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The European Journal of Applied Economics
2017, vol. 14, br. 1, str. 13-23
jezik rada: engleski
vrsta rada: izvorni članak
objavljeno: 21/05/2017
doi: 10.5937/ejae14-13574
Creative Commons License 4.0
Analiza determinanti korporativnih gotovinskih pozicija - primeri iz Republike Srbije
aHigher School of Professional Business Studies, Novi Sad
bUniverzitet Singidunum, Beograd

e-adresa: raciczeljko@gmail.com

Sažetak

Cilj ovog istraživanja je analiza empirijskih determinanti vrednosti gotovinskih pozicija na uzorku industrijskih privrednih društava koja posluju u Republici Srbiji. U tu svrhu, korišćenjem generalizovane metode momenata, specificiran je dinamički panel model za period posmatranja od 2008. do 2013. godine. Rezultati analize ukazuju da društva koja imaju veće novčane tokove imaju veće vrednosti gotovinskih pozicija. Veća društva, kao i ona koja imaju više likvidnih sredstava u svojoj imovini, imaju tendenciju smanjenja vrednosti gotovinskih pozicija. Društva koja posluju u Republici Srbiji drže optimalne vrednosti gotovine i preferiraju interne izvore finansiranja, što je u skladu sa principima 'trade-off' i 'pecking order' teorija upravljanja gotovinskim pozicijama.

Ključne reči

likvidnost; izvori finansiranja; korporativne gotovinske pozicije; Republika Srbija; dinamički panel model

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