Organizations are facing a disrupted environment, which results in a need for managers who can quickly respond to volatile conditions. Such conditions lead to changes in traditional leadership and the construction of new leadership recognized by contemporary literature as digital leadership (DL). The main objective of this research paper is to examine the levels of DL and digital maturity (DM) in small and medium-sized Croatian companies in the context of digital transformation (DT). The research sample included 156 companies, and the results indicated relatively high levels of DL; indeed, nearly four companies achieved the highest level of DM. The results indicated a negative correlation between the level of DL and DM. Gender was shown to have an impact on the level of DL, while it was not indicated that gender has an impact on the level of DM.
Abstract:The main objective of this research paper is to examine whether the practice of corporate governance (CG) measured by the CGI-Crobank® index is signifi cant for the explanation of variations in the performance of Croatian banks measured by the return on assets, return on equity, interest margin, margin of non-interest income, operating expenses margin, and by Tobin's Q for the observed period from 2011 to 2015. The research is made on Croatian banks that form the CGI-Crobank® index using the data and information from annual questionnaires of CG codex, primarily to ensure objectivity, standardization and comparability. The goal of the literature analysis was to show present fi ndings in the areas of corporate reporting and its impact on CG. Results obtained in the research indicate that a well implemented practice of corporate governance measured by the CGI-Crobank® index have infl uence on the variations in the performance of Croatian banks measured by Tobin's Q and fi nancial indicators.
The main objective of this paper is to examine correlation between agency costs measured by identified approximation of variables and debt financing as one of the corporate governance mechanisms for reducing these costs. In a modern corporation where ownership is separated from management, many benefits are viewed primarily through an increasing efficiency. The issue of the separation of ownership and management is related to potential conflict between principals (stakeholders) and agents (managers). Theoretically possible solution to the agency problem is defined through the agency theory. The most significant problem are agency costs. Agency costs do not have a directly quantifiable value, therefore the approximation of measures such as asset turnover ratio and operating expense ratio (company's operating expenses divided by its revenues) will be used in this research paper. According to the previous empirical studies, between asset turnover ratio and debt financing positive correlation was determined, while negative correlation was determent between operating expense ratio and debt financing. This research was conducted on Croatian companies whose shares have been listed on the Zagreb Stock Exchange continuously from January 2009 to December 2017. In the analysis, from a total of 154 companies that shares have been listed on the Zagreb Stock Exchange, 31 most actively traded shares measured by the average monthly trading rank in the observed period were taken. Results obtained in this research indicate that debt financing is significant corporate governance mechanism for reducing agency costs where the direction obtained from the correlation is in line with the theoretical expectation.
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