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2018, vol. 15, br. 2, str. 74-90
Struktura kapitala na tržištima u razvoju - dokazi iz Nigerije
aOlabisi Onabanjo University, Department of Accounting, Banking and Finance, Ago-Iwoye Ogun State, Nigeria
bUniversity of the West of England, Department of Accounting, Economics and Finance, Bristol, United Kingdom
cDe Montfort University, Leicester Business School, Department of Accounting and Finance, Leicester, United Kingdom

e-adresayinusa2016@gmail.com
Ključne reči: struktura kapitala; teorija agencije; generalizovani metod momenata; dinamički panel
Sažetak
Ovaj rad ispituje uticaj specifičnih faktora preduzeća kao determinante izbora strukture kapitala firmi iz Nigerije, na osnovu podataka od 115 nefinansijskih firmi navedenih na nigerijskoj berzi u periodu od 1998- 2016. U radu je primenjen dvostepeni sistem generalizovane metode momenata u dinamičkom panelu. Rezultati ispitivanja pokazuju pozitivan odnos između profitabilnosti, čvrstog rizika, čvrste dividende i leveridža. Utvrđeno je da su opipljivost imovine, mogućnosti za napredovanje tj. Razvoj, veličina i starost preduzeća negativno povezani sa leveridžom. Studija stoga zaključuje da su varijable identifikovane u teoriji troškova agencije koje pružaju objašnjenja za kapitalnu strukturu firmi u razvijenim i nekim zemljama u razvoju, relevantne ali nisu u potpunosti primenjive u nigerijskom kontekstu. Ova studija pokazuje da rukovodioci imaju tendenciju da više koriste zaduživanje jer preferiraju slobodni tok gotovine što olakšava potrošnju bonusa. Korišćenje kredita sa dugim periodom otplate može smanjiti oportunističko ponašanje menadžera. Rukovodioci mogu nastojati da osiguraju otplatu duga, kako bi se izbegao stečaj koji može biti vrlo skup za firmu, dok menadžeri mogu izgubiti svoj posao i reputaciju. Menadžeri bi voleli da manje koriste zaduživanje u preduzećima gde postoje velike mogućnosti za rast. Menadžeri firmi radije izbegavaju zaduživanja kada vide da ih dug može ograničiti u istraživanju i iskorišćavanju budućih prilika, zbog obaveza koje zaduživanje povlaći sa sobom.
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/EJAE15-17631
objavljen u SCIndeksu: 25.10.2018.
metod recenzije: dvostruko anoniman
Creative Commons License 4.0

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