka. Smanjenje emisija ponajprije je povezano s vremenskim učincima i javnim politikama, a ne isključivo s rastom dohotka. Povećanje udjela obnovljivih izvora energije i smanjenje energetskog intenziteta dodatno pridonose smanjenju emisija, potvrđujući važnost tehnološke tranzicije i regulatorne potpore u tranzicijskim gospodarstvima.
This study examines how personal motives influence consumers’ intention to generate electronic word-of-mouth (eWOM) on social networking sites. Drawing on prosocial and moral motivation theory, it considers altruism, egoism, principalism, and collectivism as key predictors, and also examines differences by age and gender. Data were collected from 469 respondents using a structured questionnaire and analysed with ANOVA, t-tests, correlation, and multiple regression. The results show that altruism, principalism, and collectivism significantly predict eWOM intention, with principalism being the strongest predictor. Egoism is positively related to eWOM intention but is not significant in the regression model. Age differences are found for egoism and principalism, while gender differences appear only for collectivism. Although actual behaviour was not measured, the study provides useful insight into how personal motives influence eWOM intention and offers implications for digital engagement strategies.
This study examines the macroeconomic determinants of medium-term expenditure forecast errors in advanced economies from 2005 to 2024, focusing on two- and three-year horizons. Using panel data methods, it analyses the roles of unemployment, economic growth, inflation, the current account balance, public debt, fiscal rules, and major crisis periods. The results show that unemployment is the most consistent determinant of forecast errors across all models and horizons, highlighting the importance of labour market conditions for fiscal planning. Inflation is significant only at longer horizons, indicating that its effects accumulate over time. GDP growth has limited and model-dependent relevance, while public debt and fiscal rules do not show a systematic effect on forecast accuracy. Major crises are associated with substantial increases in forecast errors and account for much of the models’ explanatory power.
Istraživanje u ovom radu usmjereno je na velika i vrlo velika europska poduzeća te analizira odnos između njihovih financijskih pokazatelja i ESG ocjena (okoliš, društvo i upravljanje) tijekom petogodišnjeg razdoblja. Uzorak obuhvaća 524 poduzeća za koja su dostupne ESG ocjene. Financijski podaci preuzeti su iz baze Orbis Europe, a nefinancijski s platforme ESG Book. Nakon korelacijske analize provedene primjenom Business Intelligence pristupa integraciji podataka, korišten je panel model s fiksnim učincima radi kontrole neopaženih karakteristika poduzeća kroz vrijeme. Rezultati regresijske analize pokazuju da ESG ocjene nemaju statistički značajan utjecaj na kratkoročnu profitabilnost, dok veličina poduzeća, mjerena logaritmom operativnih prihoda, ostvaruje pozitivan učinak. Doprinos rada očituje se u primjeni BI sustava pri izgradnji panel baze podataka te empirijskoj analizi odnosa ESG ocjena i profitabilnosti u europskom kontekstu.
Praćenje i predviđanje promjena na tržištu rada ključno je za oblikovanje makroekonomskih politika i strateško planiranje. Krize iz 2008. i 2020. godine pokazale su da su za uspješno modeliranje, uz egzaktne pokazatelje, važna i očekivanja menadžera i potrošača, pri čemu se posebno ističe Indeks očekivane zaposlenosti (engl. Employment Expectations Indicator – EEI). Budući da standardna metodologija Europske komisije, koja se temelji na usporedbi promjena EEI-a i godišnje stope rasta zaposlenosti, za Hrvatsku ne daje zadovoljavajuće rezultate, u radu su predložena tri nova načina iskazivanja promjena EEI-a. Za svaki model izrađene su konfuzijske matrice te izračunate relativne mjere točnosti predviđanja smjera promjene broja zaposlenih za različita razdoblja prethođenja (h = 0, 1, 2, 3). Rezultati pokazuju da je najprecizniji pristup u skladu s teorijskom interpretacijom EEI-a: vrijednosti iznad 100 upućuju na optimizam, a ispod 100 na pesimizam menadžera. Analiza se temelji na mjesečnim podatcima Europske komisije i Državnog zavoda za statistiku za razdoblje od siječnja 2019. do kolovoza 2025. godine.
This paper analyses how geopolitical risk (GPR) influences bank profitability (ROA) and credit risk (NPL) across 25 deposit banks in Türkiye, focusing on the role of bank size (SIZE) during 2006–2024. Using Two-Step System GMM and panel threshold methods, the findings indicate that a 1% increase in GPR reduces ROA by 0.32% and increases NPL by 0.12%. Larger banks are better able to absorb these effects. The negative impact of GPR is more pronounced for smaller banks (SIZE ≤ 7.63) regarding profitability and results in a sharper rise in NPL (SIZE ≤ 8.24). As bank size exceeds these thresholds, the adverse effects become less significant, reflecting scale advantages and stronger risk management. Ownership is also important: private and foreign banks generally perform better, while state-owned banks demonstrate greater resilience to geopolitical shocks.
This paper evaluates the technical efficiency of 26 Croatian general hospitals, clinical hospitals, and clinical hospital centres, and examines its determinants across the pre-pandemic (2015–2016) and pandemic (2021–2022) periods. Technical efficiency is defined as a hospital’s ability to maximise outputs from given inputs relative to the best-performing peers. An input-oriented Data Envelopment Analysis (DEA) with a BCC model and variable returns to scale is applied, using total expenditures (excluding investments in facilities) as the input and three outputs: weighted inpatient, day hospital, and outpatient cases. In the second stage, the Simar–Wilson bootstrap model assesses organisational and socioeconomic determinants. Population density and unemployment are negatively associated with efficiency, while bed occupancy, the share of disabled residents, and the share of the population under 15 show positive associations. The findings support more regionally adjusted resource allocation, improved bed management, and better data on treatment quality and complexity.
