ABSTRACT. In the pursuit of sustainable development, most European countries and especially EU members, are increasingly recognizing the pivotal role of investment in environmental protection as a catalyst for fostering green economic growth. Hence, this study explores the relationship between expenditure in environmental protection and relevant sustainability constructs, highlighting the imperative for more ‘greener’ approaches to development. The nexus between investment in environmental protection and green economic growth in European countries stems from the acknowledgment of environmental degradation as a significant challenge with far-reaching socio-economic implications. As such, policymakers are embracing a paradigm shift towards prioritizing sustainable practices that not only mitigate environmental risks but also stimulate economic prosperity. Furthermore, the integration of environmental considerations into economic policymaking underscores the recognition of the intrinsic value of ecosystems and the need for their preservation to ensure long-term socio-economic resilience. By internalizing environmental externalities and promoting resource efficiency, European countries can enhance their competitiveness while mitigating risks associated with climate change and resource scarcity. The goal of the study is to test whether the increase in environmental protection would promote green economic growth for 27 European countries. Covering the period 2014-2019, empirical evaluation is based on panel cointegration approach confirming the positive impact of environmental investment on green growth perspective.

ABSTRACT. In a time where the economy and the environment stand at an unprecedented crossroad, our research focuses on the intricate link between economic growth and the utilization of renewable energy resources, and their impact on greenhouse gas emissions, examining the challenges and opportunities European Union countries face on the path towards a sustainable environmental and economic future. This study investigates the influence of economic growth and renewable energy consumption on greenhouse gas emissions in European Union member states. The utilization of renewable energy resources is a fundamental challenge in addressing climate change, aiding in reducing dependence on fossil fuel resources and lowering greenhouse gas emissions. Our study covers the time period from 2008 to 2022 and includes data from 27 European Union member countries. The dependent variables in this study are carbon dioxide emissions, methane emissions, and nitrous oxide emissions. The independent variables consist of economic growth, total energy consumption, primary energy intensity, renewable energy consumption, government effectiveness, inflation, food production index, urban population growth, and GDP per capita. Our study has revealed significant findings regarding the impact of economic growth and renewable energy consumption on greenhouse gas emissions in European Union countries. The key findings of this research contribute to understanding the complex relationships among economic factors, renewable energy consumption, and greenhouse gas emissions in the context of European Union countries. This analysis will aid in the development of policies aimed at implementing sustainable strategies to reduce the impact of economic activities on the environment. Progress towards a cleaner and more sustainable economy will enrich this vital debate about the future of the environment and the economy.

ABSTRACT. Monetary policy in both the European Union and the United States significantly influences economic conditions and stock market behavior. This study examines the roles of the European Central Bank (ECB) and the Federal Reserve System (Fed) from 2008 to 2024, highlighting their responses to economic crises and inflation. Both institutions aimed to achieve price stability, economic growth, and full employment through measures like open market operations, asset purchases, and adjusting interest rates. During crises such as the global financial crisis and the COVID-19 pandemic, the ECB and the Fed employed expansionary monetary policies, including near-zero interest rates and quantitative easing. Conversely, starting in 2021, the Fed raised interest rates to curb inflation, influencing borrowing costs and investment decisions. The analysis demonstrates a strong correlation between interbank interest rates and stock market indices in both regions, showcasing the substantial impact of monetary policy on investor sentiment and asset valuations. These dynamics are particularly noticeable during monetary tightening or easing, affecting economic growth and stock market performance. Notably, from late 2022 to May 2024, despite successive interest rate hikes, the Euro Stoxx 50 and S&P 500 indices exhibited resilience and positive trends. This period highlighted the complex interplay between interest rates and market movements, driven by factors like sector-specific performances, geopolitical developments, and macroeconomic indicators. Sectors less sensitive to interest rate changes, such as technology, performed well, bolstering overall market sentiment. This study underscores the necessity for stakeholders to understand these relationships to anticipate market reactions and adjust investment strategies effectively. Policymakers also rely on such insights to assess the broader economic impact of their decisions, revealing the adaptability of financial markets in navigating varying economic conditions.

ABSTRACT. Most central banks around the world are either considering issuing digital counterparts of fiat money or tapping into the initial phases of pilot implementation programs. Central bank digital currencies (CBDCs) will be a state-owned and operated digital and programable form of central bank-issued currency that is widely accessible to the public. The introduction of CBDCs represents a (r)evolutionary shift how money is conceptualized from a philosophical, legal and economic standpoint, as well as a historical reshaping of central banks’relationship with the public. As CBDCs provide access to a wealth of financial and personal information, the chosen technological design of a CBDC, may allow central banks and governments to scrutinize and accrue the collected information, raising concerns about unprecedented surveillance scenarios. Therefore, privacy-preserving features and technological solutions that do not contribute to the vicious cycle of innovation and control, emerge as a critical requirement for CBDCs’ conceptual design and policy implementation. This paper examines CBDCs in the context of surveillance capitalism, using an analytical lens that intersects political economy and philosophy, and with a qualitative analysis of relevant scholarship, policy and legal documents,and various public records related to the digital euro project. We begin by discussing CBDCs in light of the potential deconstruction of the state-money nexus brought about by cryptocurrencies, as well as the public-private money divide in the money system. We then examine how the digitalization of fiat money affects citizens' right to privacy and the dangers of mass surveillance. The paper then discusses the digital euro project – its policy arguments, legislative features and design solutions developed to prioritize privacy requests and legitimize the digital euro. This enables us to provide a comprehensive examination of the project's privacy-enhancing features while also highlighting potential gaps and proposing solutions useful for alleviating surveillance concerns.

