Original scientific paper
https://doi.org/10.1515/zireb-2017-0004
20 Years of the Croatian Capital Market
Mihaela Grubišić Šeba
; Independent senior consultant and a senior research associate based in Zagreb, Croatia
Abstract
From 1990s to the end of 2006 there have been two stock exchanges in Croatia – an official stock exchange in Zagreb and a so-called alternative capital market in Varaždin. The Zagreb stock exchange had a dominant role in the Western Balkan region until 2008, when its market capitalisation significantly decreased because of the influence of the global financial crisis and the economic downturn of the country. This paper analyses gradual regulatory and institutional development of the Croatian capital market, emergence and strengthening of institutional investors and assets under their management, key market development indicators related to market supply and demand and investor protection mechanisms. The research presented in this paper has shown the crucial role of regulation in attracting investors and sustaining their presence in the market. It also recommends more active role of regulation and stock exchange towards the issuers and small investors to encourage constant supply of corporate securities.
Keywords
capital market; regulation; corporate governance; investor protection; Croatia
Hrčak ID:
180324
URI
Publication date:
24.4.2017.
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