Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:3
  • preuzimanja u poslednjih 30 dana:2

Sadržaj

članak: 4 od 17  
Back povratak na rezultate
2021, vol. 49, br. 1, str. 25-41
Šta određuje strukturu kapitala? Slučaj kompanija za neživotno osiguranje u Srbiji
Univerzitet u Beogradu, Ekonomski fakultet, Srbija

e-adresamilos.bozovic@ekof.bg.ac.rs
Ključne reči: neživotno osiguranje; struktura kapitala; finansijska poluga; teorija kompromisa; teorija hijerarhijskog poretka
Sažetak
Rad se bavi faktorima koji utiču na strukturu kapitala kompanija neživotnog osiguranja. Korišćeni su finansijski izveštaji neživotnih i kompozitnih osiguravača koji su poslovali u Srbiji u periodu od 2006. do 2019. Primenjen je pristup panel podataka kako bi se ispitala veza između finansijske poluge, koja je definisana kao količnik tehničkih rezervi i kapitala, i raznih specifičnih osobina pojedinačnih kompanija. Ocene koeficijenata dobijene korišćenjem modela individualnih fiksnih efekata ukazuju na postojanje značajnog negativnog uticaja mera profitabilnosti, stope rasta i likvidnosti na koeficijent finansijske poluge, i značajan pozitivan uticaj veličine kompanije. Ovi rezultati ukazuju da su teorija kompromisa i teorija hijerarhijskog poretka relevantne za objašnjavanje strukture kapitala neživotnih osiguravača u Srbiji.
Reference
Ahmed, N., Ahmed, Z., Ahmed, I. (2010) Determinants of capital structure: A case of life insurance sector of Pakistan. Finance and Administrative Sciences, 6(24), 1450-1475, http://joc.hcc.edu.pk/faculty_publications/ejefas_24_01.pdf
Ahmed, R., Bhuyan, R. (2020) Capital structure and firm performance in Australian service sector firms: A panel data analysis. Journal of Risk and Financial Management, 13(9), 214
Altuntas, M., Berry-Stölzle, T.R., Wende, S. (2015) Does one size fit all?: Determinants of insurer capital structure around the globe. Journal of Banking & Finance, 61, 251-271
Antoniou, A., Guney, Y., Paudyal, K. (2002) The determinants of corporate capital structure: Evidence from European countries. Working paper, https://www.researchgate.net/publication/239504636_Determinants_of_Corporat e_Capital_Structure_Evidence_from_European_Countries
Baranoff, E.G., Sager, T.W. (2003) The relations among organizational and distribution forms and capital and asset risk structures in the life insurance industry. Journal of Risk and Insurance, 70(3), 375-400
Cheng, J., Weiss, M.A. (2012) Capital structure in the property-liability insurance industry: Tests of the tradeoff and pecking order theory. Journal of Insurance Issues, 35(1), 1-43, www.jstor.org/stable/41946324
Cummins, J.D., Nini, G.P. (2002) Optimal capital utilization by financial firms: Evidence from the property-liability insurance industry. Journal of Financial Services Research, 21(1-2), 15-53
Cummins, J.D., Sommer, D.W. (1996) Capital and risk in property-liability insurance markets. Journal of Banking and Finance, 20(6), 1069-1092
de Haan, L., Kakes, J. (2010) Are non-risk based capital requirements for insurance companies binding?. Journal of Banking & Finance, 34(7), 1618-1627
Dhaene, J., van Hulle, C., Wuyts, G., Schoubben, F., Schoutens, W. (2017) Is the capital structure logic of corporate finance applicable to insurers?: Review and analysis. Journal of Economic Surveys, 31(1), 169-189
EIOPA (2020) Financial stability report. Luxembourg: Publications Office of the European Union, December
Fier, S.G., McCullough, K.A., Carson, J.M. (2013) Internal capital markets and the partial adjustment of leverage. Journal of Banking & Finance, 37(3), 1029-1039
Frank, M., Goyal, V. (2005) Tradeoff and pecking order theories of debt. u: Eckbo B.E. [ur.] Handbook of Empirical Corporate Finance, Amsterdam: Elsevier, Vol. 2, Part 3, (pp. 135-202)