ABSTRACT. The share of cash in total payment transactions around the world is constantly decreasing whereby its importance is being replaced with the cashless payments. Recent studies have shown that the effects and benefits of cashless payments are multiple. First of all, cashless payments have a significant impact on economic growth, especially in the last years. Namely, cashless payments encourage spending thus stimulating economic activity. Transactions are faster, more convenient and more secure which positively affects the consumption process and the company's business process. On the other side, cashless payments can reduce costs for businesses increasing efficiency and profitability which in turn can also boost economic activity. Finally, cashless payments can create new business opportunities by expanding customer base. In Croatia, the number and value of cashless transactions have been growing rapidly in recent years. Croatia's entry into the European union (EU), the COVID-19 pandemic followed by lockdowns and joining the Economic and monetary union (EMU) certainly contributed to these strong trends. Therefore, the aim of this study is to explore the impact of cashless payment transactions on economic growth in Croatia. For these purposes, data on real GDP and the value of cashless payment transactions (including credit transfers, bill-paying service, direct debits, debits from the accounts by simple book entry, transactions using payment cards, cheques and acquiring payment cards) were used. Results indicate that an increase in value of cashless payment transactions significantly and positively affects real economic activity in Croatia, and vice versa.

ABSTRACT. Traditional attitudes are the basis for defining social values and gender roles. These attitudes often exist as invisible barriers that create the phenomenon of the glass ceiling. The glass ceiling in Croatian tourism is particularly evident in the lower proportion of women in management positions. The underrepresentation of women, especially highly educated women, in leadership positions in tourism leads to them losing their competencies and not utilising their full capacity due to talent pool limitations. A survey in the form of an online questionnaire was used to investigate the subjective views of employees on the existence of the glass ceiling in the Croatian hotel industry, including its possible causes and consequences. A total of 94 employees in 3-, 4- and 5-star hotels across Croatia took part. The survey results confirm that some respondents are aware of the existence of gender discrimination and the glass ceiling. The results also revealed that respondents are not sufficiently aware of the general obstacles that hinder the advancement of women, although they do acknowledge the importance and benefits of women in leadership positions in tourism. The inability to recognise the barriers causing the underrepresentation of women in leadership positions confirms the existence of invisible barriers or the so-called glass ceiling. Based on the research in this paper, suggestions are given for removing existing invisible barriers in the hotel industry in Croatia.

ABSTRACT. This study presents a comprehensive analysis of strategic communication strategies within the context of corporate decision-making, employing the Analytic Hierarchy Process (AHP) to example to evaluate and prioritize these strategies based on a set of carefully chosen criteria. Recognizing the importance of strategic communication in shaping organizational identity, stakeholder engagement, and achieving corporate objectives, we systematically dissect various communication strategies to ascertain their effectiveness and alignment with corporate values and goals. Our methodology integrates quantitative and qualitative assessments, juxtaposing integrated stakeholder engagement, multichannel communication alignment, value-driven messaging, and responsive and flexible communication strategies against criteria such as message clarity and consistency, reach and engagement, alignment with corporate values, and flexibility and responsiveness. The findings reveal that a value-driven messaging strategy, which emphasizes the core values and mission of the organization, surpasses others in terms of alignment with corporate goals and stakeholder engagement. This result underscores the significance of embedding organizational values at the heart of strategic communication to foster trust, loyalty, and a strong brand identity.

ABSTRACT. This research examines the relation between Entrepreneurial self-efficacy (ESE) and of Entrepreneurial intentions (EI) in Indian context, and we have deepened the study by observing the mediating role of EI between ESE and entrepreneurial success (ES). McGee’s (2009) model of ESE has been well appreciated as per earlier literature. In McGee et al. (2009) scale ESE has been considered as multi-dimensional construct consists of searching, planning, marshalling, implementing people, and implementing finance. For measuring ESE McGee’s (2009) and for EI and ES scale by Linan & Chen (2008; 2009) has been used. PLS-SEM software has been used to frame a model with data from 323 (195 male and 128 female) students. The study considered only those students who are enrolled under entrepreneurial courses in their respective universities and colleges in three Indian regions: Punjab, Haryana, and NCR (National capital region). The results highlight that ESE has a strong influence on EI with β-value 0.525 (p≤ 0.001). The results for EI with ES indicate a positive and strong relationship (β-value: 0.696; p≤ 0.001). For mediating effect of EI among ESE and the ES, the results highlight that combined β value of both ESE and EI by multiplication was (0.525*0.696= 0.3654) being greater than the direct influence of ESE on ES (β=0.110). The results highlighted through results ESE are important, but the relationship has enhanced with mediation effect of EI. This suggests that there is a need to focus upon EI to enhance chances of success in business venture.

ABSTRACT. The right of personality of a legal person and the right to compensation for non-proprietary damage due to breach of contract are two important innovations brought into Croatian law by the Civil Obligations Act (ZOO) from 2005. Although these two legal institutes are regulated in different places in the Act (the first - in article 19. of the ZOO, and the second - in article 346. par. 1. of the ZOO), they have the same legal origin in the matter of civil and commercial law - right on personality - which aims to protect the dignity and personality of human and legal persons. The development of these institutes in Croatian law was significantly influenced by: 1) the general "expansion" of the non-proprietary part of civil law (personality rights), 2) progress in the law of personality in relation to legal persons and 3) a new (modern) understanding of the subjective cause of legal transactions (as causa finalis). The mentioned institutes may be "ahead of their time" in Croatia, but they have their own future. For now, Croatian (court) practice is modest, but with the first indications that it is about issues that are of great interest to Croatian society, citizens and legal entities.

ABSTRACT. This paper provides a comprehensive overview of the status and trends in research on the concepts of management accounting and information systems. That is, the study aims to outline the research field by examining the main characteristics of publications on these two concepts, including performance and citation, co-citation, bibliographic, co-word and co-authorship analysis. Therefore, a bibliometric analysis based on the Web of Science Core Collection database was conducted to analyse studies on these concepts from the last 57 years (1968-2024). The analysis was carried out for a total of 279 extracted publications using the VOSviewer software. The results show a fluctuating trend in the studies, but also indicate an expected increase in importance in the future. Furthermore, a low level of collaboration between researchers in terms of country networking was demonstrated. However, the analysis shows four main research clusters that focus on external factors, research design and application of statistical methods, technology and digitalisation, and tools and innovations in management accounting. In this context, the results of the co-word analysis highlight data and information quality, big data, blockchain, artificial intelligence, innovation, business intelligence and digitalisation in general as concepts that should be further explored in the context of management accounting. The results of this paper primarily contribute to the management accounting literature by providing a detailed insight into how the application of information systems and their importance to management accounting has changed over time and where the focus should be placed in the future to increase effectiveness.

