natgillin/translations-raw huggingface dataset:
Ljubljana: Ministry of Enivronment and Spatial Planning.
Ljubljana: Ministry of Environment and Spatial Planning.
EU Emissions Trading Scheme - Explanatory Note 3 - Timetable to Final Allocation Deci
EU Emissions Trading Scheme - Explanatory Note 3 - Timetable to Final Allocation Decisi
“Annual European Community green
“Annual European Community gre
house gas inventory 1990-2003 and inventory report 2005” [online].
enhouse gas inventory 1990-2003 and inventory report 2005” [online].
able from: [http://europa.eu.int/comm/eurostat].
ilable from: [http://europa.eu.int/comm/eurostat].
TradeNews Emissions, Freitag, 24 September 2004, No. 6 DowJones VWD News, 10-12.
Trade News Emissions, Freitag, 24 September 2004, No. 6 DowJones VWD News, 10-12.
Evaluation of alternative initial allocation mechanisms in a European Union greenhouse gas emissions allowance trading scheme [on
Evaluation of alternative initial allocation mechanisms in a European Union greenhouse gas emissions allowance trading scheme [onli
“Accession Countries Impact on EU Emissions Trading” in: Proc
“Accession Countries Impact on EU Emissions Trading” in: Proce
cedings of the Carbon Market Insights.
edings of the Carbon Market Insights.
MOPE - EIONET - European Environment Information and Observation Net
Operativni program zmanjševanja emisij toplogrednih plinov, povzetek: summary [online].
Slovenska podjetja in trgovanje z emisijami TGP.
Ljubljana: Uradni list Republike Slovenije.
Available from: [http://www. colby.edu/ personal/thtieten].
Available from: [http://www. colby.edu/ personal/thirteen].
Available from: [http://
www.unfccc.int].
The theory also predicts that groups will differ in performance and in their reaction to external shocks.
Stoga razvrstavanje banaka u strateške grupe i omogućivanje različitih reakcija grupa na vanjske šokove pomaže u preciznom objašnjenju dobiti bankarskog sektora kao cjeline.
Using panel regression methods we show that the allocation of banks to groups is statistically significant in explaining the profitability of banks.
Ključne riječi: strateške grupe, financijska stabilnost, određivanje klastera, Wardov algoritam, regresija s panelnim podacima
Thus, breaking down the banks into strategic groups and allowing for the different reaction of the groups to external shocks helps in a more accurate explanation of profits of the banking sector as a whole.
* Ljubazno zahvaljujemo anonimnim recenzentima našeg rada te Tomaszu Chmielewskom, Adamu Głogowskom, Marti Gołajewskoj i Jaceku Osińskom iz Nacionalne banke Poljske, kao i drugim sudionicima seminara što ih je organizirala Nacionalna banka Poljske na poticajima i vrijednim komentarima.
G. Halaj and D.
G. Halaj i D.
According to the theory, the number of available strategies is limited.
Prema toj teoriji, broj mogućih strategija je ograničen.
By choosing a given strategy a company assigns itself to a certain group.
Odabirom neke strategije poduzeće se svrstava u određenu grupu.
Strategic groups are relatively stable over time, which is a conse quence of mobility barriers.
Strateške su grupe relativno stabilne tijekom vremena, što je posljedica prepreka mobilnosti.
In empirical research that applies strategic group theory to the banking sector, it was assumed that a bank's strategy was reflected in the structure of its balance sheet.
U empirijskim istraživanjima u kojima se teorija strateških grupa primjenjuje na bankarski sektor pretpostavljeno je da se strategija banke reflektira na strukturu njezine bilance.
The shares of particular balance sheet items in total assets or the shares of particular loan categories in total loan portfolio were called strategic variables or strategic dimensions.
Udio pojedinih stavki iz bilance u ukupnoj imovini ili udio pojedinih kategorija zajmova u ukupnom kreditnom portfelju naziva se strateškom varijablom ili strateškom dimenzijom.
The aim of this paper is to verify whether strategic groups make it possible to model banks' performance more accurately.
Cilj je ovog rada provjeriti omogućuju li strateške grupe točnije modeliranje uspješnosti poslovanja banaka.
We identify strategic groups in the Polish banking sector and test whether their profitabilities differ sig nificantly.
Mi identificiramo strateške grupe u bankarskom sektoru Poljske i provjeravamo da li se njihova profitabilnost značajno razlikuje.
The statistical significance of a group variable in the panel models both supports the thesis of the significant differences between groups' performances and may improve modeling of banking sector profits, allowing for different reactions of particular groups to external shocks.
