Ozren Uzelac
@ef.uns.ac.rs
Economy / Faculty of Economics Subotica
University of Novi Sad - Faculty of Economics
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
Aleksandra Stoiljković, Slavica Tomić, Bojan Leković, Ozren Uzelac, and Nikola V. Ćurčić
MDPI AG
This paper examines the impact of debt in the capital structure on agency costs and therefore on the performance of a company. The efficiency of companies was estimated using two parametric techniques: Ordinary Least Squares (OLS) methods and a Stochastic Frontier Analysis (SFA). The estimated efficiency represents a measure of (inverse) agency costs. Agency costs cause a lower level of efficiency compared to companies that have minimized these costs, and companies that reach the efficiency frontier, in the observed context of this research, are viewed as those that have minimized agency costs. A panel regression model was applied in order to determine the direction and intensity of the influence of leverage and control variables on the initially estimated efficiency of the company. The results of this research on Serbian manufacturing companies show the expected positive effect of capital structure (leverage) on the efficiency of the company, which is in accordance with the predictions of the agency cost theory. The contribution of this research is reflected in the application of efficiency as a performance indicator in the observed context of examining the theory of agency costs, bearing in mind that the measure of efficiency is closer to the theoretical view of these costs.
Bojan Leković, Ozren Uzelac, Tibor Fazekaš, Aleksandra Marcikić Horvat, and Petar Vrgović
MDPI AG
With this paper, we aim to examine the relationship between cognitive, social, and demographical factors, as well as national culture and its relationship with social entrepreneurial activity in Southeast Europe (SEE). The empirical research employs a binary logistic regression model, utilizing data obtained from the Global Entrepreneurship Monitor. For the purpose of the empirical research, we selected a sample of early-stage entrepreneurs who founded their businesses in Hungary, Romania, Slovenia, Croatia, or North Macedonia. The research sample in these five countries includes 10,012 examinees, of which 615 are social entrepreneurs. A statistically significant relationship was identified between observed phenomena in terms of entrepreneurial networking, risk aversion, individualism, entrepreneurial social image, media impact, gender, work status, and education. The results can be explained by the specific entrepreneurial context of the SEE region. We also point out recommendations for future research.
Marijana Dukić Mijatović, , Ozren Uzelac, Aleksandra Stoiljković, , and
Faculty of Technical Sciences
Ozren Uzelac, Milivoje Davidovic, and Marijana Dukic Mijatovic
Informa UK Limited
ABSTRACT This article investigates the impact of institutional variables on economic activity (GDP) in 19 Central and Eastern Europe (CEE) countries, covering the period 1999–2016. We utilise Principal Component Analysis (PCA) to construct a hybrid measure of economic freedom, and the Random Effect model to estimate the causalities. The analysis shows that many CEE countries have improved their institutional setting, especially the control of corruption. The regression results indicate that the control of corruption and democracy have a positive and significant impact on the GDP. Also, political stability promotes growth, while the quality of regulation is statistically insignificant. Finally, the rule of law and economic freedom accelerate economic growth. Overall, the legal framework, political stability and economic freedom shape the economic reality in the CEE region. We conclude that institutions matter for growth in the CEE countries.
Milivoje Davidovic, Ozren Uzelac, and Vera Zelenovic
Informa UK Limited
The paper deals with the efficiency dynamics of the Croatian banking industry, covering the period from 2006 to 2015. We have implemented the intermediation approach, using interest and non-interes...