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This paper aims to examine the innovation performance of 28 European Union countries. Hypothesis of the paper states there is a significant difference of innovation performance between the old and the new EU members. Furthermore, the role of SMEs regarding innovation capacity may not be the same across EU. Using K-means clustering results indicated Germany, Ireland, France, Luxemburg and Austria as the most innovative countries and Bulgaria, Estonia, Latvia, Hungary, Poland and Slovakia as the least innovative countries. Czech Republic, Croatia, Cyprus, Denmark, Finland, Greece, Italy, Lithuania, Malta, Netherlands, Portugal, Slovenia, Sweden, United Kingdom and Spain were found to have a medium level of innovation performance. Furthermore, United Kingdom surpassed the average innovation level of the cluster for the small sized enterprises. Croatia was below the average level of the cluster regardless of the size of the enterprise. Romania was the outlier with the least innovation. In order to facilitate more innovation these findings may be valuable in creating more country specific recommendations for entrepreneurial policy.

This paper aims to examine the innovation performance of 28 European Union countries. Hypothesis of the paper states there is a significant difference of innovation performance between the old and the new EU members. Furthermore, the role of SMEs regarding innovation capacity may not be the same across EU. Using K-means clustering results indicated Germany, Ireland, France, Luxemburg and Austria as the most innovative countries and Bulgaria, Estonia, Latvia, Hungary, Poland and Slovakia as the least innovative countries. Czech Republic, Croatia, Cyprus, Denmark, Finland, Greece, Italy, Lithuania, Malta, Netherlands, Portugal, Slovenia, Sweden, United Kingdom and Spain were found to have a medium level of innovation performance. Furthermore, United Kingdom surpassed the average innovation level of the cluster for the small sized enterprises. Croatia was below the average level of the cluster regardless of the size of the enterprise. Romania was the outlier with the least innovation. In order to facilitate more innovation these findings may be valuable in creating more country specific recommendations for entrepreneurial policy. ; Cilj ovog rada je ispitati inovacijske učinke 28 zemalja Europske unije. Hipoteza rada navodi da postoji značajna razlika u inovacijskoj izvedbi između starih i novih članica EU. Nadalje, uloga MSP-a u pogledu inovacijskih kapaciteta možda nije na istoj razini u cijeloj EU. Korištenje rezultata klasteriranja K-sredinama označilo je Njemačku, Irsku, Francusku, Luksemburg i Austriju kao najinovativnije zemlje, a Bugarsku, Estoniju, Latviju, Mađarsku, Poljsku i Slovačku kao najmanje inovativne zemlje. Utvrđeno je da Češka, Hrvatska, Cipar, Danska, Finska, Grčka, Italija, Litva, Malta, Nizozemska, Portugal, Slovenija, Švedska, Velika Britanija i Španjolska imaju srednju razinu inovacijske izvedbe. Nadalje, Ujedinjeno Kraljevstvo premašilo je prosječnu razinu inovativnosti klastera za mala poduzeća. Hrvatska je bila ispod prosječne razine klastera bez obzira na veličinu poduzeća. Rumunjska je odstupala s najmanje inovacija. Kako bi se olakšalo više inovacija, ovi nalazi mogu biti korisni u stvaranju više preporuka za poduzetničku politiku specifičnih za pojedinu zemlju.

This paper examines a linkage between consumer and producer prices within European countries.
The research sample in this paper includes 23 European countries and monthly data between February 2000
and March 2023 for the harmonized index of consumer prices (HICP) and producer prices index (PPI).
Using a wavelet coherence approach country country-specific linkage was provided for each of the
considered countries. Empirical findings suggested diverse relationships. However, the most frequently
observed linkage is the one with producer prices as leading and consumer prices as lagging variables and a
positive correlation between the two. Furthermore, the relation is more prominent at higher scales or lower
frequencies. Conclusively, monetary policy needs to monitor producer prices while targeting inflation rates.

