SVIBOR - Project code: 5-02-014


Strossmayerov trg 4, HR - 10000 ZAGREB
tel.: +385 1 459 44 44, fax: +385 1 459 44 69


SVIBOR - Collecting Data on Projects in Croatia

Project code: 5-02-014


Main researcher: BENDEKOVIĆ, JADRANKO (3141)

Type of research: basic
Duration from: 01/01/91. to 12/31/94.

Papers on project (total): 57
Institution name: Ekonomski institut, Zagreb (2)
Department/Institute: The Center for the Research of Economics, Organization and Management in the Firm
Address: Trg J. F. Kennedy 7, 41000 Zagreb
City: 10000 - Zagreb, Croatia
Phone: 385 (0)41/235-700
Fax: 385 (0)41/210-467
E-mail: jadranko.bendekovic@ekist.eizg.h

Summary: One of the key elements of the social and economic reform in Croatia is a transition of the social ownership into other forms. This process has very broad effects at the national level, as well as at the firm's level. Within the framework of this research project different economic and financial effects, appearing as a changed break-down of the firm's assets and liabilities, as well as the changes of accounting system and the firm's legal status were analized. Economic and financial aspects of the firm's transition process are a new research area in Croatia. Hence, the foreign expertise might be used as a starting point, which should be adapted to the features of the local firms. This is why the research has been carried out to a large extent as the case studies in order to test the theoretical models in real life and to improve them in accordance with a social and economic development of Croatia.

Keywords: ownership, privatisation, restructuring, market of firms, evaluation of a firm, business assets, business liabilities, accounting, fiscal, monetary

Research goals: The concept of social ownership the Croatian economy and society was based on resulted in a very low efficiency since the risk of any economic action was socialized. Therefore, the privatization which means the individualization of business and other decision risk appears to be the solution for the upgrading the overall efficiency. The privatization is the process which is supposed to be resolved in the long run only. The starting point is the social ownership. Different forms of private ownership are desired results of this process. It means, that the desired results are known, but preconditions, methods and practical procedures of its implementation are to be investigated. The goal of the research is to investigate economic and financial aspects of microeconomic, macroeconomic and legal components of the privatization process. Since the model of privatization was legally prescribed the institutional and macroeconomic component could be taken as given only. Some individual papers discussed alternative concept and way of actions, but there were no practical results. Therefore, the research was concentrated more on microeconomic component of the entire privatization process. The methodology for the valuation of firm is prepared, several firm's valuations are made and empirical evidences collected. There was a close cooperation with The Croatian Fund for privatization in the past period. This fact opens the possibility of using very large and precize data base for empirical research The Fund disposes with. This empirical research is to be finalized in a separate study at the end of 1994.


  1. Name of project: 5-02-015 "Financiranje poslovanja i razvoja poduzeća u tržišnoj privredi"
    Name of institution: Ekonomski institut, Zagreb
    City: 10000 - Zagreb, Croatia

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Last update: 10/12/95