Statistička signifikantnost grupne varijable u modelima s panelnim podacima potvrđuje tezu značajnih razlika između uspješnosti poslovanja grupa i može li unaprijediti modeliranje dobiti bankarskog sektora, pri čemu su moguće različite reakcije pojedinih grupa na vanjske šokove.
This could improve the ex ante assessment of the profit-generating potential of banks and thus support a more forward looking approach to the analysis of the stability of the banking sector.
To može unaprijediti i ex ante ocjenu potencijala banaka za generiranje dobiti i time pridonijeti pristupu analizi stabilnosti bankarskog sektora koji je više orijentiran na budućnost.
Since there were many mergers and acquisitions in the second half of the 1990s in the Polish banking sector, the stability of groups over time may be hampered.
Budući da je tijekom druge polovice 1990-ih godina došlo do mnogih spajanja i preuzimanja unutar poljskoga bankarskog sektora, stabilnost grupa u ovom razdoblju može biti upitna.
On the other hand, the share of foreign capital in the Polish banking sector increased substantially at that time.
Osim toga, udio inozemnog kapitala u bankarskom sektoru Poljske znatno je povećan tijekom tog razdoblja.
This might have widened the scope of services offered by banks, which should be manifested through increased similarity of particular strate gic groups.
Možda je to dovelo do širenja spektra usluga koje banke nude, a što bi se trebalo ogledati u sve većoj sličnosti pojedinih strateških grupa.
The idea of strategic groups has been popularized by Caves and Porter (1977), who,
Ideju strateških grupa popularizirali su Caves i Porter (1977), koji su, osim barijera
apart from barriers to entry, introduced the term of barriers to mobility.
ulasku, uveli pojam barijera ili prepreka mobilnosti.
The concept of mobility barriers was enforced to explain the ratio nale behind the creation of homogeneous groups of companies.
Koncept prepreka mobilnosti trebao je objasniti razloge koji vode stvaranju homogenih grupa poduzeća.
Groups are formed as a result of discontinuity in available strategies, which are unevenly distributed over the space spanned by strategic variables.
Grupe se formiraju kao posljedica diskontinuiteta dostupnih strategija, koje su neujednačeno distribuirane u prostoru što ga definiraju strateške varijable.
Porter (1980) states that available strategies prevent a company from taking an entrenched position midway between two strategies.
Porter (1980) navodi da raspoložive strategije sprječavaju poduzeća u zauzimanju “srednje” pozicije između dviju strategija.
Mobility barriers may be perceived as a wall separating a given group from its exter
Prepreke mobilnosti moguće je opisati kao zid koji razdvaja neku grupu od njezinih
nal competition and discouraging a given company from mov ing to another group.
vanjskih konkurenata i obeshrabruje neko poduzeće da se premjesti u drugu grupu.
It is believed that mobility barriers may result similar investments being taken by companies within R group that increase their competitiveness and profitability.
Smatra se da prepreke mobilnosti nastaju zato što poduzeća unutar grupe poduzimaju slične investicije, koje povećavaju njihovu konkurentnost i profitabilnost.
At the same time, these financially motivated investments prevent or impede access to a given technology or patents to third parties.
Istodobno te investicije - zbog financijskih razloga - sprječavaju ili otežavaju pristup određenoj tehnologiji ili patentima trećoj strani.
Such investments may include research into a new technology or invention as well as advertising.
Takva ulaganja mogu obuhvaćati razvoj nove tehnologije ili izuma, kao i oglašavanje.
However, they may also result from the provision of similar products.
One, međutim, mogu nastati i zbog ponude sličnih proizvoda.
Empirical research confirms the existence of barriers to mobility (Mascarenhas and Aaker, 1989); however, the mechanism of their occurrence has not yet been ultimately identified.
Empirijsko istraživanje potvrđuje postojanje barijera mobilnosti (Mascarenhas i Aaker, 1989), ali mehanizam njihova nastanka još uvijek nije konačno utvrđen.
The profitability of a financial institution depends to a large extent on its ability to
Prihvaćanje pretpostavke o postojanju barijera mobilnosti dovodi do tri zaključka
How ever, companies within the same group respond in a similar way to changes in external factors.
Čini se da je koordinacija djelovanja važnija od suradnje pri formiranju grupa u ban
It results from co-ordination and co-operation between group members, which takes the competition within particular groups to a level lower than that of competition between groups.
S druge strane, trajna kooperacija između banaka vezana za neki pojedini projekt teško se može zamisliti na razini strateških grupa, iako postoje izuzeci.
This is particularly important in the case of changes in interest rates on loans and deposits.