This study examines the industry-specific effects of productivity shocks on exports and the internationalisation of the largest Croatian exporters. In order to answer two research questions: (1) Which hypothesis, the productivity-led hypothesis or export-led hypothesis, holds in the case of the largest Croatian exporters? (2) Are the effects of productivity shocks on exports and internationalization sectoral dependent, and in what way? The authors tested 300 largest exporters' micro- financial data for the 2006-2015 period by using a vector autoregression (VAR) method. Three productivity measures examined are total factor productivity, labour productivity and capital productivity. The results imply that productivity-led hypothesis holds for majority of Croatian largest exporters' sectors. Rather than a specific export-led hypothesis, a bi-directional flow has proved to have greater influence on several industrial sectors, including professional and scientific services and administrative services sectors, and to a lesser extent, transport and warehousing, accommodation and food sectors. It is predominantly negative in terms of TFP and positive in terms of labour productivity (agriculture, electricity and gas supply, wholesale and transport and warehousing, and information and communication) and capital productivity (electricity and gas supply). Managerial and policy implications of productivity shocks are discussed in the paper.

Projectification has become an important phenomenon in the field of project studies. Projectification represents an important portion of the gross national product gathering significant resources in all types of industries. There is significant number of micro-level studies investigating this phenomenon but only few have investigated the macro-level design. This paper adopted approach originally implemented in Germany, Norway and Iceland. Aim of this paper is to broaden the scale of the previous research including Croatia as one of the Eastern European post transition countries. This paper offers unique results from the first projectification research of the Croatian economy based on the analysis of 250 companies. Primary data was collected through interviews with company employees. Results reveal the level of Croatian national economy projectification being below 30% enabling sector and cross country comparison. According to results Croatia is still within the range of the European Union countries. These results add to the existing body of knowledge regarding an ongoing research of the projectification phenomenon. ; Projektifikacija je postala važan fenomen u području istraživanja projekata. Projektifikacija predstavlja važan udio nacionalnog domaćeg proizvoda obuhvaćajući značajne resurse u svim industrijskim sektorima. Postoji značajan broj istraživanja mikro razine, ali svega nekoliko onih koje istražuju fenomen projektifikacije na makro razini. Ovaj rad koristi pristup originalno primijenjen u istraživanju projektifikacije na primjeru Njemačke, Norveške te Islanda. Cilj istraživanja je proširiti opseg prethodne studije uključivanjem Republike Hrvatske kao istočno europske post-tranzicijske zemlje. Rad nudi jedinstvene rezultate prve studije projektifikacije nacionalnog gospodarstva Republike Hrvatske koji se temelje na uzorku 250 poduzeća. Primarni podaci su prikupljeni putem intervjua zaposlenika. Rezultati ukazuju na postojeću razinu projektifikacije nacionalnog gospodarstva ispod razine od 30% omogućujući usporedbu sektora i zemalja. Prema rezultatima Republika Hrvatska se nalazi unutar raspona zemalja Europske unije. Rezultati istraživanja doprinose postojećem skupu znanja istraživačkog područja fenomena projektifikacije.

The paper tests for the existence of hysteresis in the net export development patterns of five EU member countries - the Czech Republic, Latvia, Hungary, Slovakia and Slovenia. Based on the quarterly data samples from 1996q1 to 2017q2, country-specific estimates are obtained and tested. Time series estimates point to the fractionally integrated series of net exports for the Czech Republic and Latvia, while the net exports of Hungary, Slovakia and Slovenia are best explained by SETAR (1) model specification. The research results indicate long memory property in the net export series for the Czech Republic and Latvia, thus supporting the existence of hysteresis. The net export dynamics of Hungary, Slovakia and Slovenia are found to be nonlinear and threshold dependent but still slightly different. The paper also found heterogeneity in the dynamics and properties of net exports for the countries examined in this paper. Furthermore, the paper showed an indicative similarity in the change of the contemporary net export development patterns in the sample countries.