ABSTRACT. Building relationships with partners helps the company to improve the performance of all partners in the network. In the long run, the development of partner networks will become increasingly dominant in business-to-business markets. Suppliers and employees are crucial to the formation of a marketing network, especially in knowledge-intensive industries such as the hotel industry. The purpose of this paper is to examine the marketing network and specifically the relationship between suppliers and employees in terms of relationship commitment in two different time periods to explore how relationships in marketing networks in the Croatian hotel industry have changed over time. The paper builds upon previous research on relationship marketing and uses scales from the existing literature. Marketing network was approached through exploring suppliers and employees and relationships quality was approached as consisting of commitment. Suppliers as partners are considered through their commitment to the quality and stability of relationships between suppliers and the hotel company. Employees as partners are taken into account by considering them as internal partners and valuing their added value for the hotel company. Empirical research was conducted in hotels in Croatia on a convenience sample of hotel managers in two time periods. Unit of analysis was hotel, and a total of 266 (Research study 1 in 2014) and 147 (Research study 2 in 2024) answers was collected. Research results indicate that both suppliers and employees positively influence company's commitment to a partner network. Therefore, when hotel company focuses on maintaining a partner network, it should consider both suppliers and employees as important to this relationship. However, the focus should be primarily on suppliers as partners, as they have a greater influence on relationship engagement in the partner network. The paper also offers implications for hotel managers and identifies limitations and further research ideas.

ABSTRACT. The modern business environment pushes organizations towards project-oriented business. Next to that, the growing expectations and stronger public demand for efficiency as well as different fund providers’ project-related financial resources have encouraged the public sector organizations to implement project management knowledge, tools, and methodologies in their activities. However, the success rate of projects delivered through public sector heavily depends on organizational project management maturity, which is a fact often neglected in public sector. The purpose of the paper is to explore the global level of project management maturity in public sector organizations and to elaborate its relevance to project success. The research is based on the qualitative review of theme-related literature and gives valuable insights into the current state of the public sector organizations regarding project planning and implementation. The results of the research indicate the current low project management maturity level achieved in public sector organizations worldwide but there are also evident significant differences between industries and countries. The author discusses the possible barriers to higher project management maturity levels and gives recommendations that could be applied in different public sector organisations to raise the success rate of their projects. The role of project management office (PMO) is especially highlighted as well as other mechanisms which can improve the organizational project management maturity in public sector. The research results show a systematic way towards measuring and improving public sector organizations’ project management maturity and could be used by different public sector institutions who are dedicated to providing successful projects beneficial to society.

ABSTRACT. Employees represent a group of primary stakeholders essential for a company’s performance. Their knowledge, skills, experience, attitudes, and motivations represent critical success factors, and the companies should strive for their improvement. Taking care of employees is a part of modern corporate social responsibility (CSR) activities. Such activities could also significantly impact the economic value added (EVA). EVA is a measure of financial performance that shows the economic profit available to owners. It provides information on the residual profit above the costs of the sources of financing representing the extension of classic financial performance measures such as net operating profit after tax, earnings before interest, tax, amortization, and depreciation, and the accounting result.

Considering the importance of employees for a company’s success, the main hypothesis of this paper is that corporate social responsibility activities toward employees contribute to EVA creation. The research has been conducted on a sample of Croatian medium-sized and large companies and data have been analyzed using the PLS-Structural Equational Model. CSR activities toward employees have been measured using several statements rated on a 5-point Likert scale collected using the online questionnaire. EVA has been calculated using the companies’ financial data. The results indicate that CSR activities toward employees positively and statistically significant, affect a company’s EVA.

The research contributes to the discussion about the importance of CSR by focusing on one of the most important stakeholders of a company, employees. By taking care of employees via CSR activities, companies exhibit improved EVA which is in the interest of a company and its stakeholders.

ABSTRACT. Purpose- The paper aims to measure affect of Intellectual Capital Efficiency (ICE) on Non-Performing Assets (NPAs) of top 10 Indian banks. The components of ICE employed are Human Capital Efficiency (HCE) and Capital Employed Efficiency (CEE) and the study is undertaken in Pre COVID (2016-17 to 2018-19) and during COVID-19 (2019-20 to 2021-22) period. Design/Methodology/Approach- The study applies the Auto-Regressive Distributed Lag (ARDL) model which presents that the Dependent variable along with getting explained by the Independent Variable, also gets explained by its own lag. Findings- The empirical results of the study reveal that ICE affect NPAs of banks in both the periods differently but Human Capital does not affect the NPA position of the banks whereas in contrast to this, investment in physical assets lower NPAs. Practical Implications – Investment in Intellectual Capital tends to offer productivity and lower the Non-Performing Assets (NPAs) of the banks. Indian banking sector performance is more likely to get adversely affected from macro-economic/external variables than internal factors at times of pandemic. Originality/Value- The study is perhaps the first one to have undertaken Intellectual Capital Efficiency (ICE) to measure its effect on asset quality of Indian banks using ARDL model.

ABSTRACT. The main goal of the research is to analyze the efficiency of leasing companies in Croatia and evaluate their ability to optimally use resources. Data Envelopment Analysis (DEA) methodology was employed to conduct the analysis, enabling a quantitative assessment of the efficiency of leasing companies concerning the resources they use and the results they achieve. When selecting the orientation of the model on input or output, the literature recommends input orientation due to the assumption that leasing companies have a greater influence on inputs than on outputs. Inputs in the model include business expenses, assets, and interest expenses. Revenues from operational and financial leasing are the fundamental revenue streams in the leasing industry and are therefore considered as the output of the model. The analysis includes active leasing companies in the Republic of Croatia from 2016 to 2022. The analysis of efficiency in Croatia reveals diverse results during the observed period. Certain companies consistently achieve high efficiency indices, suggesting a consistent ability to utilize resources in generating revenue. On the other hand, fluctuations in the efficiency indices of some companies may indicate changes in internal processes or external factors. The analysis of the obtained research results enables the identification of leasing companies that stand out as efficient leaders and those that lag behind in the utilization of their resources. The results of the research contribute to an understanding of the operations of leasing companies and the leasing industry in Croatia, identifying areas for improved business performance.