Ono samo implicira da se te razlike mogu održati s vremenom.
An example of interbank co-operation on the level of the whole banking sector might consist of private bank loan registers or private payment systems.
Ta je hipoteza utemeljena na pretpostavci da struktura tržišta, definirana veličinom i brojem pojedinih igrača, određuje poziciju poduzeća na pojedinom tržištu i definira njegovu strategiju koja utječe na profitabilnost.
They may also be the result of specialisation in particular services on the market.
U početku je istraživanje strateških grupa povezivalo članstvo poduzeća u nekoj
to the relative size of the company (its market share), which resulted directly from the adoption of the structure-conduct-performance hy pothesis.
Naime, struktura imovine i obveza banaka znatno odstupa od bilanci poduzeća iz drugih sektora.
The identified breakdown overlaps with the classification of banks as wholesale and retail commercial banks.
fikacije grupa - klasterskom analizom, koja ujedno omogućuje grupiranje uz pomoć više strateških varijabli.
In this respect, the empirical identification of groups thatare sustainable over time is of particular significance, since the definition of a strategic group is related to a time horizon that is longer than one year.
banaka na komercijalne, koje primarno posluju s većim klijentima, i na one koje uglavnom posluju s mnogo manjih klijenata, tj. primarno s građanstvom.
The authors identified six groups that were stable over time.
skim rezultatima poduzeća u istoj industriji.
The allocation of a bank to a given group does not depend on the size of a bank's assets nor its location (small-large cities, particular slates).
Stoga je veći dio empirijskih istraživanja bio fokusiran na značenje razlika u profitabilnosti među pojedinim grupama.
On the other hand, there were no significant differences in ROA or ROE between the groups identified using resource based variables.
Na zaradu poduzeća u financijskom sektoru, osim kvalitete menadžmenta, može snažno utjecati prihvaćeni profil rizika.
G. Halaj and D.
u bankarskom sektoru.
However, we assume that off-balance sheet positions are mostly used for hedging and therefore do not influence t risk profile to a large extent.
Osnovna ideja podjele banaka u klastere jest spajanje banaka primjenom kriterija minimalne distancije među standardiziranim strateškim varijablama.
Nevertheless, the Polish banking sector is still in its infancy and many of the techniques of the modern banking sector (e.g.: securitisation, off-balance sheet risk manage ment, financing via covered bonds) have yet to be implemented or developed.
Usprkos tome, bankarski sektor u Poljskoj još je uvijek u početnoj fazi razvoja i mnoge tehnike modernoga bankarskog sektora (npr. sekuritizacija, izvanbilančno upravljanje rizikom, financiranje putem pokrivenih obveznica) tek trebaju biti razvijene ili primijenjene.
Thus, we think, that the Polish banking sector at this stage of development and with a relatively small concentration is more similar to the banking sec tors of developed economies as they were two-three decades ago.
Stoga smatramo da je bankarski sektor u Poljskoj u ovoj razvojnoj fazi i s relativno malom koncentracijom sličniji bankarskom sektoru razvijenih gospodarstava od prije dva ili tri desetljeća.
In this respect, application of the theory and the method of the analysis to the Polish
U tom bi smislu primjena teorije i metode analize na poljski sektor bankarstva treba
banking sector is more justified than it would be for more developed banking sectors.
la biti opravdanija nego za razvijenije bankarske sektore.
Nevertheless, the major privatisation in the Polish banking sector in the second half of the 1990s should contribute to increased concen tration and convergence of strategies among banks, which would lead to less pronounced distinctions between the groups in the future.
Ipak, velika privatizacija poljskoga bankarskog sektora u drugoj polovici 1990-ih godina trebala bi pridonijeti povećanoj koncentraciji i konvergenciji strategija banaka, što bi trebalo rezultirati manje izraženim razlikama među grupama u budućnosti.
Although most researchers have identified strategic groups in the re searched sectors,
Iako je većina istraživača identificirala strateške grupe u istraživanim sektorima, neki
some of them questioned the existence of any significant breakdowns within industries and claim that strategic groups stem from us ing false detection methods or are the result of an ad hoc choice of a strategic variable (Thomas and Venkatraman, 1988; Barney and Hoskisson, 1990).
su od njih dovodili u pitanje postojanje bilo kakve značajne podjele unutar industrija i tvrdili su da strateške grupe proizlaze iz primjene pogrešnih metoda klasifikacije ili da su rezultat ad hoc odabira strateške varijable (Thomas i Venkatraman, 1988; Barney i Hoskisson, 1990).
Leask (2004) criticises research on strategic groups.