The paper aims to examine demand for merchandise exports from Croatia as a function of relative prices and income of the European Union (EU) member countries. Data sample consists of quarterly time series data over the period 2000 q1 -2019 q1. The paper employed standard tests of cointegration and state space model with time-varying parameters approach to examine the relationship between merchandise exports and its assumed determinants. The results revealed demand function for Croatian merchandise exports highly elastic to changes in income and relative prices. Furthermore, there was sizable increase in demand for merchandise exports from Croatia as a consequence of joining EU. Eventually, the results were discussed in context of balance of payments constraints to growth theory and policy implications were derived.

Na uzorku mjesečnih podataka o realnom efektivnom tečaju kune od siječnja 1996. godine do listopada 2018. godine, u radu se analizira teorija pariteta kupovne snage u Hrvatskoj. Testovi jediničnog korijena sugeriraju nestacionarnu vremensku seriju realnog efektivnog tečaja kune. Temeljem modela kvantilne autoregresije u radu su analizirani endogeni šokovi različitog predznaka i magnitude. Rezultati sugeriraju postojanje asimetrija. Aprecijacijski šokovi u realnom efektivnom tečaju kune perzistiraju kraće u odnosu na deprecijacijske šokove. Nadalje, endogeni šokovi oko medijana imaju najizraženiju tendenciju perzistencije. Zaključno, rezultati svih provedenih istraživanja u ovom radu ne podržavaju teoriju pariteta kupovne snage na primjeru iz Republike Hrvatske.

This research examined the sustainability of merchandise trade flows between Croatia and other European Union (EU) member states. Merchandise exports and imports were disaggregated into bilateral merchandise trade flows between Croatia and nineteen EU trading partners for the period 1999-2014. Following Granger-causality and cointegration tests for panel data, we specified the model to be estimated. Using a pooled mean group (PMG) estimator for dynamic heterogeneous panel data, the relationship between Croatian merchandise export and import was assessed empirically. Research results revealed unsustainable Croatian merchandise exports and imports vis-?-vis nineteen EU partners.

U radu se istražuju odrednice kretanja tekućeg računa platne bilance Republike Hrvatske primjenom monetarnog apsorpcijskog pristupa platnoj bilanci. Glavna hipoteza rada pretpostavlja da se tekući račun platne bilance u Republici Hrvatskoj može objasniti unutar analitičkog okvira koji se temelji na monetarnom i apsorpcijskom pristupu analizi platne bilance. U radu se primjenjuje suvremeni ekonometrijski pristup nelinearne auto-regresije s distribuiranim pomacima (NARDL) koji uzima u obzir nelinearnu i asimetričnu prirodu odnosa između tekućeg računa platne bilance u Republici Hrvatskoj i njegovih determinanti. Procijenjeni rezultati na tromjesečnom uzorku podataka od prvog tromjesečja 2000. do drugog tromjesečja 2017. godine podupiru glavnu istraživačku hipotezu i potvrđuju da se tekući račun platne bilance Republike Hrvatske može objasniti korištenjem analitičkog okvira utemeljenog na monetarnom i apsorpcijskom pristupu. Domaća potražnja, realni tečajni indeks, te krediti privatnom sektoru i monetarni agregati M4 testirani su kao odrednice tekućeg računa platne bilance Republike Hrvatske. Utvrđeno je da monetarni agregati M4 imaju najveću objašnjavajuću snagu među istraženim monetarnim varijablama. Glavni nalazi ovog rada upućuju na potrebu za mjerama fiskalne politike i uklanjanje ograničenja hrvatskim izvoznicima u pristupu likvidnim sredstvima kako bi se uspostavila vanjska ravnoteža. ; The paper brings the determinants of Croatian current account dynamics under monetary and absorption approach. The main hypothesis of the paper assumes that Croatian current account can be explained within the framework based on the monetary and absorption approach to balance of payments. The research employed newly developed Non-linear Auto-Regression Distributed Lag (NARDL) approach that takes into account nonlinear and asymmetric nature of the relationship between Croatian current account and its determinants. Estimated results on a quarterly data sample from the first quarter of 2000 to the second quarter of 2017 supports the main research hypothesis and reveals that that Croatian current account can be explained using the analytical framework based on the monetary and absorption approach. Domestic demand, real exchange rate index, loans to private sector and monetary aggregates M4 are tested as the determinants of Croatian current account. Monetary aggregates M4 are found to hold the highest explanatory power among tested monetary variables. The main findings of the paper suggest the need for fiscal policy measures and relaxing the liquidity constraints for the Croatian exporters as necessary to obtain external equilibrium.

