/library/oar/handle/123456789/65991 2025-12-25T16:41:07Z /library/oar/handle/123456789/66233 Title: Journal of Corporate Governance, Insurance and Risk Management : volume 2 : issue 2 Editors: Todorović, Igor; Grima, Simon; Özen, Ercan; Tipurić, Darko Abstract: 1/ Donato Calace - Disclosure in non-financial reports as strategic leverage : can it increase firms’ value?; 2/ Jasna Prester, Marli Gonan Bozac, Morena Paulisic - Influence of selected organisational factors on innovation; 3/ Igor Todorovic, Maja Darabos , Mojca Duh - Performance of state owned electric utilities : case of Bosnia and Herzegovina, Slovenia and Croatia; 4/ Maria Aluchna - Corporate governance in founders’ controlled companies; 5/ Algis Zvirblis, Antanas Buracas, Vytas Navickas - Complex assessment of essential financial indicators in corporate governance; 6/ Victoriya Nekrasova, Veneta Baeva - The concept of human resources corporate developing as a factor of labor performance growth; 7/ Agota Szabo - Changing board dynamics : the impact of board evaluations; 8/ Liucija Birskyte, Dalia Vinauskiene - The assessment of formal barriers to the formation and survival of small businesses in Lithuania; 9/ Fabio Amatucci, Anna Maria Pascale, Maria Carmela Serluca - Green economy and social responsibility in the Italian agri-food sector : the focus on the wine sector; 10/ Ivano De Turi, Antonello Garzoni - The role of academic spin-offs in entrepreneurial innovation and regional development : the Apulia case 2015-01-01T00:00:00Z /library/oar/handle/123456789/66232 Title: Disclosure in non-financial reports as strategic leverage : can it increase firms’ value? Authors: Calace, Donato Abstract: Over the last years, stakeholders’ pressures over sustainability issues have increased dramatically. Organizations have to demonstrate the inclusion of social and environmental concerns in their operative and strategic decisions processes. For this reason, companies report their sustainability performance in non-financial documents, signaling to markets and stakeholders the outcomes of their CSR policies. As non-financial reporting is a voluntary activity, there is not a common and enforced standard of reporting rules: as a result, the level of disclosure varies from one report to another. Sound and material reporting, with a higher level of disclosure, is a costly activity, requiring large investments in terms of time and resources. Therefore, CSR managers have to determine the grade of disclosure of non-financial reports by evaluating their costs and benefits. The aim of this is paper is to determine whether the market remunerates this investment and if it rewards higher levels of disclosure, providing both managerial and academic implications. This paper analyzes the outcomes on companies’ market value determined by non-financial disclosures strategies in GRI referenced reports, juxtaposing a partial disclosure stance against a full disclosure stance, through a 2 years longitudinal study of the 2012 Fortune Global 500 companies. Results show that while the issuance of a GRI referenced report with partial disclosure (C and B GRI Application Levels) causes a positive effect on market capitalization, a full disclosure stance (A and A+ GRI Application Levels) has a negative effect on market value in the period of analysis. This output suggests that there is an optimum level of disclosure perceived by the market, opening a debate over the quality of disclosure and its ability to satisfy stakeholders’ informative needs. 2015-01-01T00:00:00Z /library/oar/handle/123456789/66231 Title: Influence of selected organisational factors on innovation Authors: Prester, Jasna; Bozac, Marli Gonan; Paulisic, Morena Abstract: It is almost impossible to imagine a company that does not innovate in today's market. Some companies say they compete on quality and not innovation, but they also innovate, especially in the form of process innovation aiming at enhancing quality. The aim of this paper is to present how the key set of selected organisational factors, company’s organisation, strategy, and processes, learning and links, influences innovation. In this respect, the key set of organisational factors has been measured on Croatian companies. In field research we used a questionnaire developed by Tidd et al. (2005) which was further developed to include measurable parts of innovation. The questionnaire is validated by factor analysis, but the influence of latent variables on innovation outcome, such as the number of innovations, revenues from innovation and length of time for new product launch, was researched by structural equation modelling. The research results showed that the set of strategy and learning factors has a significant influence on the number of innovations in companies (radical or modified). At first glance it might seem as though big companies have more resources and are thus in a privileged position to innovate, but researches show that the companies that are able to mobilise their employees, their knowledge and expertise in delivering new products or services, obtain better innovation results. The research results clearly indicate the relationship between company’s higher innovativeness and higher innovation results. 2015-01-01T00:00:00Z /library/oar/handle/123456789/66192 Title: Performance of state owned electric utilities : case of Bosnia and Herzegovina, Slovenia and Croatia Authors: Todorovic, Igor; Darabos, Maja; Duh, Mojca Abstract: One of the biggest questions battling governments is performance of Electric Utilities, as they are one of the biggest resources and largest State Owned Enterprises. This issue became more important as electricity market has been liberalized and fully opened. Before market liberalization state owned Electric Utilities operated in monopoly market where competition was not possible. Therefore, due to market liberalisation existing companies have to be more competitive than before in order to grow and survive new competition from EU countries. Paper analyses performance of State Owned Electric Utilities from Bosnia and Herzegovina, Slovenia and Croatia. Measuring the success of the State Owned Electric Utilities is based on the analysis of financial statements for period from 2008 to 2012, using indicators of profitability. Electricity market in Slovenia and Croatia have been fully opened in analyzed period while electricity market in Bosnia has been closed. The results reveal that State Owned Electric Utilities operating in opened market have better performance and are more competitive than State Owned Electric Utilities which operate in closed market. The broad conclusion that emerges from the results is that market opening and new competition entering markets has pushed companies to improve their governance practices and performance in order to survive on the market. 2015-01-01T00:00:00Z