Guruswamy, D., Marew, A. (2016) Determinants of capital structure of selected insurance companies in Ethiopia. Developing Country Studies, 6(10), 6-20, https://www.iiste.org/Journals/index.php/DCS/article/view/33353
Harrington, S.E., Niehaus, G. (2002) Capital structure decisions in the insurance industry: Stocks versus mutuals. Journal of Financial Services Research, 21(1), 145-163
Harris, M., Raviv, A. (1990) Capital structure and the informational role of debt. Journal of Finance, 45(2), 321-349
Hermanns, J. (2007) Optimale Kapitalstruktur und Market Timing: Empirische Analyse börsennotierter deutscher Unternehmen. Berlin: Springer-Verlag
Kauermann, G., Carroll, R.J. (2001) A note on the efficiency of sandwich covariance matrix estimation. Journal of the American Statistical Association, 96(456), 1387-1396
Kinde, B.A. (2013) Impact of firm level factors on capital structure: Evidence from Ethiopian insurance companies. Global Journal of Management and Business Research Finance, 13(4), 22-30, https://globaljournals.org/GJMBR_Volume13/5-Impact-of-Firm-Level-Factors.pdf https://journalofbusiness.org/index.php/GJMBR/article/view/979
Kraus, A., Litzenberger, R.H. (1973) A state-preference model of optimal financial leverage. Journal of Finance, 28, 911-922
Laeven, R.J.A., Perotti, E.C. (2010) Optimal capital structure for insurance companies. SSRN Electronic Journal
Lee, S., Mayers, D., Smith, C.W. (1997) Guaranty funds and risk-taking evidence from the insurance industry. Journal of Financial Economics, 44(1), 3-24
Modigliani, F., Miller, M.H. (1958) The cost of capital, corporate finance, and the theory of investment. American Economic Review, 48(4), 261-297, https://www.jstor.org/stable/1809766
Myers, S.C. (2003) Financing of corporations. u: Constantinides G.M., Harris M., R.M. [ur.] Handbook of the Economics of Finance, Amsterdam: Elsevier, Vol. 1, Part 1, (pp. 215-253)
Myers, S.C. (1984) The capital structure puzzle. Journal of Finance, 39(3), 574-592
Myers, S.C. (2001) Capital structure. Journal of Economic Perspectives, 15(2), 81-102
Myers, S.C., Majluf, N.S. (1984) Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221
Najjar, N.J., Petrov, K. (2011) Capital structure of insurance companies in Bahrain. International Journal of Business and Management, 6(11), 138-145
National Bank of Serbia (2020) Insurance undertakings operations. https://nbs.rs/en/finansijske-institucije/osiguranje/poslovanje
Öner, K.E. (2015) The effects of firm-specific factors on the profitability of non-life insurance companies in Turkey. International Journal of Financial Studies, 3(4): 510-529
Sherif, M., Elsayed, M. (2013) The impact of corporate characteristics on capital structure: Evidence from the Egyptian insurance companies. Egyptian Business Administration Review, 1, 1-29, https://www.virtusinterpress.org/IMG/pdf/Mohamed_Sherif_Mahmoud_Elsayed_paper.pdf
Shim, J. (2010) Capital-based regulation, portfolio risk and capital determination: Empirical evidence from the US property-liability insurers. Journal of Banking & Finance, 34(10), 2450-2461
Takele, Y., Beshir, D. (2017) Firm-specific determinants of insurance companies' capital structure in Ethiopia. u: Heshmati A. [ur.] Studies on Economic Development and Growth in Selected African Countries, Singapore: Springer Singapore, 155-175
Tornyeva, K. (2013) Determinants of capital structure of insurance companies in Ghana. Research Journal of Finance and Accounting, 4(13), 52-60, https://www.iiste.org/Journals/index.php/RJFA/article/view/7780/0
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/industrija49-30369
primljen: 16.01.2021.
revidiran: 28.02.2021.
prihvaćen: 12.03.2021.
objavljen onlajn: 30.04.2021.
objavljen u SCIndeksu: 18.05.2021.
metod recenzije: dvostruko anoniman
Creative Commons License 4.0

Povezani članci

Nema povezanih članaka