9 7 7 1 8 4 8 9 5 5 0 0 5

ISSN 1848 - 9559

UNIVERSITY OF J. J. STROSSMAYER

IN OSIJEK

FACULTY OF ECONOMICS

IN OSIJEK

CROATIAN ACADEMY OF

ARTS AND SCIENCESThe Institute for

scientific and art research work in Osijek

UNIVERSITY IN MARIBOR

Faculty ofEconomics

and Business

UNIVERSITY INTUZLA

Faculty ofEconomics in Tuzla

7. Međunarodni znanstveni simpozij7. Međunarodni znanstveni simpozij 7. Međunarodni znanstveni simpozij

th7 International Scientific Symposium th7 International Scientific Symposium th7 International Scientific th7 International Scientific Symposium

GOSPODARSTVO ISTOČNE HRVATSKE GOSPODARSTVO ISTOČNE HRVATSKE - VIZIJA I RAZVOJ- VIZIJA I RAZVOJ

GOSPODARSTVO ISTOČNE HRVATSKE - VIZIJA I RAZVOJ

ECONOMY OF EASTERN CROATIA ECONOMY OF EASTERN CROATIA - VISION AND GROWTH- VISION AND GROWTH

ECONOMY OF EASTERN CROATIA - VISION AND GROWTH

Osijek, 2018.

7.

MEĐUNARODNI ZNANSTVENI SIMPOZIJ GOSPODARSTVO ISTOČNE HRVATSKE – VIZIJA I RAZVOJ

7th

INTERNATIONAL SCIENTIFIC SYMPOSIUM ECONOMY OF EASTERN CROATIA – VISION AND GROWTH

Pokrovitelj: / Under the auspices of:

MINISTARSTVO GOSPODARSTVA RH

MINISTRY OF ECONOMY OF REPUBLIC OF CROATIA

U Osijeku, 24. – 26. svibnja 2018. Osijek, 24th – 26th May 2018

SVEUČILIŠTE J. J. STROSSMAYERA

U OSIJEKU

UNIVERSITY OF J. J. STROSSMAYER

IN OSIJEK

EKONOMSKI FAKULTET U OSIJEKU

FACULTY OF

ECONOMICS IN OSIJEK

HRVATSKA AKADEMIJA ZNANOSTI I

UMJETNOSTI Zavod za

znanstveni i umjetnički rad u

Osijeku

CROATIAN ACADEMY OF

ARTS AND SCIENCES

The Institute for scientific and art research work in

Osijek

UNIVERZA V

MARIBORU Ekonomsko-

poslovna fakulteta

UNIVERSITY IN MARIBOR

Faculty of Economics

and Business

UNIVERZITET U

TUZLI Ekonomski

fakultet u Tuzli

UNIVERSITY IN

TUZLA Faculty of

Economics in Tuzla

Nakladnici / Publishers Sveučilište Josipa Jurja Strossmayera u Osijeku

Ekonomski fakultet u Osijeku

Za nakladnike / For the publishers Prof. dr. sc. Anka Mašek Tonković, Ekonomski fakultet u Osijeku

Izv. prof. dr. sc. Boris Crnković, Ekonomski fakultet u Osijeku

Programski odbor / Programme committee Izv. prof. dr. sc. Boris Crnković, predsjednik, Ekonomski fakultet u Osijeku

Prof. dr. sc. Peter Warrian, Kanada Prof. dr. sc. Marko Backović, Srbija

Professor emeritus prof. dr. sc. Dražen Barković, Hrvatska Prof. dr. sc. Samo Bobek, Slovenija

Prof. dr. sc. Saša Bošnjak, Srbija Prof. dr. sc. Małgorzata Gajos, Poljska

Prof. dr. sc. Peter J. Halls, Engleska Dr. sc. Dražen Kušen, Hrvatska

Dr. sc. Safet Kozarević, Bosna i Hercegovina Prof. dr. sc. Szerb Laszlo, Mađarska

Prof. dr. sc. Alessio Lokar, Italija Prof. dr. sc. Zsolt Lukáč, Slovakia

Prof. dr. sc. Dragan Milanović, Hrvatska Professor emeritus prof. dr. sc. Stanislav Marijanović, Hrvatska

Akademkinja prof. dr. sc. Vlasta Piližota, Hrvatska Prof. dr. sc. Bodo Runzheimer, Njemačka

Professor emeritus prof. dr. sc. Slavica Singer, Hrvatska Prof. dr. sc. Franz Wurm, Austrija

Prof. dr.sc. Zlata Živaković Kerže, Hrvatska

Organizacijski odbor / Organizing Committee Prof. dr. sc. Anka Mašek Tonković, predsjednica, Ekonomski fakultet u Osijeku

Katica Križanović, univ.spec.oec., koordinatorica, Hrvatska Izv. prof. dr. sc. Sunčica Oberman Peterka, Hrvatska

Izv. prof. dr. sc. Mirela Alpeza, Hrvatska Doc. dr. sc. Dražen Ćućić, Hrvatska

Doc. dr. sc. Anamarija Delić, Hrvatska Doc. dr. sc. Nataša Drvenkar, Hrvatska Doc. dr. sc. Aleksandar Erceg, Hrvatska

Doc. dr. sc. Ivana Fosić, Hrvatska Doc. dr. sc. Ljerka Sedlan König, Hrvatska

Izv. prof. dr. sc. Ivo Mijoč, Hrvatska Doc. dr. sc. Julia Perić, Hrvatska

Doc. dr. sc. Tunjica Petrašević, Hrvatska

Urednici / Editors Prof. dr. sc. Anka Mašek Tonković, Ekonomski fakultet u Osijeku

Izv. prof. dr. sc. Boris Crnković, Ekonomski fakultet u Osijeku

Tehnička podrška / Tehnical Support Katica Križanović, PhD student

Recenzenti / Reviewers Professor emeritus prof. dr. sc. Slavica Singer, Hrvatska

Prof. dr. sc. Anka Mašek Tonković, Hrvatska Izv. prof. dr. sc. Ivo Mijoč, Hrvatska

Sadržaj / Content

Predgovor / Foreword / Vorwort /前言 ......................................................................................22

Tematska područja / Topics ........................................................................................................26

1. Povijesna nasljeđa u razvoju istočne Hrvatske / Historical heritage in a function of the development of the eastern Croatia ............................................................................................27

Miro Gardaš, Tamara Alebić:THE INTRODUCTION OF A DOMINANT LEGAL SYSTEM FOR THE REGULATION OF HUNTING IN CROATIA IN THE SECOND HALF OF THE 19TH CENTURY / UVOĐENJE DOMINALNOG PRAVNOG SUSTAVA U REGULIRANJE LOVSTVA U HRVATSKOJ U DRUGOJ POLOVINI 19. ST.........................................................................................................28

Jelena Kasap:REVIEW OF THE REGULATION OF SOME CIVIL LAW ISSUES IN THE CHARTER OF THE FREE ROYAL CITY OF OSIJEK / OSVRT NA REGULACIJU NEKIH GRAĐANSKOPRAVNIH PITANJA U POVELJI SLOBODNOG KRALJEVSKOG GRADA OSIJEKA........................................................................................................................................38

Vladimir Margeta, Tomislav Jakopec, Darija Kuharić, Mirna Gilman Ranogajec:VIRTUAL MUSEUM OF BLACK SLAVONIAN PIG – FAJFERICA / VIRTUALNI MUZEJ CRNE SLAVONSKE SVINJE – FAJFERICE ..............................................................................48

Mirjana Paušak:THE HERITAGE OF THE NOBLE PRANDAU - NORMANN FAMILY AS A POTENTIAL FOR THE DEVELOPMENT OF CULTURAL TOURISM IN EASTERN CROATIA / BAŠTINA PLEMENITAŠKE OBITELJI PRANDAU – NORMANN KAO POTENCIJAL U RAZVOJU KULTURNOG TURIZMA ISTOČNE HRVATSKE ..................................................56

Ivana Pavlić, Ana Portolan, Barbara Puh: TOURISM SEASONALITY AND LEVEL OF IRRITATION IN A WORLD HERITAGE SITE: OLD CITY OF DUBROVNIK, CROATIA / SEZONALNOST TURIZMA I IRITATIVNOST U ZAŠTIĆENOJ SVJETSKOJ BAŠTINI: STARI GRAD DUBROVNIK, HRVATSKA ............63

Mirela Tvrdak, Kristina Jurić, Dejan Tubić:IMPROVING THE CULTURAL AND HISTORICAL HERITAGE OF EASTERN CROATIA THROUGH THE MODEL OF ECO-AGROTOURISM / UNAPRJEĐIVANJE KULTURNO-POVIJESNOG NASLJEĐA ISTOČNE HRVATSKE KROZ MODEL EKOAGROTURIZMA ..73

2. Novi trendovi u razvoju gospodarstva / New trends in economic development .................83

Ivan Ambroš, Franjo Ambroš:INSTITUTIONAL AND BUSINESS CHALLENGES IN DIGITAL ERA – POLICY REMARKS FOR EASTERN CROATIA / INSTITUCIONALNI I POSLOVNI IZAZOVI DIGITALNOG DOBA – PREPORUKE ZA ISTOČNU HRVATSKU ..........................................84

