Article metrics

  • citations in SCindeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[=>]
  • visits in previous 30 days:7
  • full-text downloads in 30 days:4
article: 8 from 21  
Back back to result list
2016, vol. 62, iss. 3, pp. 93-110
article language: English
document type: Scientific Paper
published on: 13/10/2016
doi: 10.5937/ekonomika1603093J
Comparative analysis of financial and non-financial performance elements of joint-stock companies
University of Kragujevac, Faculty of Economy



The aim of the paper is to measure concurrence between the ranking of companies listed on the Belgrade Stock Exchange (BELEX) and their financial and nonfinancial performance elements, i.e. to measure to what extent these performance elements are included in the criteria for listing shares. By employing statistical/ econometric methodology, an analysis including 10 companies from the BELEX15 index basket was conducted. The paper is organized in four consistent sections. The first one relates to the analysis of the criteria for listing of companies on the BELEX and the ranking that the company receives based on the mentioned conditions. The second section deals with the analysis of the financial performance elements of the mentioned companies, namely: EPS (Earnings per Share), P/E ratio (Price-Earnings ratio), P/B ratio (Price-to-Book ratio) and ROE (Return on Equity) of the company. In the third section of the paper, the non-financial performance elements which are included in the ISO 9004:2009 Self-Assessment Tool and considered key components of company's success are analyzed; these are: managing for the sustained success of a company; strategy and policy; resource management; processes management; monitoring, measurement, analysis and review; improvement, innovation and learning. In the fourth section of the paper a comparative analysis of the positions of surveyed companies was carried out based on the three main criteria set out in the preceding sections of the paper. Furthermore the correspondence between the mentioned criteria was measured.


joint-stock companies (JSC); financial performance elements; nonfinancial performance elements; ISO 9004:2009; Belgrade stock exchange (BSE)


Beaver, W.H., Ryan, S.G. (2000) Biases and Lags in Book Value and Their Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on Equity. Journal of Accounting Research, 38(1): 127
Benic, V., Franic.I. (2008) Comparative analysis of Croatia and the countries of the region capital markets liquidity. Financial Theory and Practice, 32: 481-502
Brouch, G. (2011) Total Quality Management as a theory of change. International Journal Total Quality Management & Excellence, 39: 15-20
Certo, S. T. (2003) Influencing initial public offering investors with prestige: signaling with board structures. Academy of Management Review, 28(3): 432-446
Chordia, T., Sarkar, A., Subrahmanyam.A. (2003) An Empirical Analyses of Stock and Bond Market Liquidity. Federal Reserve Bank of New York Staff Reports, 164: 3-28
Cirović, M. (2007) Financial Markets - instruments, institutions and technology. Belgrade: Scientific Society of Serbia
Claessens, S., Djankov, S., Klingebiel, D. (2001) Stock markets in transition economies. in: Bokros L., Fleming A., Votava C. [ed.] Financial Transition in Europe and Central Asia: Challenges of the New Decade, Washington, DC: World Bank
Cohen, J. (1988) Statistical power analysis for the behavioral sciences. Hillsdale-London, itd: Lawrence Erlbaum Associates
Dale, B.G., Wiele, T., Iwaarden.J. (2013) Menaging Quality. Oxford: Blackwell Publishing
Danielson, M.G., Dowdell, T.D. (2001) The Return-Stages Valuation Model and the Expectations within a Firm's P/B and P/E Ratios. Financial Management, 30(2): 93
Degryse, H. (2009) Competition between financial markets in Europe: what can be expected from MiFID?. Financial Markets and Portfolio Management, 23(1): 93-103
Domanović, V. (2013) The effectiveness of the performance measurement in terms of contemporary business environment. Ekonomski horizonti, vol. 15, br. 1, str. 31-44
Dugalić, V., Štimac, M. (2006) Osnove berzanskog poslovanja. Beograd: Stubovi kulture
Easton, P.D. (2004) PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital. Accounting Review, 79(1): 73-95
Erić, D.D. (2003) Financial markets and instruments. Belgrade: Cigoja prints
Haan, J., Oosterloo, S., Schoenmaker.D. (2009) The European Financial Markets. UK: Cambridge University Press
Hall, B.H., Jaffe, A., Trajtenberg, M. (2005) Market value and patent citations. available at: (accessed 10 September 2013)
Helfert, E. (2001) Financial analysis: Tools and techniques. New York, itd: McGraw-Hill, USA
Hoyle, D. (2009) ISO 9000 quality systems handbook. London-Toronto, itd: Butterworth's
Isaksson, R. (2006) Total quality management for sustainable development. Business Process Management Journal, 12(5): 632-645
Jaksić, M. (2011) Financial market - instruments and institutions. Kragujevac: Faculty of Economics, University of Kragujevac
Jovetić, S. (2012) Methodology of supervising and improving Maintenance process performances. Ekonomske teme, 3: 375-396
Jovetić, S. (2011) Quality management systems in the higher education. in: International Conference: Technology, Culture and Development, Tivat, Montenegro, 102-113
Mach, A. (1998) Introduction of a joint stock company on the stock exchange. Kraków, Poland: LEGE ARTIS Dom Wydawniczy
Malinić, D. (2009) Savremeni izazovi integralnog istraživanja kvaliteta finansijskih izveštaja. Ekonomika preduzeća, vol. 57, br. 3-4, str. 138-155
Oakland, J.S., Tanner, S.J. (2006) Quality management in the 21st century implementing successful change. International Journal of Productivity and Quality Management, 1(1/2): 69
Pallant, J. (2011) SPSS survival manual, a step by step guide to data analysis using SPSS version 12. Berkshire: Open University Press
Pavlović, V., Muminović, S. (2010) Significance development of financial markets for Serbian economy. Industrija, vol. 38, br. 4, str. 41-67
Pečaric, M., Arnerić, J., Radić.M. (2012) Financial markets and institutions in the Republic of Croatia in the process of joining the European Union. Rijeka: Faculty of Economics
Proniewski, M., Niedźwiecki, A. (2009) Exchange securities in Warsaw-shot retrospective. Białystok, Poland: Drukarnia Biały Kruk
Ramanna, K., Watts, R.L. (2012) Evidence on the use of unverifiable estimates in required goodwill impairment. Review of Accounting Studies, 17(4): 749-780
Sieradzki, R. (2013) Does it pay to invest in IPOs?, Evidence from the Warsaw Stock Exchange. Poland: National Bank of Poland
Suganthi, L., Samuel.A. (2004) Total Quality Menagement. New Delhi: Prentice Hall of India