While risk aversion and affordability of insurance are considered as the most important determinants of non-life insurance demand, understanding and knowledge of complex non-life insurance products are less researched. Studies on insurance demand conducted at the cross-section level, which include education, usually use it as a proxy for risk aversion and to a limited extent as a measure of financial literacy. Moreover, the general level of education does not accurately reflect the level of understanding of sophisticated insurance instruments. Consequently, the main aim of this research is to analyse the impact of financial literacy on the demand for non-life insurance by applying a more precise measure of financial literacy. The empirical analysis is based on the dataset of 38 European countries in the period from 2010 to 2016 and is done using the panel data analysis technique. Research findings confirm that financial literacy makes the difference in non-life insurance demand among European countries, while controlling for other economic, social/cultural, market structure and institutional determinants of non-life insurance demand. The paper contributes to the literature on non-life insurance demand, especially the one on the relationship between financial literacy and the demand for non-life insurance.
During the pandemic, health care services have gained in importance. One of the ways used to finance these services is through voluntary private health insurance. Existing studies on the demand for voluntary private health insurance are based predominantly on the micro-economic level. Therefore, the aim of this paper is to analyse the factors of demand at the macro-economic level. The analysis covers economic and demographic factors, the quality of the public health care system, risk aversion and the status of the population’s health. The empirical research is based on the databases of 29 European countries in the period from 2013 to 2017 and on the dynamic panel model. The results of the empirical analysis revealed that income, price, urbanization, health care system quality, risk aversion/education and self-perceived health are important determinants of demand for voluntary private health insurance in European countries.
This article describes how investors on the Zagreb Stock Exchange (ZSE) can use Multiple Criteria Decision Making (MCDM) to select shares for investment. Both financial and market liquidity criteria are used to compare different shares. Market liquidity criteria include the average number of daily trades and the average daily turnover on the regular market. These criteria help to determine the liquidity of shares in the secondary market, which is the main contribution of this research.The investment selection proposal is based on the PROMETHEE. The performance of the portfolio constructed using the Modern Portfolio Theory (MPT) was tested. Predictably, the inclusion of liquidity criteria in the share selection process resulted in an increase in the liquidity of the portfolio, an effect that is clearly evident after 2019. However, such a portfolio does not provide significantly different returns compared to a scenario where liquidity criteria are excluded from share selection process. Reading this paper provides an insight into how to make investment decisions based on criteria consistent with investors’ objectives in an developing capital market.
Ubrzani razvoj tehnologija i njihova sve učestalija primjena unutar poslovnih organizacija stvaraju brojne prednosti u smislu brzine izvršavanja i automatizacije poslovnih procesa, lakšeg pristupa i razmjene informacija, obavljanja poslovnih aktivnosti na daljinu, lakšeg pristupa tržištima, smanjivanja troškova poslovanja i dr. Istodobno, poslovne organizacije izložene su kibernetičkim rizicima odnosno prijetnjama koje postaju sve različitije, složenije te bilježe kontinuiran rast. Različiti oblici kibernetičkih rizika manifestiraju se kroz kompromitaciju informacijskih sustava poslovnih organizacija što može izazvati značajne izravne i neizravne fi nancijske gubitke. Premda je uočena sve veća ranjivosti na kibernetičke rizike, posebno u smislu njihovog intenziteta utjecaja na poslovanje organizacija, i dalje je prisutan manjak aktivnosti upravljanja kibernetičkom sigurnošću. Velik broj poslovnih organizacija ignorira odnosno podcjenjuje kibernetičke rizike ili se oslanja na generičke proizvode. Unatoč činjenici kako kibernetički rizici postaju sve važniji čimbenik utjecaja na poslovanje organizacija i rezultata njihovog djelovanja, istraživanja kibernetičkih rizika u ekonomskoj literaturi te u njezinom užem području upravljanja rizicima, nisu adekvatno zastupljena. Cilj ovog rada je pružiti pregled istraživanja u području ulaganja u kibernetičku sigurnost kao metode fizičke kontrole šteta koja je neizostavna pretpostavka povjerljivost, dostupnost i cjelovitost informacija te informacijskih sustava. Nadalje cilj rada je ulaganje u kibernetičku sigurnost usporediti s metodom financijske kontrole te istaknuti važnost kombiniranja ovih dviju metoda u cilju postizanja kibernetičke sigurnosti.
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