ABSTRACT. Global value chains (GVCs) have been crucial for the economic growth and structural transformation of the CEFTA member countries, driven by export-led growth and foreign direct investment (FDI). The paper aims to discuss the post-pandemic perspectives for promoting higher inclusion of CEFTA member states in global production networks and the environment for creating regional value chains. The results show an increase of FDI inflows and inward stock in the CEFTA after the pandemic, but the integration with the EU market remains the same or even decreases. FDI in manufacturing didn’t increase which would be the necessary base for higher integration in GVCs. There is huge potential for the Common regional market of CEFTA and the negotiation process with the EU that can serve as good instruments to boost intra-CEFTA investment flows but also to attract a higher amount of FDI from the EU.

ABSTRACT. The ongoing debates surrounding the definitions of Social Innovation (SI), Social Entrepreneurship (SEn), and Social Economy (SE) underscore the complexity of these concepts and their implications for addressing pressing societal challenges. These discussions extend to regulatory frameworks and the recognition of social impact across various domains, including poverty, inequality, discrimination, social justice, health crises, migration, education access, technological ethics, food and water security, environmental pollution, political instability, and human rights. This research endeavours to address these complexities through three primary objectives: 1) it aims to delineate the overlapping features and definitions of SI, SEn, and SE to propose a cohesive model for defining each construct; 2) it examines the role of regulatory frameworks in fostering the development of SEn and explores their effectiveness in facilitating social entrepreneurship initiatives; 3) the study evaluates existing mechanisms for measuring the social impact of SI, SEn, and SE initiatives to ascertain the feasibility of quantifying their outcomes. To achieve these objectives, the research relies on secondary scientific publications and information gathered from official sources such as governmental, regional and local authorities, as well as foundations, non-governmental organisations (NGOs), cooperatives, and private enterprises engaged in SEn activities. The findings of this research are twofold: 1) it presents a comparative analysis of key findings to propose a model for defining SI, SEn, and SE which reconciles overlapping features and addresses definitional controversies; 2) it outlines a model for measuring the social impact of these initiatives, providing insights into effective evaluation methodologies. Overall, this research contributes to a deeper understanding of the concepts of SI, SEn, and SE and offers practical frameworks for policymakers, practitioners, and researchers to navigate these domains effectively and advance the agenda of social innovation and entrepreneurship.

ABSTRACT. The aim of the study is to determine how pension type of investment in the family affects young people attitude towards pension distributional justice. The distributional justice is defined as the pension should be tight to at least 10 years salaries. The young people (18-30 years old) usually are less economically literate, and have little knowledge about pension, moreover don’t thing about such a long period. Nevertheless they have attitude about the pension taken form theirs homes. Therefore they should present attitude toward pension. In order to evaluate our hypothesis, that type of pension investment in the family affects pension justice attitudes, we conducted a questionnaire on the N=297 valid respondents from the US and UK (both countries belong to liberal type of welfare state). Than two models of ANOVA were run. The first with pension type of investment as a fixed factor (bank savings vs. funds vs. real estate vs. expected inheritance), and working period definition for retirement (too low vs. too high) as a random factor. The second ANOVA model considers gender (male vs. female) with the same random factor as in the previous model. The outcome of the models stated that the longer horizon of pension investment in the family, the more illiquid assets and for longer horizon it is, the higher attitude toward distributional just pension. That can be an effect of higher independence from the pension system. In recent years there were reforms of the pension systems that confused people. In the second model we assess the effect of gender, on average woman are less for pension justice, as they are worse off on the labour market. The research contributes to attitudes toward pension justice. Findings could be helpful for the policymakers, as the just feeling are crucial for support of pension systems reforms.

ABSTRACT. This study aims to investigate the degree of integration of environmental, social, and governance (ESG) factors by universal asset owners within the Central and Eastern European (CEE), and assess its influence on the investee companies and portfolio performance. Employing an extensive dataset that encompasses investment holdings of pension funds in the CEE region, with a focus on Romania, alongside ESG evaluations sourced from reputable rating agencies. The research employs statistical analyses to asses on the correlation between ESG performance and allocation of funds by pension funds, and regression analysis to help determine the extent to which ESG metrics predict investment decisions by pension funds. Although the research primarily focuses on ESG factors, it concurrently acknowledges the influence of local regulatory frameworks on investment practices.

Our findings elucidate the degree to which universal asset owners in the CEE region incorporate ESG criteria into their investment process a.nd act as a catalyst for companies to improve their overall ESG performance. This study evaluates the implications of such integrations on portfolio performance and risk characteristics, further exploring how regulatory environments and investor predilections might modulate the nexus between ESG scores and pension fund investments.

