This paper explores the determinants of the capital structure of Serbian firms listed on the regulated market using panel data. We model the leverage ratio as a function of firm-specific characteristics. The findings indicate the emerging character of Serbian corporate environment. We document that Serbian firms tend to have much lower debt ratio and that they rely more heavily on short-term than long-term debt compared to firms coming from other transitional economies. The study shows that there is a significant negative impact of liquidity, tangibility, profitability and cash gap on the two debt ratios. Leverage level is significantly positively affected by the income volatility and growth opportunities of Serbian firms. Our results are consistent with the findings of previous empirical studies realized in emerging and transition economies, indicating that Serbian companies follow the modified pecking order theory.

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Experts and economic policy creators debate various economic growth rates without a direct insight into the capabilities of the different economic sectors motivated us to devote this paper to the research of key infrastructure sector capabilities, both in terms of the economic prosperity of the Serbian national economy and as a support for the development of other sectors. This paper examines the energy, transportation, and telecommunications sectors’ exposure to short-term and long-term risks, and assesses their financial strength, investment possibilities, and long-term profitability. We believe that the following results will be a valuable information input for making better strategic decisions and more expedient planning of economic sustainable growth

SažetakStruktura privrede je veoma heterogena. Nju čine preduzeća koja posluju u različitim delatnostima i koja u skladu s tim pripadaju različitim sektorima i unutar njih različitim privrednim granama. Da bi što kvalitetnije obavljala svoju delatnost, preduzeća biraju različite pravne forme, te otuda posluju kao ortačka preduzeća, komanditna društva, društva sa ograničenom odgovornošću, akcionarska društva i državna preduzeća. Konačno, preduzeća koja pripadaju jednoj nacionalnoj ekonomiji mogu da budu drastično različita sa stanovišta njihove veličine, mereno brojem zaposlenih, visinom angažovane imovine, visinom ostvarenih prihoda ili njihovim doprinosom stvaranju dodate vrednosti.U ovom radu akcenat je stavljen na sagledavanje performansi preduzeća sa stanovišta njihove veličine. U prvim delovima rada posebna pažnja posvećena je istraživanju značaja veličine preduzeća za privredna ostvarenja i u tom kontekstu pozicioniranju velikih, srednjih i malih preduzeća u srpskoj privredi. U središnjem delu rada, pažnja je usmerena na sagledavanje prinosnih potencijala srpske privrede iz perspektive veličine preduzeća. Konačno, na kraju rada naglašeni su problemi volatilnosti performansi velikih, malih i srednjih preduzeća, kao i uticaj poslovnog i finansijskog leveridža na njihova ostvarenja.Ključne reči : konkurentnost, veličina preduzeća, zaposlenost, vitalnost, profitabilnost, volatilnost, rizik, leveridž AbstractThe structure of economy is very heterogeneous. It consists of enterprises doing business in various branches and, accordingly, belonging to various sectors and various industries within them. In order to do their businesses with as much quality as possible, enterprises opt for various legal forms and thus operate as partnerships, limited partnerships, limited liability companies, joint stock companies and state-owned enterprises. Finally, enterprises belonging to a national economy can be dramatically different in terms of their size, measured by the number of their employees, level of total assets, level of generated revenues or their contribution to the creation of value added. This paper puts stress on the overview of enterprise performance from their size's point of view. In the first few parts of the paper, special attention is paid to the research regarding the importance of enterprise size to economic performance and, accordingly, positioning big, mediumsized and small enterprises in Serbian economy. Central part of the paper pays attention to the overview of return potential of Serbian economy in terms of enterprise size. Finally, at the end of the paper we emphasize the problems of volatility regarding the performances of big, mediumsized, and small enterprises, as well as the influence of operating and financial leverage on their performance.

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