THE CONCENTRATION AND STRUCTURE OF SHAREHOLDERS ON UNEMPLOYED FINANCIAL MARKETS IN THE CONCEPT OF CAPITAL MARKETS UNION - EVIDENCE FROM CROATIA

In an attempt to create European policies for the conceptualisation of financial mechanisms to seal the structural capacity gap through the Capital Markets Union, it is necessary to examine the condition and level of the development of each potential market of the Union. In this respect, with less developed markets, such as Croatian, it is necessary to pay attention to characteristics such as capital centralisation, institutional reforms process, but also instability of the transition process as well as the consequences that can be created on the account of these characteristics. This paper observes these characteristics through the concentration and structure of shareholders in the context of Croatian economic development, observed through the rise and fall of the GDP, in correlation with the established research problem. The analysis conducted through ANFIS clearly showed the importance of not only the concentration but also the structure of shareholders for the growth of GDP, that is, we can conclude that the structure of shareholders and its movement through the observed period indicates structural shortcomings of social capital, while social capital is the one that turns investment into growth. The established models indicate that the best ratio for GDP growth would be the one in which the structure of investors is distributed to 11 % of domestic natural persons, 46 % of domestic legal entities, 35 % of foreign persons and 8 % of other investors.