By offering empirical insights into the processes and outcomes associated with ESG factor integration by prominent pension funds in Central and Eastern Europe, this research significantly contributes to the discourse on sustainable investments and the assimilation of ESG considerations in institutional investment decisions across the region. It furnishes novel perspectives on the ESG integration practices of CEE pension funds, thereby equipping stakeholders with valuable information on sustainable investment strategies, policy development, and the interplay between shareholding structure and ESG performance

ABSTRACT. South Africa consists of a melting pot of cultures, including an influx of immigrants from other African countries and cultures that have been around for the past few hundred years. It is a complex society of many ethnic races, conversing in 12 official languages, along with demographic differences such as religion, politics, and other cultural diversities. These diverse cultures with their unique food traditions have contributed to what is understood to be the everyday food culture of South Africans, the Rainbow Cuisine. Although this inclusive term is used informally to describe the country's cuisine, no formal National Culinary Identity has yet been developed for South Africa. Therefore, the purpose of this research was to present the methodological steps in the selection elimination process to find or develop, a new suitable framework that could be used in future research for the compilation and formulation of a South African Culinary Identity. The six framework development and refinement steps, developed by Ritchie and Spencer in 1994, were used to identify one framework from 27 eliminated frameworks which were not suitable for future use. However, the Sackett and Haynes Food Culture and Cuisine Model, used in their book American Regional Cuisines: Food Culture and Cooking, to determine the regional cuisines of North America, was identified as most suitable for application in a South African context. The suitability of the Sackett and Haynes model, applying the element of Foundation Foods, namely Starch, Protein and Principal Produce items, is discussed. Apart from the obvious advantages such as education, national pride, and economic applications (for example, product development and the protection of indigenous practices and heritage), National Culinary Identity could be used to promote and market the country as a unique and sustainable gastronomic travel destination. Other uses are application in agricultural activity, branding identity and empowerment.

ABSTRACT. The main goal of this paper is to present key challenges and perspectives of sustainable tourism development in World Heritage Sites in Croatia. Due to its important geopolitical position and turbulent multicultural history at the crossroads of European cultures, Croatia is characterized by a rich diversity and unique cultural heritage, with 10 UNESCO Word Heritage Sites (WHS) and 18 cultural goods inscribed on the UNESCO Intangible Cultural Heritage Lists. Most of Croatian WHS are located on the Adriatic coast, in destinations characterized by overtourism, extreme seasonality and pressure on unique natural and cultural resources. To analyze the most important challenges and perspectives of sustainable tourism development in Croatian WHS, the authors combined qualitative and quantitative methodology, available statistics and indicators, comparative analysis and interviews with key stakeholders. After the theoretical framework and literature review, the authors will present results of empirical research, which included analysis of the key available data and indicators related to the selected World Heritage Sites in Croatia. The results of the quantitative analysis have been supplemented by semi-structured interviews with experts in the fields of culture, tourism and UNESCO World Heritage. Preliminary research results indicate that Croatian World Heritage Sites face a lack of management plans/strategic plans and management bodies, excessive number of visitors, lack of implementation of sustainability indicators, misunderstanding of the local community and overtourism in the destinations in which they are located. By solving the key management challenges, it would be possible to establish quality standards and sustainable management of WHS, implementing models of participatory management and development and raising the awareness of the local community and visitors, as well as encourage the development of sustainable tourism development of the WHS destinations.

ABSTRACT. Nautical tourism along the Tisa River in Serbia is influenced by various factors, among which water quality parameters play a crucial role. This study seeks to examine the correlation between water quality parameters and the competitive aspects of nautical tourism advancement. Through analysis of the Serbian Water Quality Index (SWQI), the study identifies key water quality parameters affecting the attractiveness and sustainability of nautical tourism ventures. The majority of the parameters were found to be within the permitted limit levels for the II class of water. The parameter that deviates from the limit values in a greater number of measurements is suspended solids. Satisfactory water quality can highlight the competitiveness of the Tisa River compared to other nautical tourism destinations in the area. The results show that the Tisa's water quality at all measuring stations may primarily be categorized as very good (SWQI 84-89) or good (SWQI 72-83), which is advantageous for the development of nautical tourism. Somewhat lower values of the index, which were registered throughout the year's warmer months, may harm tourist activities. That is why it is very important to carry out continuous monitoring and influence the prevention of possible sources of pollution. This study underscores the pivotal role of water quality in shaping the competitiveness and sustainability of the Tisa River as a tourist destination in Serbia. By prioritizing investments in water quality management and adopting integrated conservation strategies, stakeholders can harness the full potential of the river for tourism development while safeguarding its natural heritage for future generations. Continued research and monitoring efforts are warranted to evaluate the effectiveness of intervention measures and ensure the long-term viability of nautical tourism in the region.

ABSTRACT. Culture has received special attention in international discussions on sustainable development, currently being considered one of its essential foundations, alongside the environmental, economic, and social dimensions. Studies assessing the impact of culture on sustainable development are still quite scarce. In this context, the present analysis aimed to identify how culture influences the sustainable development of the Alto Douro Vinhateiro (ADV) territory, using the UNESCO tool “Thematic Indicators for Culture in the 2030 Agenda”. This serves as a significant contribution to the generation of new knowledge in the fields of science and research. The adopted methodology relied on the collection of secondary, qualitative, and quantitative data, proposing a specific methodological tool by selecting indicators deemed most relevant among those proposed by UNESCO, considering their significance and obtainment costs. The analysis focused on the access to culture indicator, allowing the evaluation of culture's contribution to promoting social cohesion and fostering inclusion and participation, thus contributing to the improvement of the local community's environment and well-being. The results revealed a positive evolution in the cultural sector within the territory after its integration into the UNESCO World Heritage List. This integration can foster its growth, grounded in principles of sustainability. Simultaneously, it highlighted the concern of local stakeholders in making culture available to the community, making notable progress concerning the cultural aspects of the region and their positive impact as a catalyst for social, economic, and environmental development. Nevertheless, these positive results are in their early stages, indicating that there is still a long way to go.