Branimir Dukić, Stojanka Dukić, Sanja Dugandžić:KNOWLEDGE MANAGEMENT IN THE FUNCTION OF ENSURING COMPETITIVENESS OF SLAVONIAN ECONOMY / MENADŽMENT ZNANJA U FUNKCIJI OSIGURANJA KONKURETNOSTI GOSPODARSTVA SLAVONIJE ...............................................................94

Vjekoslav Galzina, Emina Berbić Kolar, Roberto Lujić:KNOWLEDGE EXTRACTION AND INTEGRATION BY MEANS OF FUZZY LOGIC PARADIGM IN PROCESS CONTROL / PARADIGMA NEIZRAZITE LOGIKE U DEFINIRANJU SPOZNAJA I INTEGRACIJI ZNANJA U VOĐENJU PROCESA .................103

Marina Gregoric, Jasenka Haleus, Silvija Zeman, Ana Vovk Korže: THE IMPORTANCE OF BRANDING OF AGRICULTURAL PRODUCTS WITH QUALITY LABELS AND THEIR RECOGNITION IN CROATIAN MARKET / VAŽNOST BRENDIRANJA POLJOPRIVREDNIH PROIZVODA KOJI NOSE OZNAKU KVALITETE I NJIHOVA PREPOZNATLJIVOST NA HRVATSKOM TRŽIŠTU .......................................... 111

Robert Idlbek, Vjeran Blašković:THE USE OF BLOCKCHAIN TECHNOLOGY IN THE DEVELOPMENT OF DECENTRALIZED ADVERTISING / PRIMJENA BLOCKCHAIN TEHNOLOGIJE U RAZVOJU DECENTRALIZIRANOG OGLAŠAVANJA ..........................................................120

Andreja Katolik Kovačević, Vesna Vučemilović, Ivona Blažević:MARKET SEGMENTATION FOR ROAD TRANSPORTATION SERVICES / SEGMENTACIJA TRŽIŠTA ZA CESTOVNE TRANSPORTNE USLUGE .............................129

Kristina Kobrehel, Ernest Vlačić, Zlatko Barilović:INNOVATION AS A CATALYST OF THE CONTEMPORARY PUBLIC SECTOR STRATEGIC POSITIONING / INOVACIJA KAO KATALIZATOR U SUVREMENOM STRATEŠKOM POZICIONIRANJU JAVNOGA SEKTORA ...................................................135

Katerina Malić Bandur, Lejla Smajlović:THE IMPACT OF TECHNOLOGICAL CHANGES ON JOB DESIGN IN MODERN ORGANIZATIONS / UTICAJ TEHNOLOŠKIH PROMJENA NA DIZAJNIRANJE POSLA U SAVREMENIM ORGANIZACIJAMA ...................................................................................144

Marko Mandić, Ivan Kristek:CONTROL AND REGULATION OF MARKET CONCENTRATION IN REPUBLIC OF CROATIA / KONTROLA I REGULACIJA GRANSKE KONCENTRACIJE U REPUBLICI HRVATSKOJ ...............................................................................................................................152

Nikolina Pavičić Rešetar, Zdravko Tolušić, Zlatko Rešetar:INTERNET BUSINESS AS SUPPORT FOR FAMILY FARMS / INTERNETSKO POSLOVANJE KAO POTPORA OBITELJSKIM POLJOPRIVREDNIM GOSPODARSTVIMA .................................................................................................................160

Ivana Sataić, Robert Likić, Tihomir Vranešević:THE IMPORTANCE OF CLINICAL TRIALS WITH POTENTIAL IMPACT ON ECONOMIC GROWTH / ZNAČAJ KLINIČKIH ISPITIVANJA U ZDRAVSTVU S POTENCIJALNIM UTJECAJEM NA GOSPODARSKI RAST ................................................169

Mladen Turuk:THE IMPORTANCE OF DIGITAL ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT / ZNAČAJ DIGITALNOG PODUZETNIŠTVA U RAZVOJU GOSPODARSTVA ......................................................................................................................178

Edward A. Veckie, Vlad Walter Veckie, Anka Mašek Tonković:COMPANY’S SUSTAINABILITY WITH CSA N299 NUCLEAR QUALITY PROGRAM ACCREDITATION / ODRŽIVOST TVRTKE AKREDITACIJOM PREMA PROGRAMU KVALITETE CSA N2991 ZA NUKLEARKE .............................................................................187

Ernest Vlačić, Zlatko Barilović, Karlo Jurač:TYPOLOGICAL DETERMINATION OF INNOVATION IN MEASURING THE PERFORMANCE OF INNOVATION INDICATORS / TIPOLOŠKA DETERMINACIJA INOVACIJE KOD MJERENJA USPJEŠNOSTI INOVACIJSKIH INDIKATORA ...................199

Zoran Wittine, Mile Bošnjak, Helena Bedeković:ANALYSIS OF STATE AND PERSPECTIVES OF CROATIAN STARTUP COMPANIES / ANALIZA STANJA I PERSPEKTIVA HRVATSKIH STARTUP PODUZEĆA ........................207

Željka Zavišić, Neven Šipić, Senka Zavišić:FUNCTIONAL FOOD AS A OPPORTUNITY FOR THE DEVELOPMENT OF EASTERN CROATIA / FUNKCIONALNA HRANA KAO PRILIKA ZA RAZVOJ ISTOČNE HRVATSKE .................................................................................................................................216

Berislav Žmuk:DO PICTURES HAVE AN IMPACT ON WEB SURVEY RESPONSE RATES IN EASTERN CROATIAN ENTERPRISES? / UTJEČU LI SLIKE NA STOPE ODGOVORA U WEB ANKETNIM ISTRAŽIVANJIMA U PODUZEĆIMA IZ ISTOČNE HRVATSKE? ..................224

3. Ljudski kapital u funkciji društveno-ekonomskog razvoja regije / Human capital in a function of the socio-economic development of the region .....................................................233

Željko Bogdan, Krešimir Ivanda:EMIGRATION AND LABOUR SUPPLY: THE EFFECT ON WAGES IN SOURCE COUNTRY / EMIGRACIJA I PONUDA RADNE SNAGE: UČINCI NA PLAĆE U ZEMLJAMA ISHODIŠTA .................................................................................................................................234

Aldin Brajić, Samira Fazlić, Sabina Đonlagić Alibegović:COMPARATIVE ANALYSIS OF PRIMARY HEALTH CARE SERVICES / KOMPARATIVNA ANALIZA KORISNIKA ZDRAVSTVENIH USLUGA PRIMARNE ZDRAVSTVENE ZAŠTITE .....................................................................................................................................242

Csaba Ruzsa:KEY CHARACTERISTICS OF GENERATION Z AND MAIN CHALLENGES TO BE EXPECTED IN THE LABOR MARKET / KLJUČNE OSOBINE GENERACIJE Z I GLAVNI IZAZOVI KOJI SE MOGU OČEKIVATI NA TRŽIŠTU RADA ...............................................251

Anamarija Delić, Julia Perić, Tihana Koprivnjak:THE ROLE OF EXTRACURRICULAR ACTIVITIES OF STUDENTS IN DEVELOPING ENTREPRENEURIAL EDUCATION / ULOGA IZVANNASTAVNIH AKTIVNOSTI STUDENATA U RAZVOJU PODUZETNIČKOG OBRAZOVANJA .......................................260

Nada Denona Bogović, Saša Drezgić, Saša Čegar:DEMOGRAPHIC, ECONOMIC AND SOCIAL CHARACTERISTICS OF THEPOPULATION OF THE CITY OF VUKOVAR / DEMOGRAFSKA, EKONOMSKA I SOCIJALNA OBILJEŽJA STANOVNIŠTVA GRADA VUKOVARA ............................................................270

Branimir Dukić, Goran Kozina, Stojanka Dukić:A MODEL OF HIGHER EDUCATION IN ECONOMICS FOR THE DIGITAL AGE / MODEL VISOKOŠKOLSKOG EKONOMSKOG OBRAZOVANJA ZA POTREBE DIGITALNOG DOBA ..........................................................................................................................................280

Tvrtko Galić:AN ANALYSIS OF VARIOUS FACTORS AFFECTING SALES STAFF MOTIVATION – A CASE STUDY OF TELECOMMUNICATIONS IN CROATIA / ANALIZA UTJECAJA RAZLIČITIH FAKTORA NA MOTIVACIJU ZAPOSLENIKA U POSLOVNOJ PRODAJI – CASE STUDY TELEKOMUNIKACIJE RH ..............................................................................290

Vladimir Grebenar, Josip Britvić:EXTRINSIC ORGANIZATION, CAPACITY FOR INNOVATIVENESS AND WORK PERFORMANCE / EKSTRINZIČNA ORGANIZACIJA RADA, INOVACIJSKI KAPACITETI I RADNA UČINKOVITOST ..............................................................................300

Emina Jerković:LIFELONG LEARNING IN THE FUNCTION OF DEVELOPMENT OF EASTERN CROATIA / CJELOŽIVOTNO UČENJE U FUNKCIJI RAZVITKA ISTOČNE HRVATSKE .310

