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Although academia acknowledges that work engagement is significant for individuals and organizations, a comprehensive understanding of this construct remains elusive, which continuously inspires scholars to undertake further investigation. This paper addresses the identified knowledge gap by exploring the factors that determine work engagement. The focus of the paper is on the relationship between work engagement, employees' individual values, and job satisfaction. Specifically, this paper explores if job satisfaction and individual values can be considered as predictors of employees' engagement at work. The empirical research was carried out in 2023, and it involved a sample of 277 Croatian employees. The research hypotheses were tested using hierarchical regression analysis. Statistical analysis of the observed relationship revealed that job satisfaction is the most significant predictor of work engagement. Furthermore, the findings suggested that individual values do influence employee work engagement, but not all values contribute equally. Among the ten observed individual values, universalism, power, benevolence, and achievement were confirmed as statistically significant predictors of work engagement. The results of this study suggested that management should prioritize job satisfaction in order to improve the work engagement of their employees. Furthermore, in their attempts to enhance work engagement within the company, management should also pay attention to employees' individual values since some of them have been confirmed as the determinant of work engagement. This paper offers a useful and fresh perspective into the predecessors of work engagement. Additionally, the findings of this paper provide practical implications for companies interested in stimulating their employees' engagement at work. [ABSTRACT FROM AUTHOR]

The role of quality management for developing competitiveness of companies has been debated by literature in the last decade. This paper seeks to contribute to this debate by examining the effectiveness of some traditional quality management principles in Croatian manufacturing industry. The main research question for this paper is whether some traditional quality management principles can resist the test of time and still be relevant for manufacturing performance. First the paper offers a brief overview of the importance of quality management. Companies that want to protect their position in the domestic market and expand their business internationally must offer quality products or services at competitive prices. Implementing quality management is possible only if the concept of total quality is applied across the organization in all key functions, starting from procurement to sales and services. The role of manufacturing industry and exports are also discussed in the case of Croatia. The paper follows with explaining the term and role of basic quality management principles and then analyses their connection to company performance. Several quality management principles were selected for primary research. These principles are: data and reporting on quality, supplier relationships, product design and process management. These principles were chosen from a broader list of principles because they can be considered traditional and represent the backbone of quality management implementation. Investigating this topic in the Croatian context is especially important because all of the factors that are relevant for further internationalization of Croatian economy namely: innovation, technology and export (Miloloza et al. 2015) orbit around QM. The quantitative research for this paper started by collecting 116 questionnaires from Croatian manufacturers. Results show quality management principles have a moderate positive connection to export performance in Croatian manufacturing industry. Data and reporting on quality scored the highest grade meaning Croatian manufacturers found this principle the most important one. On the other hand, as a result of correlation analysis process management showed the highest correlation to export performance. At the end of paper some limitations and guidance for future research are given. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to examine the real convergence in Croatia towards the European Union (EU27, EU14, and EU10) in the 1995-2022 period and in Croatia's first 9 years of membership, and second how the COVID-19 pandemic affected that process. Additionally, the aim is to test the efficiency of Croatia's achievements regarding the EU10 in their first 9 years of membership and in the 1995-2022 period. The main problem in the paper is the economic disparity in the standard of living and wealth between Croatia and EU member states, and the absence of a consensus among economists on convergence/divergence processes in the literature. An additional problem is that most papers study convergence based on PPP-based GDP per capita, and a more accurate measure of the material well-being of households is PPP-based actual individual consumption (AIC) per capita. The inclusion of AIC per capita in the analysis is the added value of this paper. For the analysis data from the World Bank database were used and converted into the per capita measure. The research results indicate that Croatia has narrowed the income gap regarding the EU27 and EU14, but not with EU10 in the 1995-2022 period and in its first 9 years of membership. The COVID-19 pandemic did not affect that process. The convergence process was less efficient in Croatia than in EU10 in the whole 1995-2022 period and in their first 9 years of membership. The main implication of the paper is the confirmation of the convergence regardless the macroeconomic indicator used and a confirmation of stronger convergence in EU10 than in Croatia. The results are important because they draw attention to the lacked growth-enhancing economic policies and structural reforms that improve competitiveness, productivity and accelerate the convergence in Croatia. [ABSTRACT FROM AUTHOR]

