2016, vol. 40, br. 4, str. 1309-1325
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Testiranje relevantnosti alternativnih teorija strukture kapitala u privredi Srbije
Testing the relevance of alternative capital structure theories in Serbian economy
aUniverzitet u Kragujevcu, Ekonomski fakultet, Srbija bBusiness School of Applied Studies, Valjevo
e-adresa: pstancic.kg@gmail.com
Sažetak
Odluke o strukturi kapitala i stepenu zaduženosti mogu značajno odrediti potencijale preduzeća za opstanak, rast i razvoj. Ipak, u teoriji još uvek nema jedinstvenog stava o strukturi kapitala koja maksimizira vrednost preduzeća. Cilj ove studije je ispitivanje relevantnosti alternativnih teorija strukture kapitala u privredi Srbije analizom uticaja finansijskih performansi preduzeća na stepen zaduženosti. Istraživanje je sprovedeno u periodu od 2008. do 2012. godine, na uzorku od 300 najvećih nefinansijskih preduzeća iz Srbije, rangiranih prema prihodu od prodaje ostvarenom 2012. godine. Istraživanjem je otkriveno da finansijske performanse različito utiču na strukturu kapitala proizvodnih i uslužnih preduzeća. Rezultati naše studije nisu u skladu ni sa jednom razmatranom teorijom strukture kapitala. Veze finansijskih performansi i strukture kapitala uočene studijom tipične su za preduzeća u zemljama u razvoju.
Abstract
Decisions on capital structure and leverage can significantly determine the capabilities of the company to survive, grow and develop. However, there is as yet no unified theoretical viewpoint on the capital structure that maximizes company value. The objective of this study is to investigate the relevance of alternative capital structure theories in Serbian economy by analyzing the influence of company's financial performances on the leverage. The research was conducted from 2008 to 2012 on a sample of 300 largest non-financial companies from Serbia ranked by revenue in 2012. We find that financial performances influence differently the capital structure of production and service companies. The results of our study are not in accordance with any capital structure theory taken into consideration. The relations between financial performances and capital structure observed in the study are typical of companies in developing economies.
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