Sanja Knežević:THE MOST ATTRACTIVE DESTINATIONS OF CROATIAN EMIGRATION / NAJATRAKTIVNIJE ZEMLJE HRVATKOG ISELJENIŠTVA .................................................319

Jakša Krišto, Roman Šubić, Nika Đuho:DETERMINANTS OF STUDENT FINANCIAL RISK TOLERANCE: A SURVEY APPROACH / ODREDNICE STUDENTSKE TOLERANCIJE PREMA FINANCIJSKOM RIZIKU: ANKETNO ISTRAŽIVANJE ......................................................................................326

Darija Krstić, Danijela Slipčević, Renata Petrović:IMPACT OF NON-FORMAL EDUCATION ON THE EMPLOYABILITY AND DEVELOPMENT OF THE ECONOMY OF EASTERN CROATIA / UTJECAJ NEFORMALNOG OBRAZOVANJA NA ZAPOŠLJIVOST I RAZVOJ GOSPODARSTVA ISTOČNE HRVATSKE ................................................................................................................334

Helga Maškarin Ribarić, Dražen Derado, Vedrana Čikeš:INTERNATIONAL COMPARISON OF PRODUCTIVITY IN MANUFACTURING AND SERVICES WITH REFERENCE TO SICKNESS LEAVES / MEĐUNARODNA USPOREDBA PRODUKTIVNOSTI U PRERAĐIVAČKOM I USLUŽNOM SEKTORU S OSVRTOM NA ODSUTNOST S POSLA ZBOG BOLESTI .....................................................346

Rajko Odobaša, Ines Banjari:OBESITY PREVENTION AS AN INVESTMENT IN HUMAN CAPITAL – STATE AND PERSPECTIVES IN EASTERN CROATIA / PREVENCIJA PRETILOSTI KAO ULAGANJE U LJUDSKI KAPITAL – STANJE I PERSPEKTIVE U ISTOČNOJ HRVATSKOJ .................360

Snježana Stanarević Katavić, Darko Lacović, Gordana Dukić:INFORMATION NEEDS IN THE PROCESS OF STUDY AND CAREER DECISION-MAKING OF HIGHSCHOOL GRADUATES IN OSIJEK / INFORMACIJSKE POTREBE OSJEČKIH MATURANATA PRI DONOŠENJU ODLUKE O IZBORU STUDIJA I BUDUĆOJ KARIJERI ................................................................................................................370

Milan Stanić, Ivona Blažević, Marina Stanić Šulentić:THE IMPACT OF GLOBAL EDUCATION ON THE SLAVIONIA REGION / UTJECAJ GLOBALNOG OBRAZOVANJA NA REGIJU SLAVONIJU ...................................................379

Vlad Walter Veckie, Anka Mašek Tonković, Katica Križanović:SOCIO-ECONOMIC CONTRIBUTION OF THIRD-AGE ACTIVE RETIREES / DRUŠTVENO-GOSPODARSKI DOPRINOS AKTIVNIH UMIROVLJENIKA TREĆE DOBI ............................................................................................................................................387

Josipa Višić:COUNTRY- SPECIFIC DRIVERS OF LABOUR PRODUCTIVITY / DRŽAVI SPECIFIČNE DETERMINANTE PROIZVODNOSTI RADA .........................................................................396

Ana Vovk Korže, Silvija Zeman, Danilo Korže, Marina Gregoric:KNOWLEDGABLE YOUNG GENERATION PERSUE INNOVATIVE APPROACH IN FLOUR MILL SECTOR / MLADI TRAŽE INOVATIVNA ZNANJA NA PODROČJU PREHRAMBENOG SEKTORA .................................................................................................406

Maja Vretenar Cobović, Mirko Cobović, Jasna Vujčić:ECONOMIC EFFECTS OF LIFE INSURANCE IN THE REPUBLIC OF CROATIA - INTEREST AND PARTICIPATION OF POPULATION / EKONOMSKI UČINCI ŽIVOTNIH OSIGURANJA U REPUBLICI HRVATSKOJ – INTERES I PARTICIPIRANJE STANOVNIŠTVA ........................................................................................................................415

Gorka Vuletic, Josipa Erdesi:GENDER DISPARITIES IN HUMAN AND SOCIAL CAPITAL IN EASTERN CROATIA / SPOLNE RAZLIKE U LJUDSKOM I DRUŠTVENOM KAPITALU U ISTOČNOJ HRVATSKOJ ...............................................................................................................................424

Ivica Zdrilić, Milan Puvača, Mladen Rajko:HIGHER EDUCATION INSTITUTIONS IN CROATIA E-LEARNING STRATEGIES / STRATEGIJE E-UČENJA NA USTANOVAMA VISOKOG OBRAZOVANJA U HRVATSKOJ ...............................................................................................................................432

4. Uloga prava u razvoju gospodarstva / The role of law in economic development ..........441

Biljana Činčurak Erceg, Aleksandar Erceg, Predrag Dotlić:FRANCHISING IN TRANSPORT LAW – BIKE SHARING AS BUSINESS MODEL OF URBAN TRANSPORT DEVELOPMENT / FRANŠIZA U PROMETNOM PRAVU – BIKE SHARING KAO POSLOVNI MODEL RAZVOJA GRADSKOG PROMETA ..........................442

Ana Đanić Čeko:LEGAL FRAMEWORK FOR EXERCISING THE RIGHT OF ACCESS TO INFORMATION / PRAVNI OKVIR OSTVARIVANA PRAVA NA PRISTUP INFORMACIJAMA ....................451

Antun Marinac:THE ROLE OF CONSTITUTIONAL PROVISIONS IN ENCOURAGING DEVELOPMENT OF ALL CROATIAN TERRITORIES WITH A VIEW TO EASTERN CROATIA / ULOGA USTAVNIH ODREDBI U POTICANJU RAZVOJA SVIH PODRUČJA HRVATSKOG TERITORIJA S OSVRTOM NA ISTOČNU HRVATSKU .........................................................462

Zoran Pavlović:CHALLENGES OF ECONOMIC ACTIVITIES TO THE CRIMINAL LAW / KAZNENOPRAVNI IZAZOVI ZAŠTITE PRIVREDNIH DJELATNOSTI .............................472

Vesna Škare Ožbolt:STATE PROPERTY- UNUSED POTENTIAL IN THE ECONOMIC DEVELOPMENT OF CROATIA / DRŽAVNA IMOVINA - NEISKORIŠTENI POTENCIJAL U GOSPODARSKOM RAZVOJU HRVATSKE ..............................................................................................................481

5. Međusektorska suradnja & Partnerstva / Intersectoral cooperation & Partnerships ....489

Admir Čavalić, Isada Mahmutović, Saliha Ćabro, Dijana Husaković:CROSS-SECTORAL PARTNERSHIP AND CORPORATE SOCIAL RESPONSIBILITY / MEĐUSEKTORSKA SURADNJA I KORPORATIVNA DRUŠTVENA ODGOVORNOST ..490

Joanna Miklińska:PUBLIC-PRIVATE PARTNERSHIP FOR THE DEVELOPMENT OF TRANSPORT INFRASTRUCTURE AND SERVICES – THE CASE OF POLAND / JAVNO-PRIVATNO PARTNERSTVO ZA RAZVOJ TRANSPORTNE INFRASTRUKTURE I TRANSPORTNIH USLUGA - SLUČAJ POLJSKE ..................................................................................................499

6. Globalna ekonomija & Održivi razvoj / Global economy & sustainable development ..511

Josip Britvić, Vladimir Grebenar:OPEN-BOOK MANAGEMENT IN INTEGRATION WITH OTHER MODELS AND THEORIES / OPEN-BOOK MENADŽMENT U INTEGRACIJI S DRUGIM MODELIMA I TEORIJAMA ...............................................................................................................................512

Lejla Ćebić Đerzić, Sabina Đonlagić Alibegović, Mersiha Mešanović, Samira Fazlić:APPLICATION OF CORPORATE GOVERNANCE PRINCIPLES AND ITS IMPACT ON COMPANY’S SUCCESS / UTJECAJ PRIMJENE PRINCIPA KORPORATIVNOG UPRAVLJANJA NA USPJEŠNOST KOMPANIJA .................................................................. 520

Siniša Franjić:ENERGY POVERTY IN CROATIA / ENERGETSKO SIROMAŠTVO U HRVATSKOJ ........528

Martina Harc, Martina Briš Alić:THE ROLE OF ECO-INNOVATION AND TRANSITION TOWARDS A GREEN ECONOMY IN CROATIA / ULOGA EKO-INOVACIJA I PUT PREMA ZELENOJ EKONOMIJI U HRVATSKOJ ...............................................................................................................................537

Božidar Jaković, Barbara Golub:ECOTOURISM DEVELOPMENT PERSPECTIVE OF UNRECOGNIZED PROTECTED AREAS: THE CASE OF REGIONAL PARK MURA-DRAVA / PERSPEKTIVA RAZVOJA EKOTURIZMA NEDOVOLJNO POZNATIH ZAŠTIĆENIH PODRUČJA PRIRODE: PRIMJER REGIONALNOG PARKA MURA-DRAVA ..............................................................548