Foreign direct investments (FDI) play an important role in economic growth. Firstly, the accumulation of foreign capital encourages the development of infrastructure, improves the transfer of technology and knowledge, creates new jobs and skills, and increases production capacities in the host country. Additionally, FDI can be significant for trade and access to foreign markets. Export-oriented foreign companies can boost foreign exchange earnings, expand trade, and diversify the host country's export base. The aim of this paper is to demonstrate the relationship between FDI and economic growth in the countries of Central and South-eastern Europe (CSE). In the early 1990s, these countries transitioned from planned economies to market capitalism. During this period, there was an influx of FDI from Western countries that contributed to capital accumulation, rising living standards, technology transfer, improved trade integration, and employment growth. Through an analysis of FDI volume on one hand and the dynamics of economic growth, measured by GDP and GDP per capita, on the other, this paper empirically examines and objectively assesses the relationship between FDI and economic growth in Central and South-eastern European (CSE) countries during the period 2000-2020. The results of a panel data analysis indicate a positive relationship between FDI and economic growth. A series of four models were developed to explore this relationship. The first two models focused on assessing the impact of FDI on GDP per capita, while the remaining two models examined the relationship between FDI and overall GDP. The econometric panel analysis revealed that FDI exerts a positive influence on both GDP per capita and overall GDP, underscoring the significant role played by FDI in the economies of Central and South-eastern Europe. Furthermore, EU membership emerges as a key factor when evaluating the standard of living and overall economic activity within this region. [ABSTRACT FROM AUTHOR]

The paper investigates the most important categories of revenue and expenditures in assistance insurance in the Republic of Croatia. An analysis of acquisition costs, settled claims, expenditures for insured events and annual premium was conducted in order to explore specificities in this type of insurance. By application of statistical and mathematical methods, the main characteristics of the analysed period and movement trends were formed and described. The most important revenues and expenditures were first analysed in relation to previous annual periods in order to illustrate performances of the analysed categories through annual movements. The shares of costs and expenses in the annual premium were analysed, which facilitated consideration of movement of acquisition costs, settled claims and expenditures for insured events in relation to the insurance premiums. After that, a trend analysis of insurance premiums, claims and acquisition costs was conducted. By testing the time movements through annual periods, the connections were explored, and annual movements described using representative trend models. By testing of the relationship between revenue and expenditure, correlation was explored between the movements of premiums and elements of acquisition costs and expenditures for insured events. The research results have been shaped into models which show the effect between analysed categories through time periods. Apart from proving that there are relationships in variables, which can be described through significant indicators and models, production of prognostic information is also enabled from the interrelationships in analysed variables. The upgrade on the obtained research results is the conduct of CVP analysis for calculation of the break-even point and planned profit in assistance insurance. The aim of the paper is reflected in the above stated, which is to research the movement and relationship between revenue and expenditure categories in assistance insurance in the Republic of Croatia and, based on the findings, to model mutual categories and altogether link them into a single whole for the creation of new prognostic information. Also, by implementation of the researched relationships between revenue and expenditure categories through the application of CVP analysis, the paper shows the development, the model and the application of the research results for widening of scientific knowledge about financial performances in assistance insurance in the Republic of Croatia. [ABSTRACT FROM AUTHOR]

This study examines the influence of Robotic Process Automation (RPA), with emphasis on Croatian based companies' controlling function. RPA, a technology employing software robots to automate repetitive tasks, holds the promise of reforming operations and relieving employees from routine tasks. RPA's introduction into business processes enables a significant shift, offering the potential for substantial improvements in operational efficiency. Through the automation of routine tasks such as data entry, manipulation, and report generation, RPA can facilitate quicker decision-making and reduce the likelihood of errors. Within the realm of controlling, this translates to smoother reporting workflows and more accurate insights for decision-makers. This paper combines secondary and primary research approaches to understand RPA's impact and application, particularly in controlling function. The conducted empirical research study provides quantitative data results and insights into how RPA is adopted in analyzed companies, what were the primary implementation drivers, and its use in controlling, as well as how satisfied the respondents are with the RPA implementation and what savings and improvements RPA provides for the companies. By offering insights into the current state of RPA adoption, its benefits, challenges, and business implications, the study aims to bring forth useful knowledge in the evolving landscape of automation technology. [ABSTRACT FROM AUTHOR]

