Zoran Wittine

This paper examines the efficiency of the euro's exchange market against the USD, GBP, and CNY, which are generally considered highly efficient. We used two robust tests on a fixed-length rolling window to identify periods of inefficiency. A classification problem was then formulated to link these periods to specific market conditions. The data sample spanned from 1999 to 2025 for EUR/USD and EUR/GBP, and from 2005 to 2025 for EUR/CNY. Our findings show that market efficiency fluctuates over time. EUR/CNY returns were the most inefficient, followed by EUR/USD, with EUR/GBP returns being the most efficient. The detected periods of inefficiency appear to be linked to periods of crisis and high uncertainty. Logistic regression results also suggested that periods of lower volatility are more likely to be predictable or inefficient. These empirical findings align with market microstructure theory.

This study explores the relationship between Croatia and the U.S., Russia, and China, providing a comparative qualitative analysis of trade and investment flows between these countries. Using a Mixed Methods approach combined with a literature review, evaluation of a range of data sources, analysis of bilateral trade data and foreign direct investment flows, and other economic indicators, the study analyzes the drivers of and implications for economic ties between Croatia and these countries. The study also examines the impact of economic sanctions on Croatia's relationship with Russia. The research finds that the U.S. is Croatia's largest trading partner, while Russia and China are important sources of foreign direct investment. Finally, the study provides recommendations for future research, highlighting the need for a greater focus on trade in services, investment flows, and comparative analysis with other countries in the Balkans region. Overall, the study contributes to understanding the complex economic relationship between Croatia and the U.S., Russia, and China and offers recommendations for greater diversification of Croatia's trade and investment partners and the importance of monitoring the political and economic risks in economic cooperation.

This study aims to determine social support, job burnout, employee performance, and the effect of social support and job burnout on employee performance. The research uses descriptive and verification methods using primary data, distributing online questionnaires to 31 The Jayakarta Suites Bandung employees. Data were analyzed using statistical tools and multiple regression analysis. Data collection using a saturated sampling technique. The results of the descriptive analysis show that social support, job burnout, and employee performance are included in the good category. The verification analysis results show that the burnout variable partially affects employee performance, but social support has no effect on employee performance. While the variables of social support and work fatigue together affect employee performance. The result of this study provides an overview of how employee performance can occur due to the influence of social support and job burnout.

The relationship between entrepreneurial orientation and business performance has been widely researched. However, in scientific literature there is still a need for further clarification when observing the before mentioned concepts, especially within the service SME context. Likewise, when observing this relationship it is necessary to look into the impact of entrepreneurial orientation on individual segments of business performance, i.e. on financial and non-financial constructs. Therefore, the aim of this paper is to explore the association of entrepreneurial orientation and small and medium business performance, while observing performance both as unidimensional and multidimensional concept. Furthermore, the paper tests whether moderation effect of external environment exists between entrepreneurial orientation and business performance among Croatian service SMEs.

Spajanja i preuzimanja služe kao odgovor na tehnološki razvoj, konkurenciju i ostale nepredvidljive tržišne podražaje te čine poduzeća konkurentnijima, povećavaju efikasnost, omogućuju brzi rast i stvaraju vrijednost za dioničare. Međutim, većina spajanja i preuzimanja završi neuspjehom, a mnogi odgovori za neuspjeh leže u korporativnoj kulturi. Koju su ključni izazovi integracijskih procesa, s kakvim se problemima susreću poduzeća kod spajanja i preuzimanja zbog razlika u korporativnim kulturama poduzeća te koje su moguće solucije za rješavanje navedenih problema, problematika je kojom se ovaj rad bavi.

Paper focuses on Croatian banking sector and looks into factors that affect its stability. It analyses resilience of the banking sector to external shocks, determines factors of risk resilience and relates them to present situation in Croatia. Finally, it discusses results of stress testing conducted by Croatian National Bank and draws conclusions pertaining to Croatian financial sector.

Expectations of economic agents about the upcoming business conditions can strongly influence pace and intensity of future economic developments. Amidst the time of crisis, business subjects are risk averse, waiting for better times and for the turmoil to calm down. Because of the losses suffered, their sentiment is very pessimistic which hinders them from active business participation. Theories show that individuals are even ready to reject an investment that has a positive risk premium because the potential gain is insufficient to make up for the risk involved. By doing so, they prolong the crisis even longer. In such situations it is important to protect potential investors against further losses as it is the only thing that can serve as a guarantee of increased optimism that could lead to economic recovery. This paper explores the sentiment of economic agents amidst the time of crisis and consequently focuses on problem of portfolio optimization. Since optimization is based on robust data and excludes emotions out of the equation, results of it should be objective and may help turning investors’ pessimistic sentiment into more optimistic one. Securities that make up the most relevant Croatian stock exchange index, namely Crobex 10 have been chosen for the analysis. We analyze expected rates of return and portfolio risk and give recommendations to investors on how to choose optimal portfolio and minimize inherent risk