Žiga Kotnik, Maja Klun, Maja Grdinić:PERFORMANCE BUDGETING IN THE FIELD OF ENVIRONMENT WITH AN EMPHASIS ON ECO TAXES: THE CASE OF SLOVENIA AND CROATIA / PLANIRANJE PRORAČUNA NA TEMELJU MJERENJA OSTVARENIH REZULTATA U PODRUČJU OKOLIŠA S POSEBNIM NAGLASKOM NA EKOLOŠKE POREZE: SLUČAJ SLOVENIJE I HRVATSKE ...............................................................................................................................558

Anita Kulaš Mirosavljević:MIGRATION AS A DEMOGRAPHIC DIMENSION OF GLOBALIZATION ON EXAMPLE OF CROATIA AND SELECTED MEMBER STATES OF THE EUROPEAN UNION / MIGRACIJA KAO DEMOGRAFSKA DIMENZIJA GLOBALIZACIJE NA PRIMJERU HRVATSKE I ODABRANIH DRŽAVA ČLANICA EUROPSKE UNIJE .................................567

Ružica Lončarić, Tihana Sudarić, Jadranka Deže:TOMATO MARKET POTENTIAL IN REPUBLIC OF CROATIA IN TERMS OF GLOBAL ECONOMY / POTENCIJAL TRŽIŠTA RAJČICE U REPUBLICI HRVATSKOJ U UVETIMA GLOBALNE EKONOMIJE ........................................................................................................575

Martina Pezer, Slavko Bezeredi, Chrysa Leventi:THE DISTRIBUTIONAL IMPACT OF LOCAL SOCIAL BENEFITS OF ZAGREB, SPLIT, RIJEKA AND OSIJEK / DISTRIBUCIJSKI UČINAK LOKALNIH SOCIJALNIH NAKNADA U ZAGREBU, SPLITU, RIJECI I OSIJEKU .........................................................582

Anđela Pribisalić, Nina Popović, Marko Pribisalić:ECOLOGICAL VALORISATION OF THE NATURE PARK BIOKOVO / EKOLOŠKO VREDNOVANJE PARKA PRIRODE BIOKOVO .....................................................................591

Damir Ribić, Ivona Oremuš:PROCUREMENT STANDARDS OF MULTINATIONAL COMPANIES / STANDARDI NABAVE MULTINACIONALNIH KOMPANIJA .....................................................................602

Bahrija Umihanić, Adisa Delić, Isada Mahmutović:THE ROLE OF INTERNAL RESOURCES IN BUILDING COMPETITIVENESS OF BIH COMPANIES / ULOGA INTERNIH RESURSA U IZGRADNJI KONKURENTNOSTI BOSANSKOHERCEGOVAČKIH PREDUZEĆA ......................................................................619

Anna Zielińska-Chmielewska, Luboš Smutka:THE MEASUREMENT OF PROFITABILITY LEVEL OF CHOSEN FOOD PROCESSING ENTERPRISES. THE CASE OF POLAND. / MJERENJE RAZINE PROFITABILNOSTI ODABRANIH PODUZEĆA ZA PRERADU HRANE. SLUČAJ POLJSKE.............................627

7. Društveno odgovorno poduzetništvo / Socially responsible entrepreneurship ................637

Goran Karanović, Bisera Karanović, Ana Štambuk:IMPLEMENTATION OF METHODS AND TECHNIQUES FOR RISK MANAGEMENT AND RISK EVALUATION IN CROATIAN NON-FINANCIAL COMPANIES / IMPLEMENTACIJA METODA I TEHNIKA ZA UPRAVLJANJE I PROCJENU RIZIKA U HRVATSKIM NEFINANCIJSKIM PODUZEĆIMA ..................................................................638 Mirna Leko Šimić, Jasminka Mihaljević, Marija Tolušić:ACADEMIC LIBRARIES AND THE SOCIAL RESPONIBILITY CHALLENGE / VISOKOŠKOLSKE KNJIŽNICE I IZAZOVI DRUŠTVENO ODGOVORNOG POSLOVANJA ............................................................................................................................650

Antonija Petrlić, Mirjana Grčić Fabić, Neda Vitezić:REPORTING SYSTEM ADJUSTMENT FOR THE PURPOSE OF MEASURING THE EFFICIENCY OF PUBLIC HEALTH SERVICES / PRILAGODBA SUSTAVA IZVJEŠTAVANJA ZA POTREBE MJERENJA EFIKASNOSTI JAVNOZDRAVSTVENIH USLUGA......................................................................................................................................660

Marija Šain, Ivana Bestvina Bukvić, Maja Haršanji:ECONOMIC ANALYSIS OF BROWNFIELD INVESTMENTS IN CULTURAL AND CREATIVEINDUSTRIES / EKONOMSKA ANALIZA BROWNFIELD INVESTICIJA U KULTURNIM I KREATIVNIM INDUSTRIJAMA ...................................................................670

8. Regionalni razvoj - izazovi i prilike / Regional development – challenges and opportunities ...............................................................................................................................679

Romina Alkier, Daniela Gračan, Vedran Milojica:INFLUENCE OF CREATIVE INDUSTRIES ON THE TOURISM OF THE REPUBLIC OF CROATIA / UTJECAJ KREATIVNIH INDUSTRIJA NA TURIZAM REPUBLIKE HRVATSKE .................................................................................................................................680

Tamara Babić, Marino Golob, Snježana Babić:THE RESULTS OF A STUDY OF A BUS TERMINAL FOR THE PURPOSE OF TOURISM PROMOTION / REZULTATI ISTRAŽIVANJA AUTOBUSNOG KOLODVORA U SVRHU TURISTIČKE PROMIDŽBE ......................................................................................................691

Rikard Bakan, Dejan Tubić, Juraj Randelj:FOOD HERITAGE – A KEY FACTOR FOR POSITIONING SLAVONIA AS A LIFESTYLE DESTINATION / GASTRONOMSKO NASLIJEĐE - KLJUČAN ČIMBENIK POZICIONIRANJA SLAVONIJE KAO LIFESTYLE DESTINACIJE .....................................700

Filip Bartoluci, Zrinka Starešinić:ASSUMPTIONS OF SUSTAINABLE TOURISM DEVELOPMENT IN OSIJEK-BARANJA COUNTY / PRETPOSTAVKE ODRŽIVOG RAZVOJA TURIZMA OSJEČKO-BARANJSKE ŽUPANIJE ...................................................................................................................................710

Ivana Bestvina Bukvić:IMPACT OF BUSINESS ENVIRONMENT ON THE DEVELOPMENT OF REGIONAL IT SECTOR: CASE EASTERN CROATIA / UTJECAJ POSLOVNOG OKRUŽENJA NA RAZVOJ REGIONALNOG IT SEKTORA: SLUČAJ ISTOČNE HRVATSKE ........................719

Kristina Bučar, Zvjezdana Hendija, Zrinka Juratek:ROLE OF EVENT TOURISM IN THE DEVELOPMENT OF A TOURIST DESTINATION / ULOGA MANIFESTACIJSKOG TURIZMA U RAZVOJU TURISTIČKE DESTINACIJE ...728

Iva Buljubašić, Diana Kotrla:MARKETING AS A BUSINESS SUCCESS FACTOR IN CULTURAL INSTITUTIONS / MARKETING KAO ČIMBENIK USPJEŠNOSTI POSLOVANJA U INSTITUCIJAMA KULUTRE ...................................................................................................................................738

Tihana Cegur Radović, Silvija Vitner Marković, Ivana Varičak:THE ROLE OF INFORMATION TECHNOLOGY IN TOURIST INFORMATION EXCHANGE AND IN CREATION OF THE TOURIST EXPERIENCE / ULOGA INFORMACIJSKE TEHNOLOGIJE U RAZMJENI TURISTIČKIH INFORMACIJA I KREIRANJU TURISTIČKOG DOŽIVLJAJA ...........................................................................747

Saša Čegar, Nada Denona Bogović, Saša Drezgić:STRUCTURAL CHARACTERISTICS OF THE ECONOMY OF THE CITY OF VUKOVAR IN TERMS OF EFFECTIVENESS OF STATE AIDS / STRUKTURNA OBILJEŽJA GOSPODARSTVA GRADA VUKOVARA S ASPEKTA UČINKOVITOSTI DRŽAVNIH POTPORA....................................................................................................................................756

Dražen Ćućić, Renata Petrović, Krešimir Herceg:CHALLENGES AND POTENTIALS OF CYCLOTOURISM IN SLAVONIA AND BARANJA / IZAZOVI I POTENCIJALI CIKLOTURIZMA U SLAVONIJI I BARANJI...........................765

Dražen Ćućić, Jesenka Ricl, Mladen Pancić:CHALLENGES AND POTENTIALS FOR ECO-TOURISM DEVELOPMENT IN EASTERN CROATIA / IZAZOVI I POTENCIJALI RAZVOJA EKO TURIZMA U ISTOČNOJ HRVATSKOJ ...............................................................................................................................776