Tourism is experiencing a rapid grow over the last decade. This economic activity has been positioned in many countries as one of the main development pillars. Tourism destinations put the focus on the increase of quantitative performance indicators, at the same time qualitative performance indicators have been failed to look after. A general perspective is that tourism was, in most destinations, growing but not developing. Tourism activities began to take on a negative character, as negative tourism implications outweighed positive tourism implications. Tourism destinations have to become more efficient in destination resource utilization, targeting the strategy less is more opposite to the most common applied strategy more is more. The purpose of this paper is to conduct a destination performance analysis and to provide tourism destination policy makers accurate information for future strategic decision making. The objective is achieved by the application of the Data Envelopment Analysis (DEA) in the efficiency performance evaluation of Croatian destinations. The destination efficiency is evaluated on a county level by taking into consideration destination inputs, number of accommodation and arrivals, and outputs, overnights. Secondary data provided by the Ministry of Tourism is used. In the context of Croatia, such an analysis takes on additional significance due to the extreme spatial and temporal concentration of tourism activities in the country. The research results show an overall efficiency of the 21 Croatian counties observed of 67.1%, a technical efficiency of 82.9% and a scale efficiency of 81.9%. There are significant differences between the Croatian counties in all calculated efficiency values. However, the Croatian counties operate at an acceptable level of efficiency, achieve high effectiveness with the given inputs, and have a reasonable ratio between the size of the operation and the maximum output. [ABSTRACT FROM AUTHOR]

The slowdown in economic activity is already noticeable and "self-explanatory," and uncertainty continues to slow investment, which can lead the economy into a vicious cycle of alternating phases between growth, stagnation, and recession. There is no "free lunch" or accelerated economic growth without strategic (specialized) determination, and fairness, uniformity, and convergence are harder to finance precisely when the need for them is growing. Another problem occurs in countries and regions that have "lagged behind" in development. In these countries and regions, there are significant constraints in terms of financial resources, workforce, and the technological base for change. Even when the "will" (political and technical) is there, there are often too many priorities, raising questions about what development priorities should be set at the regional and national levels (individually and then collectively) and whether there is sufficient capacity to implement them. Exploring the causes and consequences of these movements is the main reason for the research and is a contribution to the field. The focus of this paper and the importance of the results obtained are therefore on the following fundamental challenges for research, but also for policy: 1) the state behavior of inflation during global recessions, 2) growth and development in difference: beyond inflation in Croatia, and 3) overcoming the curse of destiny: what are the opportunities for the EU in times of instability? At the same time, "united in diversity" as a basic description of the EU (single market of non-united economies) takes on a different meaning. However, membership in the EU and the Eurozone contributes to the "superiority and resilience of the club". In any case, inflation has been underestimated - worldwide. So the question is who will feel Friedman's hangover after almost 40 years of exciting growth periods in Croatia and what is our destiny? [ABSTRACT FROM AUTHOR]

Natural and anthropogenic biological threats very often cause mass casualties and destruction, with long-term repercussions to the economy, welfare, security and political stability, and ultimately, to the future progress of the state and its society. For these reasons, the EU Member States have developed national and joint doctrines and strategies that provide for defence systems against the above threats, based on mass mobilization and mass response of all available capacities. The joint military response resides within NATO’s Joint CBRN Defence apparatus, while the civilian counterpart system is within the EU’s Civil Protection Mechanism. At the national level, each country develops its own, yet compatible systems. In the Republic of Croatia, strategic documents and laws on the development of the Homeland Security System and the Civil Protection System have been adopted. Biological threats, such as the current COVID-19 pandemic, are among such developments and require a systemic response. However, hardly anywhere in the world, not even in the EU and its Member States, have the relevant response systems worked. [ABSTRACT FROM AUTHOR]

Intellectual capital has become the key comparative advantage in knowledge-driven economies. Managing intellectual capital appears to be one of the critical components in contemporary management and the need to define its components, as well as how to measure them, get into the focus of many researchers. Most of them over the last 40 years agreed that intellectual capital could be structured within three main components: human, structural and relational capital. Many of their contemporary researches focus on development of intellectual capital valuation models which became a very challenging area of research. Among the significant number of models that is still growing, authors decided to compare Economic value added (EVA) and a Modified value-added intellectual coefficient (MVAIC), according to their wide acceptance, availability of data and simplicity of calculation, which can make them the benchmark for many companies in the private and public sectors. Therefore, the objective of the research was to compare the different measures of intellectual capital, i.e., EVA and MVAIC, and to explore their differences at the level of the entire economy and across sectors. The two intellectual capital models were compared using the longitudinal analysis for a 19 year period. The analysis was carried out among non-financial institutions in the Republic of Croatia between 2002 and 2020, on a sample that ranged from 61,674 to 132,461 entities, depending on the years. Analysis has been done for fifteen activities and the economy as a whole using the data from the financial statements of all non-financial entities in the Republic of Croatia. [ABSTRACT FROM AUTHOR]