Danijela Miloš Sprčić and Ian Wilson
The overall purpose of the paper is to examine the factors influencing the speed of development of corporate bond markets and, within that, to investigate the factors that Chief…
Abstract
Purpose
The overall purpose of the paper is to examine the factors influencing the speed of development of corporate bond markets and, within that, to investigate the factors that Chief Financial Officers in large Croatian companies consider important in using corporate bonds as a financing method and the barriers they perceive as inhibiting issuing of corporate bonds.
Design/methodology/approach
A survey was carried out of a sample of Chief Financial Officers from the largest companies in Croatia.
Findings
The paper concludes that a range of macro‐level, industry level, market level and firm level factors influence the rate at which corporate bond markets develop and that, in Croatia, progress can be expected to be inexorable, but slow.
Practical implications
Although a range of factors contribute to the speed at which a country's corporate bond market develops, it is clear that, in the case of Croatia, there needs to be more education of chief financial officers about the institutional and legal frameworks already in existence.
Originality/value
The paper contributes new empirical findings as it presents the first research that has been conducted on the Croatian capital market. The paper adds value to the conceptual understanding of the phenomena of bond market development.
Details
Keywords
Darja Peljhan, Danijela Miloš Sprčić and Mojca Marc
Our study investigates the relationships between risk management systems (RMS), strategy and organizational performance. The existing research has extensively studied the effect…
Abstract
Our study investigates the relationships between risk management systems (RMS), strategy and organizational performance. The existing research has extensively studied the effect of strategy on organizational performance. There is also a growing body of literature suggesting that RMS positively influence the achievement of organizational objectives. However, there are only a few conceptual papers (and no empirical evidence) on the relationship between strategy and RMS. We investigate whether different strategy types (defender, analyzer, prospector, and reactor) induce different levels of RMS development and, hence, affect performance indirectly, as well as directly. We use regression analysis and survey data to test the proposed relationships. Our results confirm the direct effects of strategy type and RMS development on performance. We confirm that prospectors perform better than defenders, analyzers, and reactors across five measures of performance (profitability, sales growth, market share, new product development, and customer satisfaction). We also find that companies with more developed RMS perform better in terms of non-financial performance (measured by new product development). Contrary to the prevailing evidence, we do not find significant results for financial performance. Moreover, our findings show that there is no mediating effect of RMS development in the relationship between strategy type and performance. This implies that RMS and strategy act as independent variables, each individually affecting organizational performance.