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2020, vol. 49, br. 1, str. 37-66
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Istraživanje strukture kapitala građevinskog sektora Republike Srpske
A study of the capital structure in the construction sector of Republika Srpska
Sažetak
Ovo istraživanje je obuhvatilo 11 preduzeća iz domena građevinskog sektora koja se nalaze u sastavu berzanskog indeksa građevinskog sektora GIRS. Kao zavisna varijabla u modelu korišćen je odnos kratkoročnog duga prema ukupnom zaduženju (SHTDTL). Kao nezavisne varijable korišćene su sledeće varijable: povrat na akcijski kapital (ROE), povrat na aktivu (ROA), fiksna imovina (TOA), tekući racio (CR), tekuća aktiva prema ukupnoj aktivi (CATA), ukupan dug prema ukupnom kapitalu (TDTC) i veličina firme (FS). Period istraživanja pokriva period od 2008. godine, pa do 2018. godine, sa dostupnim podacima na polugodišnjoj osnovi. Ukupan broj opservacija iznosio je 242. U radu su obuhvaćeni i objedinjeni OLS regresioni model (FE model), kao i GLS regresioni model sa slučajnim efektima. Oba modela su se pokazala pogodnim na osnovu rezultata dobijenih putem Hausman testa. Rezultati istraživanja su pokazali da su najjači uticaj na zavisnu varijablu, tj. kratkoročni dug prema ukupnim obavezama zabeležile sledeće nezavisne varijable: tekući racio (CR), ukupan dug prema ukupnom kapitalu (TDTC) kao i povrat na aktivu. Posmatrano sa druge strane, najslabiji uticaj na zavisnu varijablu su imale sledeće varijable: tekuća aktiva prema ukupnoj aktivi (CATA), veličina firme (FS), te povrat na akcijski kapital (ROE).
Abstract
This research included 11 companies from the construction sector, included in the stock exchange index of the construction sector, GIRS. The following dependent variable was used: short-term debt to total liabilities (STDTL). The following independent variables were used: return on equity (ROE), return on assets (ROA), the tangibility of assets (TOA), current ratio (CR), current assets to total assets (CATA), total debt to total capital (TDTC) and firm size (FS). The research period covered the period from 2008-2018 on a semi-annual basis. The total number of observations was 242. The paper includes the pooled OLS regression model (FE model) and the random-effects GLS regression model. Both models were appropriate for the obtained results through the Hausman test. The results showed that the strongest influence on the dependent variable were the short-term debt to total liabilities (STDTL), which has been achieved by the following independent variables, such as: current ratio (CR), total debt to total capital (TDTC), return on assets (ROA). On the other hand, the following independent variables had the weakest influence on the dependent variable: current assets to total assets (CATA), firm size (FS) and return on equity (ROE).
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