Leask (2004) kritizira istraživanja strateških grupa.
He claims that par ticular research
On tvrdi da neki istraživači oda
ers select industry-specific variables, for which the differences may be significant in one industry but not necessarily in another.
biru varijable specifične za pojedine industrije, za koje razlike u jednoj industriji mogu biti značajne, a u nekoj drugoj beznačajne.
Similarly to Oster (1982), he criticizes the fact that there is no standard for selecting vari ables constituting strategy dimensions, which is why they are somewhat subjective.
Na sličan način kao i Oster (1982), on kritizira činjenicu da nema standardnog odabira varijabli koje čine strateške dimenzije, te su one zbog toga donekle subjektivne.
He proposes focusing on several predefined strategic variables, so that the results of research become comparable.
On predlaže fokusiranje na nekoliko unaprijed određenih strateških varijabli tako da rezultati istraživanja budu usporedivi.
use any test for consistency of results that would be alternative to cluster analysis per se.
Česta je pogreška uključivanje značajno koreliranih varijabli u analizu, što dovodi do višestrukog korištenja istom informacijom.
Data - strategy dimensions
Podaci - dimenzije strategije
The banks that went bankrupt during that time or were managed by a board of trustees were included, too.
Uključene su i banke koje su u međuvremenu bankrotirale ili je njima upravljala stečajna uprava.
The ratios related to the strategic variables were derived from yearly data.
Omjeri koji se odnose na strateške varijable izvedeni su iz godišnjih podataka.
For balance sheet data, the arithmetic mean was calculated for particular items as at the end of each quarter.
Za podatke iz bilance aritmetičke su sredine izračunane za pojedine stavke na kraju svakog kvartala.
For profit and loss account items, the ra tios were calculated using the values of particular items as at year-end.
Za stavke iz računa dobiti i gubitka omjeri su izračunani uz pomoć vrijednosti pojedinih stavki na kraju godine.
If a bank terminated its operations or was taken over by another bank during a year, it was included into the analysis until the end of the year preceding its liquidation or acquisition.
Ako je banka završila svoje poslovanje ili ju je tijekom godine preuzela druga banka, uključena je u analizu do kraja godine koja je prethodila likvidaciji ili preuzimanju.
The measure of homogeneity (similarity) in the cluster analysis is the de gree of diversity between particular strategic variables in subsequent periods.
Mjera homogenosti (sličnosti) u klasterskoj analizi jest stupanj različitosti pojedinih strateških varijabli u uzastopnim razdobljima.
We have classified these variables into three categories:
Te smo varijable klasificirali u tri kategorije.
Category I: variables describe the strategy of use of acquired resources.
Kategorija I: varijable koje opisuju strategiju korištenja prikupljenim resursima.
They define the market segment or the product group in which a given bank focuses its activity.
One opisuju segment tržišta ili grupu proizvoda u kojoj je fokusirana djelatnost određene banke.
Some of the ratios also characterise major customer groups - on the asset side:
Neki od tih omjera također opisuju glavnu grupu klijenata - na strani imovine:
total loans / total assets
ukupni krediti / ukupna imovina
loans to individuals / total loans
krediti građanima / ukupni krediti
housing loans / loans to households
stambeni krediti / krediti kućanstvima
foreign currency loans / foreign currency liabilities.
krediti u stranoj valuti / obveze u stranoj valuti.
• Category II: variables describe the strategy of acquiring resources.
• Kategorija II: varijable koje opisuju strategiju prikupljanja resursa.
The ratios below define the way a bank acquires resources to finance assets and measure its competitiveness in this area.
Navedeni omjeri definiraju način na koji banka prikuplja resurse da bi financirala imovinu, te određuju njezinu konkurentnost u tom smislu.
Some of the variables characterise also customer groups - on the liabilities side.
Neke od varijabli također opisuju grupe klijenata - na strani obveza.
Net debt on the interbank market / total assets
To su: neto dug na međubankarskom tržištu / ukupna imovina
Debt in foreign financial institutions / total assets
dug prema inozemnim financijskim institucijama / ukupna imovina
Deposits from individuals / total assets
depoziti građana / ukupna imovina
Corporate deposits / total assets
depoziti poduzeća / ukupna imovina
Foreign currency deposits from non-financial sector / total assets.
depoziti u inozemnoj valuti od nefinancijskog sektora / ukupna imovina.
• Category III: variables describe the strategy in a bank's structure of costs and revenues.
• Kategorija III: varijable koje opisuju strategiju u strukturi troškova i prihoda banke.