Jasmina Dlačić, Kristina Črnjar, Marin Lazarić:LINKING INTERNAL MARKETING AND EMPLOYEE ENGAGEMENT IN THE HOSPITALITY INDUSTRY / POVEZIVANJE INTERNOG MARKETINGA I ANGAŽIRANOSTI ZAPOSLENIKA U HOTELJERSTVU .....................................................785

Tomislav Galović, Florijan Ćelić, Robert Bačac:THE EXPORT COMPETITIVENESS OF DEVELOPING CROATIAN TOURISM DESTINATIONS / IZVOZNA KONKURENTNOST HRVATSKIH TURISTIČKIH DESTINACIJA U RAZVOJU .....................................................................................................795

Jerko Glavaš, Ivan Uroda, Tibor Santo:INTEGRATED MANAGEMENT OF BUSINESS PROCESSES - ADVANCED REGIONAL DEVELOPMENT REQUIREMENT / INTEGRIRANO UPRAVLJANJE POSLOVNIM PROCESIMA - POVOLJAN PREDUVJET REGIONALNOG RAZVOJA ..............................803

Tihana Kraljić, Ivana Bekić:EFFICIENT USE OF EU FUNDS FOR THE DEVELOPMENT OF EASTERN CROATIA / UČINKOVITO KORIŠTENJE SREDSTAVA EU FONDOVA ZA RAZVOJ ISTOČNE HRVATSKE .................................................................................................................................813

Biljana Lončarić:PARTICIPATION OF THE TOURISM CLUSTER “SLAVONSKA KOŠARICA” IN INTERNATIONAL PROJECTS – YES OR NO? / SUDJELOVANJE TURISTIČKOG KLASTERA „SLAVONSKA KOŠARICA“ U MEĐUNARODNIM PROJEKTIMA – DA ILI NE? ..................................................................................................................................823

Suzana Marković, Jasna Horvat, Srđan Mitrović:MEASURING WINE AND FOOD FESTIVAL VISITOR’S PERSONALITY TRAITS AND EXPERIENCES / ISTRAŽIVANJE OSOBINA I ISKUSTVA POSJETITELJA FESTIVALA HRANE I PIĆA............................................................................................................................830

Suzana Marković, Aleksandar Racz, Josipa Mijoč:LOCAL FOOD FESTIVAL: TOWARDS A SUSTAINABLE FOOD TOURISM EXPERIENCE / LOKALNI FESTIVAL HRANE: U PRAVCU DOŽIVLJAJA ODRŽIVOG TURIZMA HRANE ........................................................................................................................................838

Katarina Marošević:REGIONAL DEVELOPMENT OF EASTERN CROATIA / REGIONALNI RAZVOJ ISTOČNE HRVATSKE ................................................................................................................845

Mijana Matošević Radić, Domagoja Buljan Barbača:DEVELOPMENT OF TOURIST OFFERS THROUGH EUROPEAN FINANCING OF THE NON-PROFIT SECTOR / RAZVOJ TURISTIČKE PONUDE KROZ EUROPSKO FINANCIRANJE NEPROFITNOG SEKTORA .........................................................................854

Mihaela Mikić, Tin Horvatinović, Ivan Turčić:THE ROLE OF REGIONAL ECONOMIC ENVIRONMENT IN THE DEVELOPMENT OF ENTREPRENEURSHIP IN CROATIA / ULOGA REGIONALNOG EKONOMSKOG OKRUŽENJA ZA RAZVOJ PODUZETNIŠTVA U REPUBLICI HRVATSKOJ ......................862

Mirjana Nedović, Ivona Bajić Sabljo, Ana Gavran:THE ROLE AND THE SIGNIFICANCE OF REGIONAL WHOLESALES MARKET IN THE DEVELOPMENT OF EASTERN CROATIA - OPPORTUNITIES AND CHALLENGES / ULOGA I ZNAČAJ REGIONALNE VELETRŽNICE U RAZVOJU ISTOČNE HRVATSKE – PRILIKE I IZAZOVI ................................................................................................................870

Željko Pavić, Nemanja Davidović, Tanja Armenski:CULTURAL TOURISM IN POSTINDUSTRIAL REGIONS: THE CASES OF SLAVONIA-BARANJA AND VOJVODINA / KULTURNI TURIZAM U POSTINDUSTRIJSKIM REGIJAMA: SLUČAJEVI SLAVONIJE I BARANJE I VOJVODINE .....................................879

Mateja Petračić, Mato Bartoluci, Ines Milohnić:IMPORTANCE OF ENTERPRISES IN SUSTAINABLE DEVELOPMENT OF RURAL TOURISM OF CONTINENTAL CROATIA / VAŽNOST PODUZETNIŠTVA U ODRŽIVOM RAZVOJU RURALNOG TURIZMA KONTINENTALNE HRVATSKE ..................................888

Damir Šebo, Ivan Miloloža, Pavao Gagro:THE IMPACT OF QUALITY MANAGEMENT IN PUBLIC PROCUREMENT SYSTEM OF UNIVERSITY ON REGIONAL DEVELOPMENT / UTJECAJ UPRAVLJANJA KVALITETOM U SUSTAVU JAVNE NABAVE SVEUČILIŠTA NA REGIONALNI RAZVOJ ......................................................................................................................................897

Kristijan Šimičić, Dejan Balić, Vinko Samardžić:A CLUSTER OF HEALTH TOURISM “PANNONIAN HEALTH” AS DEVELOPMENT ACCELERATOR OF EASTERN CROATIA / KLASTER ZDRAVSTVENOG TURIZMA “PANNONIAN HEALTH” KAO AKCELERATOR RAZVOJA ISTOČNE HRVATSKE .........906

Ksenija Tokić, Jasenka Kranjčević:POTENTIAL OF LIBRARIES AS TOURIST ATTRACTIONS: CASE STUDY OF CROATIA / POTENCIJAL KNJIŽNICA KAO TURISTIČKIH ATRAKCIJA: STUDIJA SLUČAJA HRVATSKE .................................................................................................................................913

9. Financijske institucije / Financial institutions .....................................................................923

Anto Bajo, Marko Primorac, Miheal Blažeković:FINANCIAL PERFORMANCE OF TOURIST BOARDS IN THE REPUBLIC OF CROATIA / FINANCIJSKO POSLOVANJE TURISTIČKIH ZAJEDNICA U REPUBLICI HRVATSKOJ ...............................................................................................................................924

Ana Bilandžić:NON-FINANCIAL DETERMINANTS OF SMES’ GROWTH POTENTIAL / NEFINANCIJSKE DETERMINANTE POTENCIJALA ZA RAST MALIH I SREDNJIH PODUZEĆA ................................................................................................................................933

Domagoja Buljan Barbača, Antonia Čobanov:FINANCIAL LITERACY INCREASE OF THE TARGETED GROUPS / FINANCIJSKO OPISMENJAVANJE CILJANIH SKUPINA ...............................................................................943

Paško Burnać, Mario Pečarić:FISCAL AND MACROECONOMIC EFFECTS OF AUSTERITY MEASURES IN THE REPUBLIC OF CROATIA / FISKALNI I MAKROEKONOMSKI UČINCI MJERA ŠTEDNJE U REPUBLICI HRVATSKOJ ......................................................................................................952

Vesna Buterin, Denis Buterin, Ester Lukežić:SHOULD CROATIA DEVELOP ITS MORTGAGE MARKET? / TREBA LI HRVATSKA RAZVIJATI HIPOTEKARNO TRŽIŠTE? .................................................................................960

Lena Duspara:IMPACT OF INVESTMENT AND PRIVATE CAPITAL AT THE COMPETITIVENESS OF METAL PROCESSING INDUSTRY / UTJECAJ INVESTICIJA I PRIVATNOG KAPITALA NA KONKURENTNOST METALO-PRERAĐIVAČKE INDUSTRIJE ...................................969

Marina Đukić, Tomislav Levak:CHALLENGES IN FUNDING AND DEVELOPMENT OF LOCAL MEDIA IN EASTERN CROATIA / IZAZOVI FINANCIRANJA I RAZVOJA LOKALNIH MEDIJA ISTOČNE HRVATSKE .................................................................................................................................978

İbrahim Halil Ekşi, Almir Alihodžıć, Süleyman Serdar Karaca:THE EFFECT OF CREDITS OF FOREIGN BANKS ON REAL SECTOR FINANCING: EVIDENCE FROM SOME BALKAN COUNTRIES AND TURKEY / UTJECAJ KREDITIRANJA STRANIH BANAKA NA FINANCIRANJE REALNOG RASTA: EVIDENCIJA ODREĐENIH BALKANSKIH ZEMALJA I TURSKE .....................................988

Renata Ermacora:ACCOUNTING APPROACH VERSUS ECONOMIC APPROACH IN DETERMINING PROFIT OF SMALL FAMILY DAIRY COMPANY / RAČUNOVODSTVENI PRISTUP VERSUS EKONOMSKI PRISTUP U UTVRĐIVANJU PROFITA MALE OBITELJSKE MLJEKARE .................................................................................................................................996

