Traditional statistical tests of serial independence of stock price changes often show that stock markets are ineffi cient. Our analysis on daily and monthly data confi rms this fi nding for the Croatian and U.S. markets in the 2002-2010 period. However, this result seems to be mainly due to the impact of the crisis of [2008][2009]. The observation of monthly data in the pre-crisis period suggests market effi ciency in the U.S. and (rather surprisingly) in Croatia also. Daily data indicate a high degree of effi ciency of the US stock market before the crisis, but it is impossible to conclude with a satisfying level of confi dence that the Croatian market was ineffi cient in that period.Furthermore, an elementary moving average crossover trading system beats the CROBEX and S&P 500 indices from 1997 to 2010, indicating market ineffi ciency. Still, if the same trading rule is applied to the S&P 500 index in an extended time period between 1950 and 2010, the conclusion about market ineffi ciency becomes less convincing. It seems that (in)effi ciency varies both across markets and in the same markets in the long run, but it still remains unknown which processes are the driving factors behind these changes.

A growing body of research, especially in the domain of psychology and business, is aimed at identifying the link between work-related factors and employee readiness to accept change. Moreover, change management is a topic that rapidly attracts the attention of the academic and business communities as well. Therefore, this study is conducted in order to identify the antecedents of the effective implementation of change(s) within a context of a medium-sized construction company that went through numerous changes during its lifetime. A total of 12 different hypotheses and sub-hypotheses was tested to better understand what factors affect employee readiness for change. A multiple regression analysis was used on a sample of 54 employees indicating that organizational commitment, career commitment, and job satisfaction positively affect employee readiness for organizational change. The research contributes to the fields of human resources, organizational psychology, management of small and medium-sized enterprises, and change management.

Despite many "refutations" in empirical tests, the efficient market hypothesis (EMH) remains the central concept of financial economics. The EMH's resistance to the results of empirical testing emerges from the fact that the EMH is not a falsifiable theory. Its axiomatic definition shows how asset prices would behave under assumed conditions. Testing for this price behavior does not make much sense as the conditions in the financial markets are much more complex than the simplified conditions of perfect competition, zero transaction costs and free information used in the formulation of the EMH. Some recent developments within the tradition of the adaptive market hypothesis are promising regarding development of a falsifiable theory of price formation in financial markets, but are far from giving assurance that we are approaching a new formulation. The most that can be done in the meantime is to be very cautious while interpreting the empirical evidence that is presented as "testing" the EMH.

Background: Many studies on entrepreneurship indicate an affirmative entrepreneurial orientation (EO) and small firm performance interrelationship. However, the empirical results are inconclusive, especially when firms face certain contingencies. Objectives: Strategic networking and environmental dynamism are important to SMEs’ performance; therefore, the goal of this study is to apply a configurational approach for developing a model that promotes the roles of strategic networking and environmental dynamism as moderating variables in the EO-performance relationship. Methods/Approach: For determining which model fits the data best, a moderated linear regression analysis was used as an analytical method to test the proposed hypotheses. Specifically, configurational, contingency and universal models were examined. Results: Results reveal that a configurational model provides a statistically better explanation of variance in performance compared to both contingency and universal models. Conclusions: By adding strategic networking to the EO-performance relationship, our study helps explain why some firms, although restrained with internal resources, can still achieve entrepreneurial projects since required resources can be acquired from external network partners. Limitations of this study encompass the sample size, the use of a subjective scale, questioning of only one representative of the firm, and the short-term aspect of the study.

This study aims to evaluate the financial health of Croatian top division clubs, locate their primary source of funding, and assess their capacity for self-sustainability. To conclude the current financial condition and long-term (un)sustainability of Croatian club football, selected financial categories and ratios for HNL clubs from 2018 to 2021 were compared with UEFA benchmarks. The horizontal financial analysis results were presented in aggregate league- and individual club-level form and compared to other leagues, averages, and UEFA recommendations. The research revealed significant operating losses covered by net transfer income, unacceptable high wage-to-revenue ratios, and inferior operating margins. Financial stability should not be upheld only as a means to an end for UEFA licensing but for the long-term viability of every football club and the community in which it is embedded. A focus on long-term internal, organic development (i.e., investing in academies, infrastructure, technology, and human capital, as well as actively supporting young players in the first eleven) can yield an edge against more prosperous competition. Without it, top Croatian clubs will eventually realize that the stream of talented players will thin out and, with it, the golden vein that keeps them financially alive.