Total assets per employee (the lower the ratio, the more retail the bank is - more
manje klijente tj. građane - brojnije osoblje za uslugu klijentima)
the margin income or income from services) Personnel costs per employed.
prihod od naknada / prihod od bankarske djelatnosti (pokazuje ostvaruje li banka
We used all the variables mentioned above jointly to identify strategic groups.
uglavnom prihod od marži ili prihod od usluga) troškovi osoblja po zaposlenome.
Such an approach aims, among other things, at defining which of the categories of variables (which of the dimensions) help in explaining the banks' earnings the most.
Cilj je takvog pristupa, među ostalim, određivanje koje kategorije varijabli (koja dimenzija) najviše pomaže u objašnjavanju zarada banaka.
However, in the panel regression analysis we did not use a multidimensional analysis, since we needed only one breakdown to define dummy variables.
Osim toga, u regresijskoj analizi s panelnim podacima nije primijenjena višedimenzionalna analiza jer je bila potrebna samo jedna podjela da bi se definirale dummy varijable.
According to theoretical deliberations, potential variables that arc strat egy dimensions
Prema preporukama teorije, potencijalne varijable koje su strateške dimenzije treba
should include such values as risk management quality, the ability to maintain the existing and win new customers, expenses for the de velopment of a branch network and risk management models, or expenditure on advertising.
ju obuhvaćati i vrijednosti kao što su kvaliteta upravljanja rizicima, sposobnost zadržavanja postojećih i stjecanja novih klijenata, troškove za razvoj mreže poslovnica i modela upravljanja rizicima ili rashode za oglašavanje.
Furthermore, some other variables, not necessarily linked to the ratios based on balance sheets or profit and loss accounts, such as marketplace, customer type, pricing strategy, marketing strategy, risk management quality, bank risk aversion, etc, may also have an influence on the classifi cation of a bank into a strategic group.
Nadalje, neke druge varijable, koje nisu nužno povezane s omjerima utemeljenima na bilanci ili računu dobiti i gubitka, kao što su tržišna pozicija, vrsta klijenata, cjenovna strategija, strategija marketinga, kvaliteta upravljanja rizicima, bančina averzija prema riziku itd., također mogu utjecati na klasifikaciju banke u neku stratešku grupu.
Although it is commonly assumed in the strategic group literature that the strategy linked to these variables should have already been reflected in the strategic dimensions, as measured by the balance sheet ratios, more research is needed to test whether this is actually the case.
Iako se u literaturi o strateškim grupama obično pretpostavlja da se strategija povezana s tim varijablama već treba ogledati u strateškim dimenzijama mjerenima omjerima iz bilance, potrebna su dodatna istraživanja kako bi se pokazalo je li doista tako.
Nevertheless, this is beyond the scope of this paper,
To je ipak izvan obuhvata ovog rada, iako ostavlja prostor za daljnje istraživanje.
number of clusters.
G. Halaj i D.
measured density of the elements in clusters is increased, grid-based clustering - groups are created as a result of dividing the element fea
kladno mjerena gustoća elemenata u klasterima povećava, određivanje klastera uz pomoć mreže - grupe se stvaraju kao rezultat podjele pro
ture space into cubes.
stora s elementima u kocke.
By this very simple method, clusters are created from single
Tom vrlo jednostavnom metodom klasteri nastaju od
cubes that elements of the population fall into.
pojedinačnih kocki kojima pripadaju elementi populacije.
The grid-based clustering method requires predefined partition of values of variables applied in the al gorithm for grids, whereas by the density-based clustering method the choice of the tolerance parameters is usually tricky and algorithms might be very sensitive to the initial values of the parameters.
Metoda određivanja klastera uz pomoć mreže zahtijeva unaprijed definiranu podjelu vrijednosti varijabli primijenjenu u algoritmu za mreže, dok je u metodi određivanja klastera na temelju gustoće odabir parametara tolerancije obično zahtjevan i algoritmi mogu biti vrlo osjetljivi na inicijalne vrijednosti parametara.
Moreover, density-based procedures perform well if clusters are supposed to be convex sets in data space.
Štoviše, procedure na temelju gustoće funkcioniraju dobro ako su klasteri konveksni skupovi u prostoru podataka.
Finally, hierarchical methods handle noisy observations and outliers in a better way than partitional clustering.
Konačno, hijerarhijske su metode bolje nego metode određivanja dijeljenjem kada je riječ o šumnim opažanjima (noisy observations) i atipičnim opažanjima (outliers).
For the above mentioned reasons, we decided to use the hierarchical clustering method.
Zbog spomenutih razloga odlučili smo se za metodu hijerarhijskog određivanja klastera.