Ljubo Jurčić, Antea Barišić:FOREIGN DIRECT INVESTMENT INFLOW EFFECTS: THE CROATIAN EXPERIENCE / EFEKTI PRILJEVA STRANIH IZRAVNIH ULAGANJA: ISKUSTVO REPUBLIKE HRVATSKE ...............................................................................................................................1005

Gordana Kordić, Maja Mihelja Žaja, Margareta Gardijan:EVALUATING FISCAL RULES EFFICIENCY IN EUROPEAN UNION COUNTRIES USING DATA ENVELOPMENT ANALYSIS / VREDNOVANJE EFIKASNOSTI FISKALNIH PRAVILA U ZEMLJAMA EUROPSKE UNIJE KORIŠTENJEM ANALIZE OMEĐIVANJA PODATAKA ....................................................................................................1014

Lana Kordić, Josip Visković:INVESTIGATING EFFICIENCY OF CROATIAN BANKING SECTOR - FURTHER STEPS TOWARDS MORE EFFICIENT BANKS / ISPITIVANJE EFIKASNOSTI HRVATSKOG BANKARSKOG SEKTORA - DALJNJI KORACI PREMA EFIKASNIJIM BANKAMA ....1023

Aleksandar Kovač:THE PROBLEM OF VALORIZATION OF NATURAL CAPITAL, ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT / PROBLEM VALORIZACIJE PRIRODNOG KAPITALA, EKONOMSKOG RASTA I ODRŽIVOG RAZVOJA .........................................1032

Marina Kovačević, Doris Mlinarić, Klaudia Coner:EFFICIENCY ANALYSIS OF ACQUISITIONS AND FINANCIAL PERFORMANCE OF A SECURITY SERVICES COMPANY / ANALIZA UČINKOVITOSTI AKVIZICIJE I FINANCIJSKIH PERFORMANSI PODUZEĆA U ZAŠTITARSKOJ DJELATNOSTI .........1044

Jakša Krišto, Iva Jaki:MULTIVARIATE STATISTICAL ANALYSIS OF HOUSEHOLD DEBT IN BANKS OVER THE COUNTIES IN CROATIA / MULTIVARIJATNA STATISTIČKA ANALIZA ZADUŽENOSTI KUĆANSTAVA U BANKAMA PO ŽUPANIJAMA U HRVATSKOJ ........1051

Dubravka Mahaček, Ivo Mijoč, Marko Eljuga:PERFORMANCE AUDIT OF MAINTENANCE OF UNCLASSIFIED ROADS / REVIZIJA UČINKOVITOSTI ODRŽAVANJA NERAZVRSTANIH CESTA...........................................1061

Ivana Mamić Sačer, Nikolina Dečman, Ana Rep:PRACTICAL PROBLEMS IN UNDERSTANDING ACCOUNTING TERMINOLOGY USED IN THE PREPARATION OF GENERAL PURPOSE FINANCIAL STATEMENTS – EVIDENCE FROM CROATIA / PRAKTIČNI PROBLEMI U RAZUMIJEVANJU RAČUNOVODSTVENE TERMINOLOGIJE KORIŠTENE PRI IZRADI FINANCIJSKIH IZVJEŠTAJA OPĆE NAMJENE – NA PRIMJERU HRVATSKE ............................................1077

Vinko Muštra, Josip Visković, Paško Burnać:CENTRAL OR SUB-CENTRAL FISCAL CONSOLIDATION: WHAT IS IMPORTANT FOR REGIONAL INEQUALITIES? / SREDIŠNJA I/ILI SUB-SREDIŠNJA FISKLAN KONSOLIDACIJA: ŠTO JE KLJUČNO ZA REGIONALNE NEJEDNAKOSTI?.................1086

Hrvoje Perčević, Marina Mićin:THE POTENTIAL EFFECTS OF CHANGE IN LEASE ACCOUNTING MODEL ON COMPANIES’ FINANCIAL POSITION / ANALIZA POTENCIJALNIH UČINAKA PROMJENE RAČUNOVODSTVENOG MODELA NAJMA NA FINANCIJSKI POLOŽAJ PODUZEĆA ..............................................................................................................................1095

Tonći Svilokos, Meri Šuman Tolić, Perica Vojinić:FINANCIAL CONDITIONS AND INDUSTRIALISATION IN CEECs / FINANCIJSKI UVJETI I IDUSTRIJALIZACIJA U ZEMLJAMA SJEVEROISTOČNE I ISTOČNE EUROPE ....................................................................................................................................1104

Helena Štimac, Zvonimir Lozić:ANALYSIS OF FOREIGN DIRECT INVESTMENTS IN THE REPUBLIC OF CROATIA / ANALIZA INOZEMNIH IZRAVNIH ULAGANJA U REPUBLIKU HRVATSKU ................ 1113

Andreja Švigir, Katarina Žager:ROLE OF REGULATORY BODIES IN CREATING INTEGRATED REPORTING SYSTEM / ULOGA REGULATORNIH TIJELA U KREIRANJU INTEGRIRANOG IZVJEŠTAVANJA .....................................................................................................................1123

Silvia Trifonova:EFFECTS FROM THE ECB’S UNCONVENTIONAL MONETARY POLICY MEASURES ON THE LONG-TERM GOVERNMENT BOND YIELDS IN BULGARIA, CROATIA AND ROMANIA / UČINCI NEKONVENCIONALNIH MJERA MONETARNE POLITIKE EUROPSKE SREDIŠNJE BANKE NA PRINOSE DUGOROČNIH DRŽAVNIH OBVEZNICA U BUGARSKOJ, HRVATSKOJ I RUMUNJSKOJ ...................................................................1131

Boris Tušek, Ana Ježovita, Lajoš Žager:SIGNIFICANCE OF ANALYTICAL PROCEDURES IN THE INTERNAL AUDIT ENGAGEMENTS OF THE PUBLIC-SECTOR ENTITIES IN EASTERN CROATIA / ZNAČAJ ANALITIČKIH POSTUPAKA U ANGAŽMANIMA FUNKCIJE INTERNE REVIZIJE U JAVNOM SEKTORU ISTOČNE HRVATSKE ...................................................1145

Boris Tušek, Ana Novak, Ivana Barišić:CHALLENGES IN ADJUSTING INTERNAL CONTROLS TO CHANGES IN ACCOUNTING REGULATION / IZAZOVI PRILAGODBE INTERNIH KONTROLA PROMJENAMA RAČUNOVODSTVENE REGULATIVE ....................................................1155

Davor Zoričić, Denis Dolinar, Zrinka Lovretin Golubić:A TEST OF GLOBAL MINIMUM VARIANCE PORTFOLIO IN THE CROATIAN CAPITAL MARKET / TESTIRANJE PORTFOLIJA S NAJMANJOM VARIJANCOM NA HRVATSKOM TRŽIŠTU KAPITALA ......................................................................................1165

10. Umjesto zaključka / In Closing .........................................................................................1175

Mašek Tonković, Anka:UMJESTO ZAKLJUČKA / IN CLOSING / STATT EINER SCHLUSSFOLGERUNG / 而不是结论................................................................................................................................1176

Zahvala sponzorima / Gratitude to sponsors ........................................................................1182

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Mladen Turuk, Ph.D. University of Zagreb, Faculty of Economics and Business Zagreb, J. F. Kennedy Sq. 6 Phone: +385-1-2383-107 Fax: +385-1-2383-333 E-mail address: mturuk@efzg.hr THE IMPORTANCE OF DIGITAL ENTREPRENEURSHIP IN ECONOMIC

DEVELOPMENT ZNAČAJ DIGITALNOG PODUZETNIŠTVA U RAZVOJU GOSPODARSTVA

ABSTRACT

The development of digital technologies leads to changes in existing business models and the creation of new ones, the introduction of new products and services, and the increase in the efficiency of business processes and therefore making enterprises more competitive. This is also reflected in the increase in the competitiveness of the local and national economy. Transformation of existing economies into digital represents a significant opportunity for the accelerated growth of the local and national economy, whose drivers are small and medium-sized enterprises. The digital economy in the European Union is growing much faster than the rest of the economy, which will lead to the creation of more jobs and the continuation of the digital transformation of the European economy. The Republic of Croatia, to a lesser extent, recognizes the potential that lies in the development of digital technologies and their impact on business activities. The role of the state in this regard is to ensure a high quality legislative and infrastructure environment for the development of digital business, to encourage the development of digital jobs, to strengthen financial instruments intended to finance the digitization of existing business or the development of new technology-based business, and to promote the importance of digital technologies. This would affect the attractiveness of investments in the technology sector, often referred to as the sector of above-average growth potential. The impact of technology on the business is inevitable, and for enterprises it is crucial to accept the emerging market conditions and dynamic business environment or invest in the digitization of business and the integration of new technologies into their business models. Enterprises that fail to adapt adequately to the digital environment will inevitably face a decline in competitiveness, and some of them may face the very survival on the market. The aim of this paper is to examine the use of digital technologies in business and to argue the importance of using them for the growth and development of an enterprise, and to emphasize the importance of digitization for local development and the strengthening of the national economy as a whole. Key words: Digitalization, Digital Entrepreneurship, New Technologies, Economic Development.

