As a prerequisite for long-term strategic and financial planning, sustainable growth is a future-oriented concept that was based on the company’s long-term survival with value creation. The primary aim of this paper is to determine the indicators that have an influence on sustainable company growth rate during the five-year period of 2016 to 2020. Panel regression analysis was used in order to thoroughly analyze the sustainable growth variables. Our analysis was based on a sample of 675 observations of companies operating in the Eastern European market. The obtained results showed that liquidity and leverage have a negative impact on sustainable growth, while profitability has a positive impact on sustainable growth. The impact of these variables was statistically significant. The obtained results may serve as an effective company tool to improve the target sustainable growth rate. They provide support for the company’s management to improve its business and ensure healthy growth without major financial difficulties, as well as to promote a sustainable business that will increase the market value of the company. Moreover, all internal and external stakeholders will be provided with insight into the reality of growth plans and opportunities for future sustainable growth, which creates a basis for measuring a company’s business prosperity and predicting its long-term performance.

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Research Question: The aim of this paper is to present the effect of corporate income tax on capital structure in the food industry of the Republic of Serbia. Motivation: Based on the empirical results of Moradi & Paulet (2018) and Kuc & Kalicanin (2021), the author's aim of the research conducted in this paper is to analyse the impact of corporate income tax on the capital structure in the Republic of Serbia as a developing country with an underdeveloped capital market and to support the results of this sporadically researched area of corporate finance in the Republic of Serbia. Idea: The author believes that by determining the optimal capital structure, it could be possible to reduce the burden of corporate income tax. Given that the food industry is one of the most significant and profitable industries in the Republic of Serbia, the results of this theoretical and empirical research would be of a great benefit to the local Tax Authority and to large taxpayers. Data: The research was conducted on a sample of 250 most active companies that operated within the food industry of the Republic of Serbia in the period from 2017 to 2019. The source of data for the purposes of this research are the official financial reports of companies registered with the Serbian Business Registers Agency. Tools: Elemental descriptive statistics techniques and panel regression analysis were applied throughout the data analysis. For the purpose of data processing the author used STATA statistical software. Findings: The results confirmed the existence of a negative and statistically significant relationship between tax savings based on depreciation costs and profitability on the one hand, and capital structure, on the other. Thus, the results indicate the need of profitable companies to use high depreciation costs to provide a reduced burden of corporate income tax with a capital structure shifted to accumulated own financial resources. In addition, the results of the regression model showed the absence of a statistically significant effect of tax savings based on interest costs on capital structure. Contribution: The contribution of this paper is reflected in additional support to existing discussions on impact of corporate income taxes on capital structure. Further, the paper contributes to business practice by determining how corporate income tax burden could be reduced by choosing optimal financial mix.

e of the key segments of a company's strategic management is managing its growth. Growth needs to be sustainable so that companies can benefit strategically from it. The rate of sustainable growth represents the maximum rate of increase in sales of the company without the need for additional financial resources. The paper will research the key determinants of the sustainable growth rate of 81 companies operating in the Balkan countries in the period from 2014 to 2020. The appropriate statistical methods will research the impact of liquidity, profitability, indebtedness, firm size and asset efficiency on a company's sustainable growth rate. The obtained results should provide guidelines for the growth rate of the observed companies in the long run, considering that this is an indicator that leads to the growth of the company's value and meeting strategic goals. Also, the obtained results should indicate how it is possible to ensure long-term profitable and sustainable company growth in a rapidly changing economic, political and competitive environment, and what internal and external incentives are needed to further increase growth potential.

The aim of the research is to present the influence of ownership characteristics on the capital structure and business success of companies theoretically and empirically. The research was conducted on a sample of 96 active companies operating within the beverage industry in the Balkan countries in 2019. Empirical research was carried out by using one-factor analysis of variance (ANOVA). The paper presents two models. One is related to the analysis of the effects of foreign ownership to profitability, liquidity, asset and capital structure, while the other model analyses the impact of ownership concentration on the same variables. The results of the models evaluation confirmed the existence of a statistically significant difference only between foreign ownership and liquidity. In this regard, the ownership characteristics are considered not to affect the business success of the sampled companies, but rather, the performance is affected by other internal and external factors.