Abstract. In order to test whether scaling exists in finance at the world level, we test whether the average growth rates and volatility of market capitalization (MC) depend on the level of MC. We analyze the MC for 54 worldwide stock indices and 48 worldwide bond indices. We find that (i) the average growth rate r of the MC and (ii) the standard deviation σ(r) of growth rates r decrease both with MC as power laws, with exponents αw = 0.28 ± 0.09 and βw = 0.12 ± 0.04. We define a stochastic process in order to model the scaling results we find for worldwide stock and bond indices. We establish a power-law relationship between the MC of a country's financial market and the gross domestic product (GDP) of the same country. Many real-world systems exhibit self-similarity, where fluctuations exhibit similar statistical properties at all scales [1][2][3]. As a result, these systems can be classified by the scale-free functions that characterize the underlying dynamics. In recent decades, methods from statistical physics have been extended into finance and macroeconomics, where for example, references [4,5] analyzed the fluctuations in the gross domestic product (GDP) of 152 countries and found that (i) the broad central region of the distribution of annual growth rates decays according to a Laplace distribution; and (ii) the standard deviation scales as a power law of GDP with a scaling exponent β ≈ 0.15. These scaling results were also obtained for several other macroeconomic variables [5], as well as for microeconomic variables, such as the number of employees and the sales of companies [6]. The same scaling properties (i) and (ii) have found by analyzing growth dynamics of university research [7], and recently by analyzing annual growth rates for many companies comprising different financial indices [8]. In finance, the probability density function (pdf) of logarithmic returns of stock price exhibits a power-law decay in the far tails described by a inverse quartic law [9,10]. Recent contributions to the field india e-mail: bp@phy.hr b e-mail: davorh@phy.hr c e-mail: amp17@buphy.bu.edu d e-mail: njavro@gmail.com e e-mail: hes@bu.edu cate that the far tails of the pdf of growth rates, of both microeconomic and macroeconomic variables, exhibit approximately inverse cubic power laws [5,11]. PACSIn order to further investigate the scaling properties in finance and macroeconomics, first we analyze Bloomberg data on the stocks comprising a common stock index, the Nasdaq Composite Index [12]. For each stock we know the stock price and market capitalization (M C) at the end of each year, where M C is calculated as the number of stocks outstanding multiplied by the price of the stock. We define an annual logarithmic growth ratewhere S t and S t−1 are the stock prices in two consecutive years. We also analyze a data set comprising the M C for 54 worldwide stock indices and 48 worldwide bond indices (from World Federation of Exchanges [13]) covering the last 16-year time horizon. In addition, we investigate the relationship ...

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Purpose The purpose of this paper is to show the application of Q methodology in the practice of policymaking, namely, in the field of the wine business. Today, Q methodology has a rising significance in all aspects of human behavior where there is a need for gathering and analyzing qualitative data. This paper discusses the applicability of Q methodology as a participative bottom-up tool for extracting priorities for tailor-made sectorial policies in the field of the wine business. Design/methodology/approach Developed by William Stephenson almost a century ago, Q methodology was primarily used to study human behavior in different psychoanalysis practices and personality tests. But it can be used also as a tool to extract important opinions of stakeholders in the process of making new sectorial policies. To prove the applicability of Q methodology for this task, data collected from 30 small and medium Croatian winemakers are used as a case study. Selected winemakers originate from coastal and continental regions of Croatia covering the whole country. Gathered data were analyzed using the PQMethod ver. 2.35 software. Findings The results of the data analysis have given an insight into Croatian small wine business perspectives, rapidly revealing factors which matter the most to them (luck, value added tax, import lobby, margins in HORECA). On the other side, factors like automated grape harvesters, subsidized fair participation were identified that matter the least, and factors like prices and procedures for mandatory analyses, paperwork for exports and development of new sales channels are considered as neutral. Research limitations/implications The selected participants are a small, but representative, group of Croatian winemakers and generalization of findings to the whole winemaking sector should be undertaken with caution. Q methodology is primarily an explorative technique, which brings a sense of coherence to the relation of the research question and contested answers, but prone to straightaway change. Practical implications Q methodology enables a participatory approach, rapid analysis and focus on the most important factors for changing relations and effects of planning and execution of sectoral policies. It can be used to effectively extract relevant factors common to group of different individuals acting in the same sector with the same goal. Originality/value This research provides an insight into potentials of Q-methodology approach when considering the theoretical framework for the policy making process. Therefore, it also widens its applicability in research of subjective viewpoints on different issues in a particular business sector.

Organic agriculture (OA) is a continuously growing global concept that emphasizes the use of sustainable and environmentally-friendly practices. By adopting OA, it is possible to improve ecosystems services, increase biodiversity, decrease environmental pollution, reduce carbon footprints and mitigate greenhouse gas emissions, generating food that is free from harmful residues of agrochemicals, thereby enhancing food safety and security. This study provides a comprehensive review of the latest insights on the global utilization of land resources in OA, focusing particularly on some EU countries that experienced a notable and rapid progress in organic farming during the past two decades. With negligible 1.6% (75 Mha) of global cropland is currently dedicated to OA, there is ample opportunity to expand the adoption of OA and realize its multi-beneficial potential for farmers (by premium prices), and consumers (by healthier and nutritious food). The importance of OA has been recognized by the most recent EU agro-environmental policies and green strategies, with an ambitious goal to have at least 25% of agroecosystems under organic management by 2030. Despite numerous financial supports and a multifold increase in OA land area, many member states are unlikely to achieve this goal, including Croatia, which currently has a share of only 8% (~109,000 ha) of lands in OA. Furthermore, converting conventional land to organic farming has not always led to an increase in value-added final OA products. EU policies related to OA have been focused on the area of land cultivated organically, rather than overall production performance, and financial subsidies have been essential to achieve this policy. Therefore, some of critical obstacles and challenges for OA under rising pressures due to global climate change, public health and geopolitical crises need to be managed by specifically designed policies and regulations, which would contribute to more sustainable OA, i.e., food safety and security.