SVIBOR - Project code: 5-02-144

MINISTRY OF SCIENCE AND TECHNOLOGY

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

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Project code: 5-02-144


STOCK OWNERSHIP IN THE ECONOMY OF SLAVONIA AND BARANJA


Main researcher: NOVAK, BRANKO (74026)



Assistants
Type of research: applied
Duration from: 01/01/91. to 12/31/93.

Papers on project (total): 0
Institution name: Ekonomski fakultet, Osijek (10)
Department/Institute: Department of economic research
Address: S. Radića 17
City: 31000 - Osijek, Croatia
Communication
Phone: 385 (0)54 23-543
Fax: 385 (0)54 27-265

Summary: The research "Stock Ownership in the Economy of Slavonia and Baranja" follows the birth, development and problems of functioning of joint stock comapnies in this region. The research also includes the so-called employee stock ownership. Such a research provides elements for the evaluation of necessary institutional, economic and political measures whose aim is to prevent negative developments and stimulate positive developments. Special attention is paid to factors related to the evaluation of common stocks of joint stock companies (factor related to company name and factors related to capital market). The determination of these factors and the evaluation of their importance are the basis for defining necessary information for their evaluatkion and thus also a basis for the improvement of efficiency and capital market institutions. The later stages of this research should result in an algorithm with a data base for the value appraisal of stocks and company evaluation.

Keywords: joint stock company, employee stock ownership, common stock evaluation, firm-related risks, market related risks

Research goals: Research results of the project "Stock Ownership in the Economy of Slavonia and Baranja" shall contribute to the understanding of the processes of birth and functioning of joint stock companies in the economy of the Republic of Croatia with particular reference to joint stock companies in the Slavonia and Baranja region. Given the possibility of transformation of a part of socially-owned capital into joint stock companies whose shareholders would be the employees, this research is also concerned with the business results and efficiency of companies with the so-called employee stock ownership. Such a research is essential also because there exist almost diametrically opposite views on employee stock ownerhsip in countries with a developed market economy. This research could provide a basis for the evaluation of necessary institutional, economic and political measures which would stimulate this form of stock ownership if it is empirically justified. The early stages of this research should give an insight into the processes of birth and functioning of joint stock companies in Slavonia and Baranja, as well as into the weaknesses of institutions of primary and secondary capital markets which aggravate the development of this form of organization. This would provide insights which could serve as a basis for the necessary prevention and/or correction of negative developments. These insights would enable the formulation of necessary institutional changes and economic policy measures. The functioning of joint stock companies along with the effect of capital market factors is summed up and reflected in their common stock value. For this reason, these factors should be systematically investigated. The determination of factors affecting the value of common stocks creates a basis for the definition of information requirements for common stock evaluation and a basis for a realistic appraisal and optimum composition of securities portfolios on the side od potentital investors into securities. In the field of common stock evaluation, an algorithm for the evaluation procedures should be developed and an appropriate data base and an interactive software package should be designed.

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Last update: 10/19/95
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