Income inequality remains a major challenge in both developed and developing economies and is typically more pronounced in urban areas. This study examines the relationship between income inequality, human capital development, and investment in Tangerang Municipality in both the short and long term. Using annual data from 1995 to 2025, the study employs the ARDL–ECM and Toda–Yamamoto causality methods. The results confirm a stable long-term equilibrium relationship among the variables. Human capital development significantly reduces income inequality in both the short and long term, underscoring its role in promoting a more equitable distribution of income and supporting sustained social progress. In contrast, investment significantly increases income inequality over both periods, indicating that the benefits of capital accumulation are not evenly shared. The Toda–Yamamoto causality analysis reveals one-way causality from human capital development and investment to income inequality. These findings support policies that combine investment promotion with broader access to education and skills development for all income groups.
This paper examines how uncertainty shocks influence inflation, the current account, and real activity in emerging EU economies under different monetary regimes. Using quarterly data from 2004Q1 to 2024Q4, it compares countries with monetary autonomy (Poland, the Czech Republic, and Hungary) to Eurozone members (Slovenia, Slovakia, and Estonia). Country-level SVAR models are estimated, and dynamic effects are traced using orthogonalised impulse responses, with additional checks based on an extended sample (Romania, Latvia) and panel VAR results. The findings indicate a regime-specific trade-off. In economies with monetary autonomy, uncertainty shocks result in quicker and stronger inflation responses, consistent with exchange rate pass-through. Eurozone members display more limited inflation effects but experience deeper and more persistent declines in output, along with larger current account improvements driven mainly by weaker demand and reduced imports.
This paper examines the loan-to-deposit ratio (LDR) in the Croatian banking system from 2016 to 2025 and its relationship with operational efficiency (CIR), profitability (ROE), and macroeconomic conditions (GDP and CPI). LDR is considered a nonlinear, context-dependent mechanism linking funding structure, efficiency, and profitability. Using hierarchical clustering and an Adaptive Neuro-Fuzzy Inference System (ANFIS), the study identifies clear structural relationships: LDR is strongly connected with operational efficiency, ROE emerges as an intermediate outcome, while GDP and CPI constitute a separate macroeconomic dimension. The results indicate that high profitability occurs only under specific combinations of LDR, CIR, and stable macroeconomic conditions, whereas strong economic growth or higher inflation reduce efficiency and profitability. High CIR is identified as the main limiting factor. The findings suggest that bank performance depends on the interaction between internal and macroeconomic conditions in deposit-rich, bank-based economies.
The Croatian pharmaceutical industry is a strategically important sector of the national economy, operating in a highly regulated market subject to strong international competition. This paper examines the efficiency and productivity of seven Croatian pharmaceutical manufacturers (NACE Rev. 2, Division 21.20) from 2018 to 2024 using Window Data Envelopment Analysis (WDEA) and the Malmquist Productivity Index (MPI). The sample comprises firms accounting for 93% of total sector revenue. Employee costs, total assets, and material expenses were used as inputs, while operating revenues and EBIT were treated as outputs. The results indicate that inefficiency is mainly associated with managerial and organisational factors rather than inappropriate production scale. The strongest productivity growth occurred in 2019/2020 (MPI +73.4%), followed by a decline in 2020/2021 and 2021/2022 due to lower technical efficiency, although technological change remained positive during most of the period observed. The findings highlight the importance of managerial improvement and continuous investment in innovation for maintaining competitiveness and long-term resilience.
This paper examines how the growth of passive investing impacts market efficiency and volatility, focusing on the U.S. and Croatian capital markets. In the U.S. market, where passive funds hold a significant share, the analysis considers abnormal returns and volatility changes associated with S&P 500 rebalancing. The results indicate that passive capital flows affect prices and market dynamics, with differing effects for stocks entering and leaving the index. In the Croatian market, active portfolio management using the Markowitz model is compared with passive investing via the 7CRO ETF. The findings suggest that actively constructed portfolios may achieve higher returns than passive strategies, raising questions about the level of market efficiency relative to more developed markets.
This study analyses asymmetric cost behaviour in 3,399 Croatian manufacturing SMEs from 2018 to 2024 using an extended Anderson–Banker–Janakiraman model within a two-way fixed-effects panel with firm-clustered standard errors. Total operating costs show clear stickiness (β₂ = −0.165, p < 0.01), rising by 0.70% for a 1% increase in revenue but falling by only 0.53% for an equivalent decrease. Material costs exhibit the strongest asymmetry (β₂ = −0.214, p < 0.01). Personnel costs do not display systematic stickiness (β₂ = 0.015, p = 0.764), suggesting that labour market factors such as minimum wage increases, emigration-related shortages, and eurozone accession shaped their dynamics independently of revenue changes. Larger SMEs show lower cost rigidity than smaller ones. Sectoral analysis indicates that labour-intensive industries have the highest stickiness, resource-intensive industries show near-symmetric behaviour, and capital-intensive industries fall in between.
This paper examines the relationship between monetary policy and financial stability through a “leaning against the wind” strategy in the context of an emerging economy. We estimate a Dynamic Stochastic General Equilibrium (DSGE) model with financial frictions tailored to Tunisia. A standard Taylor rule is compared with an augmented version that includes credit growth as a financial variable. The results show that when the Central Bank of Tunisia assigns a moderate weight (0.10) to financial stability, output volatility declines slightly. When the weight increases to 0.50, giving equal importance to financial stability and output stabilisation, the policy significantly reduces fluctuations in both credit and output, but at the cost of greater inflation variability. This trade-off highlights the limits of conventional monetary policy and indicates the need for complementary macroprudential tools to support both price and financial stability.