U suvremenom društvu pitanja održivog razvoja razvijala su se na različitim razinama, od novih globalnih okvira, preko politika vlada do novih poslovnih modela. U 1980-ima pojam održivi razvoj nastao je iz međuodnosa očuvanja planeta i ispunjavanja ljudskih potreba (IUCN, 1980). Opća ideja koncepta održivog razvoja je zadovoljavanje potreba sadašnje generacije, bez ugrožavanja sposobnosti budućih generacija da zadovolje svoje potrebe (Opća skupština Ujedinjenih naroda, 1987.). Kao jedan od glavnih izazova u ekonomiji i poslovanju, pojam održivog razvoja pojavio se i na širokom području poslovne ekonomije. Cilj ovog rada je pružiti pregled opsežne literature, koja se bavi konceptom održivog razvoja u području poslovne ekonomije. U svrhu analize, korišten je bibliometrijski pristup s višestrukim korespondentnim analizama na bazama baze podataka Web of Science Core Collection database za promatrano razdoblje od deset godina. Rezultati ukazuju na važnost održivog razvoja kao teme, kao i na širok raspon pristupa i raznolikosti podtema koje su povezane s konceptom održivog razvoja u poslovnoj i ekonomskoj literaturi. ; In a modern society, the issues of sustainable development have evolved on different levels, from the new global frameworks over governmental policies to the new business models. In the 1980s, the term sustainable development emerged from the relationship between preserving the planet and meeting human needs (IUCN, 1980). The general idea behind the concept of sustainable development is to meet the needs of the present generation without compromising the ability of future generations to meet their own needs (United Nations General Assembly, 1987). As one of the main challenges in economics and business, the concept of sustainable development has also emerged in the wide area of business economics. The aim of this paper is to provide an extensive literature overview dealing with the concept of sustainable development within a field of business economics. For the purpose of the analysis a bibliometric approach with multiple correspondence analyses has been used on the Web of Science Core Collection database for the observed period of ten years. The results illustrate the importance of sustainable development as a topic, as well as wide range of approaches and variety of sub-topics linked to the concept of sustainable development in business and economics literature.

PurposeThe purpose of this paper is to understand gender differences in entrepreneurial intentions as measured by perceived feasibility and perceived desirability, and to explore gender differences in perceptions of entrepreneurship education needs – in terms of programmes, activities or projects – to succeed in an entrepreneurial career from the university student's point of view.Design/methodology/approachUsing data gathered from 3,420 university students in more than ten countries, and applying the Mann‐Whitney non‐parametric test, differences between genders and different intention groups were examined. To reduce the items regarding educational needs, factor analysis was used. Gender differences in educational needs were also examined via Mann‐Whitney Test.FindingsThe results confirm that compared to males, female students are less willing to start their own businesses. There are significant gender differences in terms of perceived feasibility and perceived desirability such that although they feel more supported by their families, females are less self‐confident, more tense, reluctant and concerned about entrepreneurship. In terms of entrepreneurial intention, there are fewer gender differences among students; however, differences relating to self‐confidence and family support still exist. Furthermore, students cited establishing entrepreneurial mentoring and an appropriate tutoring structure as the most needed entrepreneurial educational activity/program/project at an academic institution; this was rated higher by females compared to males.Practical implicationsThe findings of this paper could help guide educators and policy makers in designing effective entrepreneurship programmes that are customized to respond to gender specific needs to increase entrepreneurial participation.Originality/valueThis study reveals the gender differences in perceived desirability and perceived feasibility which impact entrepreneurial intentions. Gender differences in the entrepreneurial programmes/activities/projects required at an academic institution to promote entrepreneurial participation among university students is also explored.