engleski

Regional cluster development in the Republic of Croatia by example of the Business Cluster Association - Croatian Island Product

Issuers whose shares are admitted to trading on a regulated market operated by the Zagreb Stock Exchange are obliged to follow Corporate Governance Code recommendations and annually report to the public about their compliance with the respective provisions of the Code. When reporting to the public about their compliance the “comply or explain” principle is applied. Moreover, issuers of shares as public interest entities have an obligation to include their corporate governance statements into management reports when making their annual financial reports available to the public. The main goals of corporate governance reporting are to raise awareness of the importance of corporate governance itself for the sustainability of the issuers’ performances and to further enhance the transparency of the issuers’ business activities. The objective of this paper is to analyze corporate governance compliance reports of respective issuers whose shares are admitted to trading on the Zagreb Stock Exchange in order to determine if there is a linkage between corporate governance compliance degree and the issuers’ financial and market performances and to what extent. The aim of this paper is, if possible, to define the next steps in corporate governance improvements as an important determinant towards sustainable growth of the issuers.

Cluster development, Croatia

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