ABSTRACT. The presented theoretical framework showed that dark tourism, based on the communities' memories of (mostly) violent and tragic events, should also remind tourists of tragedies and promote future peace. Whether tourists visiting those sites memorise their visit and behave in the post-visit phase to encourage a better future remains under-researched. Furthermore, triggers of memorable experiences in the general dark tourism context are relatively unknown and represent this study's research problem. The overview of recent theoretical frameworks of memorable tourism experiences showed their potential application in the specific dark tourism context. Therefore, this study merged relatively disconnected academic discourses of memorable experiences and dark tourism by conducting a systematic and primarily integrative literature review. This study (1) shows that memorable dark tourism experiences are multilayered, co-created by tourists and sites, and very individualistic and case-specific, and (2) directs us to conclude that memorable dark tourism experiences generally could be triggered by a general atmosphere of the dark tourism sites, tourists emotionally, educationally, and spiritually experiencing dark tourism sites, sharing their experiences with others, having specific personalities, and being actively involved. These insights allow for a basic understanding of the triggers of memorable dark tourism experiences and show that memorable dark tourism experiences differ from memorable experiences in a general tourism context. Furthermore, this study contributes to the literature on (1) dark tourism experiences and dark tourism marketing and (2) memorable tourism experiences. Also, the results may help dark tourism managers promote a culture of peace. This study's limitations are also provided as suggestions for further research, which should focus on deepening the insights gained and shedding light on the failure to achieve memorable experiences. The latter could add to the criticism of this nascent research concept, namely memorable dark tourism experiences.

ABSTRACT. The hotel sector is distinguished by its abundant and diverse workforce, offering unique services produced and consumed simultaneously. This study examines the critical role of employees in maintaining the quality and image of hotel services, despite challenges such as job insecurity and inadequate remuneration. Effective leadership is identified as essential for guiding employees to meet organizational goals and enhance service quality. The impact of leadership styles and employee remuneration on performance has been well-documented, but the interplay between these factors in varying hotel categories remains underexplored. This study aims to fill this gap by investigating how remuneration influences both transformational and transactional leadership styles and employee performance in hotel units on the island of Madeira. The research aims to address key questions as the leadership influence on employee performance, the influence of remuneration on the leadership of employees and the influence of remuneration on employee performance, regarding the hotel sector. Using a systematic literature review methodology, it is presented a theoretical framework, that is suitable to be tested by employing quantitative methodology, using a questionnaire survey distributed to employees and supervisors in hotel units. The findings will provide valuable insights into the relationship between remuneration, leadership, and employee performance, contributing to the literature on leadership and compensation in the hospitality industry, with a specific focus on Madeira.

ABSTRACT. In recent years, smart tourism has become a buzz word. The approach has derived from the smart city concept which involves the integration of information and communication technology (ICT) in order to improve living standards and raise the quality of life of local residents. When it comes to smart tourism destinations concept, usage of ICT represents the core for creating accessible and creative tourism product which will provide seamless and enjoyable experience for tourists and assure economic, social and environmental sustainability for the destination. Many destinations worldwide strive to become “smart”, aware of the fact that it will take much time and effort of numerous stakeholders in the destination to reach the goal. The main purpose of the paper is to explore the potentials for transformation and smart development of the chosen tourism destinations in Croatia from the students’ perspective. The main focus is on examining attitudes and perception of students related to emerging smart tourism destination concept and the possibilities of the concept implementation in Croatian destinations with respect to the local peculiarities. In this research, both secondary and primary data sources were used. Desk research method was used to analyse relevant literature with the aim of developing a theoretical background and creating variables for the primary research. For the purpose of the primary research highly structured online questionnaire was created and distributed among students of the Faculty of Economics and Business, University of Zagreb. Adequate descriptive statistic methods were used for the quantitative data analyses. Research findings provide an insight into attitudes and perception of respondents on the key aspects of smart tourism destination such as: IoT and Sensor integration, smart transportation, usage of AR and VR, smart accommodation, collaboration and stakeholder engagement, cyber security, social networks, creativity in tourism product development, accessibility, etc.

ABSTRACT. The paper deals with a closer view of HR marketing that adapts new trends expressed by a new employment philosophy:"The employer sells jobs to employees using branding techniques, strengthening their value on the labor market, promoting a stimulating organizational culture and their organization as a great place to work". This can be achieved by the basic activities of HR marketing (recruiting, employer branding), and by connecting marketing with HR management. In this way, the organization strengthens its competitive ability in the labor market by absorbing, engaging, and retaining precious HR, which improves organizational processes and outcomes. Given that the previous/old paradigm was: "The employee is sold to the employer, he must convince him that he is good enough for employment" (due to the thought superiority of talent supply over demand), and the new paradigm of HR marketing is exactly the opposite: "The employer is sold to the employee and he must convince him that employer is good enough for the employee to accept employment" (due to the superiority of the demand over the supply of talent) it becomes obvious the paradox between two different principles in hiring and retaining employees. The organizational culture of many organizations changes slowly and with difficulty, it seems that the time for a full affirmation of HR marketing with a new paradigm has not yet come. The cultural acceptability of the new philosophy and change management is crucial for the paradigmatic shift that HR marketing promotes in practical organizational application. In the academic sense, it would be desirable for students of business economics and related disciplines to be educated in practical HR marketing activities for the needs of the most effective and competitive organizations. However, knowing the essence of HR marketing, education remains an easier task than the cultural/paradigmatic change that requires constant organizational application.

ABSTRACT. Although internal marketing (IM) has been researched for more than four decades, its application in organisations remains limited, and there appears to be a dearth of research on the importance of motivation, happiness at work, and employee performance in IM literature, particularly in the local public sector. This study analyses the impact of IM on work motivation, happiness at work, and employee performance in three Portuguese local councils. A conceptual model representing the relationships between these constructs is proposed and tested. The study adopted a quantitative approach through a questionnaire administered to a sample of 181 employees of three Portuguese local public sector organisations. Structural equation modelling was used to test the hypothesis relationships. The results show that IM has a direct and positive impact on both work motivation and happiness at work. Although it was not possible to verify a direct impact of IM on employee performance, the results show that when mediated by motivation at work, happiness at work or both, IM has a positive impact on employee performance. To our knowledge, this is the first study that shows the prominent role IM plays in developing work motivation and happiness at work in local public sector organisations. Internal communication, training and internal market research (which describe an organisations' IM practices), can directly increase work motivation and happiness at work, and indirectly enhances employee performance. To encourage behaviors of a motivating and happier culture through internal marketing helps build and sustain a more human-centric workforce.

