We analyze the elements determining the sustainability of nautical tourism in selected Mediterranean countries (Croatia, Slovenia, Greece, Italy and Turkey). The purpose of our research is to investigate the main obstacles to greater application of renewable energy sources (RES) as the basis for the sustainability of nautical tourism. The obtained results provide valuable information that can help companies and policy makers choose appropriate strategies to achieve the EU 2030 sustainability goals in this sector. Our survey among charter companies was conducted during 2018 on a sample of 51 respondents. We conclude that there is a serious lack of knowledge among nautical tourism respondents regarding the availability of financial instruments from EU funds intended for increasing energy efficiency and adoption of RES. Respondents were familiar with general measures to reduce energy costs but are not familiar with the measures and opportunities provided by available European funds. Our results confirm previous research indicating that significant savings in energy consumption can be achieved by using RES (especially photovoltaic (PV) modules) and that insufficient financial resources and lack of knowledge are the main obstacles to achieving higher adoption rates of RES and increasing energy efficiency in nautical tourism.

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This paper examines the effect of off-balance sheet (OBS) activities on performance of the banks listed on Istanbul Stock Exchange (ISE). We use four measures of performance including bank's risk exposures, profitability, leverage, and liquidity position. We find that both bank-specific risk and foreign exchange rate risk are positively related with OBS activities. This indicates that OBS activities increase bank-specific and foreign exchange risk exposures of the banks in Turkey. The positive relationship might serve as a warning to bank's speculative action using OBS transactions in the market. The results also indicate that OBS activities, due to its hedging perception, improve bank's stock returns but have a negative impact on return on equity. In addition, OBS activities do not have a statistically significant impact on leverage or liquidity. ARTICLE INFO

The latest regulatory framework, which has been introduced globally in the form of Basel III, and its implementation in the legislation of the member states of the European Union has generated much interest in the impact of regulation on the efficiency and profitability of banks. This study aims to examine the impact of the introduction of two major regulatory changes (Basel II and Basel III) on bank performance, in terms of bank size and bank-specific and macroeconomic variables. A two-stage empirical analysis was conducted on a sample of 433 European commercial banks over the 2006–2015 period. In the first stage, relative efficiency was calculated using non-parametric data envelopment analysis. In the second stage, the generalized method of moments was used to examine the impact of bank-specific and macroeconomic variables as well as regulation on bank performance, that is, profitability and efficiency. Considering bank size, the results show a diverse impact of regulation on bank performance. Regarding large- and medium-sized banks, regulation positively affects both efficiency and profitability, whereas, for small banks, it negatively affects performance. The results suggest that larger banks have skillfully adapted to the new regulatory environment. In contrast, small banks have problems with profitability and efficiency because the new regulatory framework has imposed additional administrative and regulatory burdens. This could result in future failure or mergers with larger banks, resulting in a higher concentration in the banking sector and increased systemic risk. Our results strongly suggest that regulation should not be implemented equally for all banks; that is, on a one size fits all terms. A distinction between small and large banks when introducing new regulatory frameworks should be made if a reasonable level of competition is to be preserved.