SAŽETAK Razvoj digitalnih tehnologija dovodi do promjena postojećih i stvaranja novih poslovnih modela, uvođenja novih proizvoda i usluga te porasta efikasnosti poslovnih procesa, čime poduzeća postaju konkurentnija. Navedeno se odražava i na porast konkurentnosti lokalnog i nacionalnog gospodarstva. Transformacija postojećih gospodarstava u digitalna predstavlja značajnu priliku za ubrzani rast lokalnog i nacionalnog gospodarstva čiji su pokretači mala i srednja poduzeća. Digitalna ekonomija u Europskoj uniji raste znatno brže od ostatka ekonomije što će dovesti do otvaranja većeg broja radnih mjesta, odnosno nastavka digitalne transformacije europskog gospodarstva. Republika Hrvatska u nedovoljnoj mjeri prepoznaje potencijal koji leži u razvoju

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digitalnih tehnologija i njihovom utjecaju na poslovne aktivnosti. Uloga države u tom smislu je osigurati što kvalitetniju legislativnu i infrastrukturnu okolinu za razvoj digitalnog poslovanja, poticati razvoj digitalnih radnih mjesta, jačati financijske instrumente namijenjene financiranju digitalizacije postojećeg poslovanja ili razvoju novog poslovanja temeljenog na tehnologiji, te promovirati važnost digitalnih tehnologija. Navedeno bi utjecalo na privlačenje investicija u tehnološkom sektoru, često označavanom kao sektoru iznadprosječnog potencijala rasta. Utjecaj tehnologije na poslovanje je neizbježan te za poduzeća od presudne važnosti postaje prihvatiti novonastale tržišne uvjete i dinamičnu poslovnu okolinu, odnosno ulagati u digitalizaciju poslovanja i integraciju novih tehnologija u svoje poslovne modele. Poduzeća koja se ne uspiju adekvatno prilagoditi digitalnom okruženju neminovno će se suočiti s padom konkurentnosti, a kod određenih se poduzeća može pojaviti i pitanje samog opstanka na tržištu. Cilj rada je ispitati korištenje digitalnih tehnologija u poslovanju te argumentirati značaj korištenja istih za rast i razvoj poduzeća, odnosno naglasiti značaj digitalizacije za lokalni razvoj i jačanje nacionalnog gospodarstva u cjelini. Ključne riječi: Digitalizacija, Digitalno poduzetništvo, Nove tehnologije, Razvoj gospodarstva. 1. Introduction The world is continuously changing and the use of digital technologies becomes a fundamental part of our living and working environment. What we are experiencing is digital transformation of existing businesses where the development of digital technologies leads to changes in existing business models and the creation of new ones. The digital economy is developing rapidly. The digital economy already contributes up to eight per cent of GDP in G-20 economies, empowering growth and creating jobs. In Europe, studies have shown that SMEs grow two to three times faster, creating new jobs, when they embrace novel digital technologies (European Commission, n.d.). Digital economy in general, refers to an economy that is based on digital technologies. OECD (2012, 1) defines the digital economy as the one that “enables and executes the trade of goods and services through electronic commerce on the Internet.” Deloitte (n.d.) refers to digital economy as “the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes. The backbone of the digital economy is hyper connectivity which means growing interconnectedness of people, organisations, and machines that results from the Internet, mobile technology and the Internet of things (IoT).” The digital economy is sometimes called the New Economy, Internet Economy or Web Economy. The digital economy significantly contributes to GDP in developed countries and digital entrepreneurs could be one of the growth generators for developing countries. Digital entrepreneurship is “a subcategory of entrepreneurship in which some or all of what would be physical in a traditional organization has been digitized” (Hull, Hung & Hair, 2006, 4). Thus, “digital entrepreneurship implies entrepreneurship, or new value creation, involving digital goods or services, digital distribution, a digital workplace, a digital marketplace, or some combination of these. This entrepreneurial activity relies on information technology to create market, distribute, transform or (in the case of digital services) perform the product” (Ibid., 7). Digital entrepreneurship most commonly refers to “the process of creating a new or novel Internet enabled/delivered business, product or service. This definition includes both start-ups – bringing a new digital product or service to market – but also the digital transformation of an existing business activity inside a firm or the public sector” (van Welsum, 2016, 1). Davidson & Vaast (2010, 8) suggest that digital entrepreneurship is the practice of pursuing “new venture opportunities presented by new media and internet technologies”. Without the new technologies, digital entrepreneurs would be unable to deliver their products or services, and in some cases the business model itself could not exist without information technology. The sector of information and

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communication technology remains a key driver of innovation and a sector with huge growth potential. As such, the Government of the Republic of Croatia should recognize it as one of the priority sectors of the Croatian economy. 2. An insight into the digital economy in the Republic of Croatia In order to track the progress of the digital economy in the European Union, European Commission introduced the digital scoreboard. The digital scoreboard includes data from the Digital Economy and Society Index (DESI) and the European Digital Progress Report (EDPR). The Digital Economy and Society Index (DESI) is a composite index that summarizes relevant indicators on Europe’s digital performance and tracks the evolution of EU member states in digital competitiveness (Table 1).

Table 1 DESI structure Dimension Sub-dimension Indicator

1a1 Fixed Broadband Coverage 1a Fixed Broadband

1a2 Fixed Broadband Take-up 1b1 Mobile Broadband Take-up 1b2 4G coverage 1b Mobile Broadband 1b3 Spectrum 1c1 NGA Coverage

1c Speed 1c2 Subscriptions to Fast Broadband

1 Connectivity

1d Affordability 1d1 Fixed Broadband Price 2a1 Internet Users

2a Basic Skills and Usage 2a2 At Least Basic Digital Skills 2b1 ICT Specialists 2 Human Capital / Digital Skills

2b Advanced skills and Development 2b2 STEM Graduates 3a1 News 3a2 Music, Videos and Games 3a Content 3a3 Video on Demand 3b1 Video Calls

3b Communication 3b2 Social Networks 3c1 Banking

3 Use of Internet

3c Transactions 3c2 Shopping 4a1 Electronic Information Sharing 4a2 RFID 4a3 Social Media 4a4 eInvoices

4a Business digitization

4a5 Cloud 4b1 SMEs Selling Online 4b2 eCommerce Turnover

4 Integration of Digital Technology

4b eCommerce 4b3 Selling Online Cross-border 5a1 eGovernment Users 5a2 Pre-filled Forms 5a3 Online Service Completion

5 Digital Public Services 5a eGovernment

5a4 Open Data

Source: European Commission (2017) DESI overall index is calculated as the weighted average of the five main DESI dimensions: 1) Connectivity (25%), 2) Human Capital/Digital Skills (25%), 3) Use of Internet (15%), 4)

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Integration of Digital Technology (20%) and 5) Digital Public Services (15%). The Connectivity dimension measures the deployment of broadband infrastructure and its quality. The Human Capital dimension measures the skills needed to take advantage of the possibilities offered by a digital society. Such skills go from basic user skills that enable individuals to interact online and consume digital goods and services, to advanced skills that empower the workforce to take advantage of technology for enhanced productivity and economic growth. The Use of Internet dimension accounts for the variety of activities performed by citizens already online. Such activities range from consumption of online content (videos, music, games, etc.) to modern communication activities or online shopping and banking. The Integration of Digital Technology dimension measures the digitization of businesses and their exploitation of the online sales channel. By adopting digital technology businesses can enhance efficiency, reduce costs and better engage customers, collaborators and business partners. Furthermore, the Internet as a sales outlet offers access to wider markets and potential for growth. The Digital Public Services dimension measures the digitization of public services, focusing on eGovernment. Modernization and digitization of public services can lead to efficiency gains for the public administration, citizens and businesses alike as well as to the delivery of better services for the citizen (European Commission, 2015). The EDPR report combines the quantitative evidence from DESI (Digital Economy and Society Index) with country-specific policy insights, allowing to keep track of the progress made in terms of digitalization by each Member State and providing an important feedback for policy-making at EU level. The Republic of Croatia belongs to the low performing cluster of countries, with Romania, Bulgaria, Greece, Italy, Croatia, Poland, Cyprus, Hungary and Slovakia. According to Europe's Digital Progress Report (EDPR) (2017) Croatia ranks 24th out of the 28 EU Member States. Overall, in 2017 it progressed slowly compared to 2016, but fell from rank 23 to rank 24 because other countries made faster progress (Figure 1, Table 2).

Figure 1 Digital Economy and Society Index, by Main Dimensions of the DESI (European Commission, Digital Scorecard)

Source: European Commission, Digital Scoreboard (2017)

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Table 2 DESI rank Croatia Cluster EU DESI rank score score score

DESI 2017 24 0.43 0.41 0.52 DESI 2016 23 0.40 0.38 0.49

Source: Europe's Digital Progress Report (EDPR) (2017) Concerning the integration of digital technology DESI dimension, the use of digital technologies by firms in the Republic of Croatia is close to the EU average. Firms are above average users of Cloud Services (16%, rank 9), while the turnover of SMEs selling online is increasing and is above the EU average. Digital Public Services are slowly improving: Croatia is performing above average on the availability of Open Data but the number of eGovernment users is only slowly increasing and there is no progress in the delivery of services. The country's greatest challenge in digital is its low performance in connectivity. Rural broadband connectivity and fast broadband coverage are limited. Furthermore, prices for fixed broadband remain extremely high (Europe's Digital Progress Report (EDPR) (2017)). In all the components of DESI index the performance of the Republic of Croatia is below EU average, except the Use of Internet component. The evolution of DESI index over the last four years is positive but however, it evolves slower than the other Member States (Figure 2).