ABSTRACT. The aim of the study is evaluating the relationships between innovation technologies and social inclusion in tactile museum management to promote art sharing and cultural change for sustainability. Starting from the theoretical approaches especially suggested by Sandell (1998), Bakhshi and Throsby (2012) and Orea-Giner et al. (2022), the work develops a model aimed at evaluating the relationship between technological innovation, inclusive processes and art sharing. The model seeks to evaluate how the categories of technological innovations and Artificial Intelligence can influence the dimensions of the inclusive museum. To this end, an empirical study was conducted on a research case: Omero State Museum Ancona ( Italy) for evaluating managerial choices with respect to inclusion and art sharing. The contribution of the research lies in the proposal of a combined model to evaluate the relationship between technology and inclusion for sustainability.

ABSTRACT. Economies that are in the late phase of demographic transition face the challenge of population ageing. The proportion of older people in the population is increasing and their consumption depends on the transfers of economic resources from the working-age population, which is decreasing. The ageing of the population thus leads to an age structure of the population that is unfavourable for maintaining economic growth and sustainability. Therefore, research has turned to the study of socio-economic structure in the search for solutions to the pressures of population ageing. One of the most important socio-economic factors is the level of education, which often serves as an indicator of the population's human capital. The aim of this paper is to comprehensively analyse how research on the impact of education as an indicator of human capital on population ageing has evolved over time. A bibliometric analysis of 346 papers shows the direction of this field of research, the most frequently used keywords and the most cited papers. This approach shows that this particular area of research has only recently begun to expand and is still in the expansion phase. It also shows that the research focus has shifted from fertility rates to productivity and macroeconomic forecasting.

ABSTRACT. There is little doubt that Generation Z (Gen Z) has brought about numerous changes in the tourism market. Zoomers seem to differ significantly in the way they express their points of view, share values, seek and interpret information or consume products and/or services. However, despite their socially progressive views, they tend to be less socially responsible in their purchases. Such cautious behaviour will also have an impact on the tourism market, as this particular tourist segment will predominate in the coming years. Sustainable tourism is a conditio sine qua non when it comes to development strategies, but even more so when we talk about modern way of life. As such, it requires a high level of awareness and knowledge at all levels and among all stakeholders. The development of the concept of sustainable tourism has led to numerous positive changes in the system. Nevertheless, tourists are constrained in their choices by various factors and the aim of this paper is to analyse the factors that influence the decision-making process of Gen Z. The aim is to determine the extent to which Zoomers are consistent in their pro-environmental behaviour and how this behaviour is reflected in their travel habits. The research focuses on determining the impact of love of nature, green consumption, altruism and sustainable behaviour on Gen Z’s travel behaviour. As part of this study, a questionnaire-based survey was conducted and distributed online among Zoomers in Croatia. Results are to contribute to the understanding of Gen Z’s behaviour in terms of their environmental awareness, their tendency to adapt their travel patterns to sustainable measures, and their willingness to make such choices when faced with less sustainable alternatives.

ABSTRACT. Due to the economic, demographic, and financial challenges across the European Union Member States, pension system sustainability is a pressing issue. As a result, each country's pension system has unique characteristics. Since gaining independence, Croatia has undertaken significant pension system reforms to improve functionality, funding methods, retirement conditions, and pension amounts. However, ensuring sustainability and resilience in a dynamic market remains a challenge. This paper aims to analyze trends and assess the sustainability of pension systems in EU Member States, with a special focus on Croatia. A survey conducted in Croatia provides empirical evidence highlighting concerns regarding the pension system's sustainability. Consequently, continuous pension system reforms are recommended to achieve financial stability.

ABSTRACT. In this study authors examined the self-assessment of digital competencies among economics and business administration students in Croatia and their perceptions of the importance of these competencies to employers. Given the increasing role of digitalization in everyday activities, we may conclude that role in digital skills play crucial business success. The literature review reveals significant gender disparities in digital competencies, with females often undervaluing their skills compared to males, despite excelling academically in some areas. To address this issue authors surveyed 659 students from the Faculty of Economics and Business, University of Rijeka, focusing on their digital skills and perceived importance. Results indicated high self-assessment scores for both genders, showing a strong identification of their digital competencies. The analysis of the results showed no significant difference in self-assessment scores between female and male students. However, a significant gender difference was observed in the perception of the importance of digital competencies to employers, with females rating this importance higher than males. The study concludes that while both genders value their digital skills, females perceive these skills as more critical to employers. Limitations of this study include the sample being restricted to a single university and the use of self-assessment measures. Future research should expand the sample and incorporate objective assessments to provide a more comprehensive analysis.

ABSTRACT. The presence of sufficient liquidity is a critical determinant for the enduring viability of a company. The pandemic has already demonstrated the criticality of efficient liquidity management for a company's existence, particularly during periods of crisis. Consequently, several firms have been forced to reconsider their conventional processes and existing methods, while actively seeking innovative alternatives for the future. Furthermore, this has resulted in the acceleration of digitalisation within the business sector, and, among the recent advancements, blockchain technology has attracted significant interest. As a technical solution, that enables data management in a distributed infrastructure without a central authority in a traceable and compliant consensus, blockchain provides greater transparency for economic operators, especially potential investors. Furthermore, it facilitates more streamlined payment settlement, which is crucial for maintaining liquidity. The European Union actively encourages and supports the digital integration of innovative practices within businesses. Thus, cash flow management is expected to become simpler. The purpose of this article is to analyse the potential application of blockchain technology in the corporate sector to increase the efficiency and sustainability of liquidity management. Research published in financial journals provides the foundation of this paper and shows that many companies have already recognised the relevance of innovative liquidity management for the future. Besides the systematic literature review, a quantitative content analysis is employed. Furthermore, a case study was undertaken and meticulously evaluated. The investigation indicates the existence of a few start-ups and new companies that actively support entrepreneurs in innovative liquidity management and the reorganisation of processes. Awareness of the future relevance of modern cash flow management is evident. Nevertheless, companies do not have complete confidence in the new technologies and there are uncertainties regarding privacy and security of data. Thus, this research can highlight the proven benefits and drawbacks associated with innovative cash flow management.