Figure 2 Digital Economy and Society Index, by Main Dimensions of the DESI (European Commission, Digital Scorecard)

Source: European Commission, Digital Scoreboard (2017)

Since recently, the Republic of Croatia has tried to make some progress in digital transformation. In 2015, the Government of the Republic of Croatia adopted the Decision on the Establishment of the National Council for the Digital Economy. The National Council for the Digital Economy aims to establish an active partnership of developing stakeholders’ digital economy, by defining goals and priorities for creating a single digital market. The Council acts as advisory body of the Government of the Republic of Croatia in the transformational processes of the economy that imposes the development of digital technologies. The Council is chaired by a representative of the Ministry of Economy, and consists of representatives of businessmen, educational institutions, professional associations, non-governmental organizations and public authorities. The Council may provide support in the process of continuous entrepreneurial disclosure in this specific area, particularly in the case of further development of more detailed strategic directions of research, development and innovation that will focus only on certain selected segments and areas of application of ICT (Government of the Republic of Croatia, 2016, 159). In 2016, Government of the Republic of Croatia introduced the Strategy for the smart specialization of the Republic of Croatia for the period

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from 2016 to 2020 and an action plan for the implementation of the smart specialization strategy for the Republic of Croatia for the period 2016 to 2017, which was one of the first formal documents recognizing the importance of digital technologies and their potential effect on the economy overall. This progress, is according to the DESI rank, slower than the progress of the other EU Member States. 3. The importance of digital entrepreneurship in the local context Entrepreneurship plays significant role in economic growth and living standard of the local community. By doing the best for their businesses, entrepreneurs empower local community, counties, and national economy as a whole. Entrepreneurs, opposed to job seekers, are job creators, who aside from employing themselves, employ local population and hence, increase their purchasing power. Rise of their firms lead to increased standard of living of local community. By doing their business activity, entrepreneurs engage local resources and other firms, allowing them to be a part of their supply chain, and therefore relocating capital and investments to local communities. The rise in entrepreneurial activity in less developed areas lead to infrastructural improvements, such as roads, better water and electric supply and other facilities that would not otherwise be available, as well. Duspara, Knežević & Duspara (2016) emphasize the importance of implementing strategies that lead to sustainable competitive advantage and sustainable development based on new technologies, knowledge and investments, and providing legal and administrative support to small entrepreneurs in developing of their ideas. Greater use of advanced digital technologies by SMEs can boost both growth and employment (The Boston Consulting Group, 2013). Van Welsum (2016, 1) explains that digital entrepreneurship “may level the playing field in certain sectors, creating opportunities to work from remote areas, at different hours, from the home, or on the go. It can play an important role in promoting gender equality and social and economic inclusion, stimulate local development, and contribute to sustainable development, especially when new technologies are combined with the availability of open and public data.” Novel technological trends, “such as mobile and social solutions, cloud computing, data analytics, digitisation of manufacturing, including digital technologies for the design, prototyping and testing of industrial products, as well as collaborative technologies, offer a new range of opportunities for business services in the knowledge economy” (European Commission, n.d., 1). Digital enterprises are different from traditional enterprises because they rely on different business models and fully of the digital technology to pursue their products and services, as well as marketing and distribution activities. Advances in digitisation and developments in information and communication technologies is changing the business environment, transforming business practices and creating opportunities for new types of entrepreneurial activities (Ngoasong, 2015). Compared to starting a new venture in the non-digital arena, “it is easy to become a digital entrepreneur. For example, the time required to create a website that sells existing products is comparatively short” (Hull, Hung & Hair, 2006, 8). Because it can be so easy, “many entries exhibit appallingly low quality and poor customer service making it hard for the quality digital entrepreneurs to succeed” (Ibid., 8). Entrepreneurs need to understand the pros and cons of digital entrepreneurship and how these differ from those associated with traditional entrepreneurship. Digital technologies offer “tremendous growth opportunities but require entrepreneurs to fully unlock their economic potential as the basis of new businesses or an enabler of the transformation of already established firms” (van Welsum, 2016, 7). Many digital entrepreneurs born locally have the ability to grow across borders very quickly. The skills to identify new technology-enabled business opportunities are key to successful digital entrepreneurship.

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The Republic of Croatia is still at the beginning of the potential of digital growth. This is a great opportunity for the local enterprises to leverage their businesses and hence, their local communities, with the smart use of the latest technologies. In order to support digital entrepreneurship within the EU, European Commission has developed a digital entrepreneurship policy framework, structured along five pillars describing key factors of digital entrepreneurship. These pillars are: 1) Digital knowledge base and ICT market, 2) Digital business environment, 3) Access to finance, 4) Digital skills and e-leadership and 5) Entrepreneurial culture (Table 3).

Table 3 Five pillar plan to enable digital entrepreneurs ENABLING DIGITAL ENTREPRENEURS

Digital knowledge base and ICT

market

Digital business environment Access to finance Digital skills and e-

leadership Entrepreneurial

culture

Enhancing digital innovation,

commercialization and the ICT sector

Strengthening digital infrastructure, the

regulatory framework and

improving ease of doing business

Facilitating access to finance and

enhancing digital investments

Fostering e-leadership skills

through education and training

Creating a supportive entrepreneurial

culture

Public and/or private sector support the creation of new companies and foster the development of existing ones that embrace digital Knowledge diffusion to enhance digital innovation is encouraged ICT sector acts as an engine for diffusion and commercialization of new services/ideas

A clear and supportive regulatory environment makes doing digital business simple, market entry is facilitated and there is an active and dynamic supply and demand of digital technologies Access to and trust in digital markets is heightened as a result of an improved ICT infrastructure

Enhanced access to finance is available, targeted at the creation, survival and growth of digital entrepreneurs Traditional forms of lending are complemented by innovative mechanisms targeted at enhancing digital investments Fiscal and tax frameworks are supportive and help to enable all business to embrace digital technologies

A supportive education system exploits the new opportunities arising from ICT development, so individuals have the skills and the knowledge to improve business efficiency and develop new business models powered by digital Entrepreneurs and business leaders are more e-competent and able to enhance growth and internationalization

The entrepreneurial culture is more supportive and embraces digital entrepreneurs. They are fully integrated in this context and their image and role in society are both improved and emphasized

Source: European Commission (n.d., 3) The aims of the framework are to enhancing digital innovation, commercialization and the ICT sector; strengthen digital infrastructure, the regulatory framework and improve ease of doing business; facilitate access to finance and enhance digital investments; foster e-leadership skills through education and training and create a supportive entrepreneurial culture. According to van Welsum (2016, 1) the main barriers to digital entrepreneurship include: “skills, infrastructure, and various aspects of the business environment. In many parts of the world, access to affordable, reliable, high-speed broadband infrastructure is still a problem, including in parts of developed countries. It is also important to create a dynamic and competitive digital business environment and address concerns around digital entrepreneurship conditions in order to enable the creation of online services and applications”. Low fixed broadband coverage in the Republic of Croatia, especially in the rural areas (rank 19) and the highest fixed broadband price (rank 28) in the European Union, highly contribute to lower rates of digitally oriented business in smaller, local communities.

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4. Conclusion Digital technologies offer great growth opportunities for enterprises and, hence, local communities. The development of the digital economy and digital entrepreneurship primarily depends on the use of digital technologies by individuals, firms and governments. The role of policy makers in creating conditions for development and growth of new digital business models is critical. Governments and political leaders should make it a priority to encourage SMEs to implement the latest digital technologies in their everyday operations in order to exploit the full economic benefits. The Republic of Croatia should recognize digital economy as strategic part of the economy and seek to ensure the right conditions to improve the policy frameworks, institutional support, introduce employment benefits and financing initiatives that support entrepreneurship in digital economy. Ensuring affordable high-speed access to the fixed broadband infrastructure, especially in rural areas is critical step in removing barriers to doing business and to enable digital entrepreneurs to unlock their economic potential. By starting new businesses, entrepreneurs help in creating jobs, and contribute to common goals, such as local and national GDP growth, rise in exports, rise in the standard of living, local community skills and infrastructural development etc. New businesses in digital economy have even more effects, due to their huge growth potential. Traditional entrepreneurs should make efforts to create transformation of existing products, services and business model into digital while the Republic of Croatia should make harder efforts in order to improve the policy frameworks, technical skills and development programs, and facilitate access to finance for initiatives that support entrepreneurship in the digital economy. The ultimate goal of these efforts is to improve competitiveness, attract investment, and to create jobs in this fast-growing branch of the economy. Adoption of the new technologies is neither restricted to ICT businesses, nor it is only for newly born enterprises. Technologies can and should be used by existing and traditional business in order to digitally transform their activities in all areas. Those entrepreneurs who do not go along with the transformation process will lose their competitive positions on the market and may face consequences.

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