ABSTRACT. ABSTRACT BACKGROUND: New digital technologies have triggered a digital revolution that is still going strong and has a big impact on the government and the organizations that serve the needs of the people. Consequently, the government is confronted with unique problems and increasing need for creative solutions. PURPOSE: The objective of this research is to examine how the digital transformation is affecting the work environment for digital technology users (DTUs) in Croatia's Istria County public administration. DESIGN: To conduct the study, in-depth interviews with DTUs in the towns and cities of the County of Istria were utilized. To obtain personal knowledge, the case study and qualitative approach were employed. Secondary documentation information has also been used to gain a deeper grasp of the current state of digital transformation in the Republic of Croatia's public administration. RESULTS: According to the study, DTUs in public administration think that AI and digital technology have enhanced their productivity and working circumstances. Digital transformation expedites the provision of citizen services, streamlines decision-making procedures, and makes data easier to get. THE ORIGINALITY OF THE FINDINGS: The study offers a greater understanding of the subject, exposing potential gaps and creating room for a new digital phase by presenting DTU's perception of digital transformation in their work environment in the County of Istria.

ABSTRACT. In Morocco, Traditional crafts still use traditional tools and methods in their supply chain, especially for marketing their products. For this reason, the sector is suffering from a decrease in sales volume. This pushes their craftspeople to leave this field because they can't earn enough money to cover their main daily needs for life. Furthermore, the adverse effects of environmentally unsustainable consumption and production patterns are becoming unmanageable. It is therefore necessary to explore a meaningful improvement in resource performance in the world economy. To fill these gaps, there is a need to exploit the Digital Revolution and the Industry 4.0 to achieve the Global Outreach of the Traditional Crafts and to manage the natural resources consumed and produced by this traditional industry. This paper focus on the analysis of the Digital Revolution Role in the Global Outreach of Traditional Crafts. To this end, the present paper analyzes the link between Circular Economy, Digital Economy, and Industry 4.0 for the development of the traditional crafts supply chain management to meet better the requirements of the social, economic, and environmentally sustainable development, and to achieve the traditional crafts global outreach.

ABSTRACT. It is almost unanimously acknowledged that in the last decade, alongside with the emergence of the so-called ‘app economy’, digital tourism platforms have disrupted the traditional tourism industry. The present paper deals with the activities performed by this kind of intermediaries, investigating, in particular, the short-term accommodation services offered through electronic platforms intended to connect, for remuneration, potential guests with professional or non-professional hosts. With the spread of this service, critical issues have been identified, in terms of residents’ quality of life, working conditions, housing market, and urban structure. Due to the above-mentioned concerns, and also due to the need to preserve the competitiveness of the markets in which these platforms operate, the idea of introducing new regulations specific to them has made its way. In the light of the EU legislative framework, there is not much room for manoeuvre for national authorities if they aspire to regulate the phenomenon relying entirely on tools designed for services of the pre-digital era. Indeed, the CJEU held that the intermediation service for short-term accommodation must be classified as an ‘information society service’, since neither that intermediation service nor the ancillary services offered by the provider make it possible to establish the existence of a decisive influence exercised by that company over the accommodation services to which its activity relates. Notwithstanding the limits set forth in the relevant provisions of EU law, the major tourism European cities have adopted regulations aimed at mitigating the negative effects produced by the platform-mediated ‘overtourism’. But these efforts would be ineffective in the absence of adequate private enforcement mechanisms which shall not be regarded as simple add-ons to the public regulatory regime system. A special emphasis must be put on collective redress actions, which are likely to have strong deterrence effects.

ABSTRACT. The digital transformation in recent decades has revolutionized the tourism industry and become a key factor for the competitiveness, growth, and sustainability of rural areas. Recent research has focused on exploring the impact of digital transformation on rural tourism, especially on small and medium enterprises (SMEs) that play a significant role in this sector. This paper will conduct a bibliometric analysis of 100-120 articles from established databases to identify the development of research related to rural tourism and the promotion of digitalization in small and medium entrepreneurship, supported by the public sector and networked entities. It also encompasses mapping, identifying, and visualizing clusters of literature on promoting digitalization in SMEs in rural tourism. The research aims to systematically review the literature to present a conceptual framework and theoretical overview of the impact of digital transformation on SMEs. Special attention is given to identifying factors influencing the digital transformation of these enterprises, crucial for strategic decision-making and the development of digital policies. Finally, the study provides a summary of current trends in rural tourism research with a focus on SMEs and seeks to explore the connection between technology usage and the development of the rural tourism industry. This research will identify scientific gaps and provide recommendations for further research. The research will be beneficial to policymakers, tourism strategy professionals, and researchers in developing research-based strategies.

ABSTRACT. The Markets in Crypto Regulation (MiCA) Regulation has been adopted in May 2023, with the purpose of regulating crypto assets in a unified manner in the European Union. To date, EU legislation on crypto assets has been almost non-existent. Admittedly, some types of crypto assets have been regulated based on the fact they fell within the scope of the existing Union legislation, e.g. crypto assets with the features of financial instruments and certain provisions of the European Anti-Money Laundering legislation have also been applicable to crypto assets. Facebook's (failed) initiative to inaugurate its stablecoin Libra made European legislators aware of the potential threat such crypto assets could pose to financial stability. The MiCA Regulation is intended to foster innovation and level the playing field, while ensuring protection of crypto asset holders and keeping remaining technology neutral. The purpose of this paper is twofold, firstly, to clarify the novelties initiated through this regulation and secondly, to provide theoretical extrapolation of supervisory convergence progression with regard to implementation of the MiCA Regulation. Since the transposition of MiCA Regulation is still an ongoing process, i.e. implementation of transitional measures may be prolonged to June 2024 (in some cases until July 2026), this paper debates on selected contemporary legal matters that will have significant impacts on the elevation of the European financial ecosystem. To that end, special attention is given to the new category of crypto assets, so called asset referenced tokens and the ambiguity of their legal nature (financial instrument vs. means of payment).