Analysis of the impact of ownership characteristics on the capital structure and business success of companies in the Balkan beverage industry

Tica, Teodora

doi:10.5937/aneksub2247079t

Cited by 3 publications

(2 citation statements)

References 30 publications

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“…Asset structure is another independent variable of great importance and influence on firm value. As a condition for survival in modern markets, companies regularly invest in the acquisition of new technology and use them to gain yield (Tica, 2022). Aggarwal & Padhan (2017) state that high compositions of fixed assets offer more collateral value, hence providing a safety cushion backup.…”

Section: O N L I N E F I R S Tmentioning

confidence: 99%

Key determinants of firm value: Evidence from Serbian listed companies

Šepa,

Peštović,

Tica

et al. 2024

Anali Ekon fak Subotica

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The valuation of a firm is a major issue, scrutinized by all stakeholders, and serves as an indicator of the worth of the core business. The goal of this research is to analyze, from both academic and empirical point of view, how key financial determinants influence firm value. In more detail, this analysis strives to explain the relationships between company value of listed companies on Belgrade Stock Exchange (BELEX) as a dependent variable, determined through Tobin's Q, and independent variables that include leverage, size, liquidity, growth, asset structure and profitability. The objective of this study is to present an evaluation of the impact of firm-specific determinants on the company value of Serbian stock companies, across several industries using panel data analysis. The sample consists of 38 active companies that actively operated from 2019 to 2021, resulting in 114 observations. The results of panel data analysis show that on the one hand, liquidity and asset tangibility have positive and statistically significant influence on firm value, while on the other hand, leverage and profitability have negative and statistically significant influence on the value of the firm. Company size and growth showed no statistically significant impact on Tobin's Q.

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Section: O N L I N E F I R S Tmentioning

confidence: 99%

Key determinants of firm value: Evidence from Serbian listed companies

Šepa,

Peštović,

Tica

et al. 2024

Anali Ekon fak Subotica

View full text Add to dashboard Cite

show abstract

“…On the other hand, if a company is not heavily indebted because it can finance the business with its resources, the value of the company can also be considered good (Endria & Fathony, 2020). Additionally, due to shortage of funding, companies could opt to expand ownership via recapitalization (Tica, 2022). Managers should choose the capital structure that will achieve the greatest company value.…”

Section: O N L I N E F I R S Tmentioning

confidence: 99%

Firm value determinants: Panel evidence from European listed companies

Vuković,

Tica,

Jakšić

2024

Strategic Management

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Background: To manage growth opportunities effectively and to make a significant impact on superior long-term performance, it is necessary to analyze firm value and diagnose its determinants. Increasing profit, providing prosperity to the company's stakeholders, and improving company value are the goals of every company's business. Purpose: The paper aims to build a model of the company's optimal value by assessing company performance based on financial statement analysis of European companies over the period 2015-2020. Study design/methodology/approach: The impact of financial indicators such as financial leverage, profitability, size, liquidity, growth, and asset tangibility on company value was thoroughly considered. The empirical research was founded on a sample of 158 Eastern and Western European companies, generating 948 observations. Panel regression analysis was conducted. Findings/conclusions: The obtained results revealed that debt-to-assets ratio, return on equity, and assets tangibility have a significant adverse effect on company value, whereas the return on assets and firm size have a significant favorable effect. The obtained conclusions should serve as a beneficial tool for the strategy of reaching the targeted market company's value and ensuring the company's future viability by the market. Hence, stakeholders could assess the perspective of the future company's development and strengthen the importance and influence of financial variables on the company's value. Limitations/future research: The research limitations, which are also opportunities for future research, are aimed at the investigation of company value indicators at the level of individual European economies or industries. One should look at the company's value factors before and after the Covid-19 pandemic and consider a longer time in the company's business. Other financial determinants that affect the value of the company could be considered, and the company value could be measured by some other indicators. Also, the influence of non-financial determinants on the company value could be researched.

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Determinants of Capital Structure in the Agricultural Sector: Empirical Evidence From Listed Companies

Grujić,

Vojinović,

Đuričić

et al. 2024

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This study investigated the capital structure of 18 publicly traded agricultural companies over a 10-year period (2012-2022), specifically focusing on short-term debt to total liabilities (SHTDTL). Employing a dataset of 121 observations, the strategic financing decisions of these firms in the Republic of Srpska’s stock market were analyzed. The study examines the impact of various factors, including total debt to total equity (TDTC), tangible assets (TOA), company size (CS), current assets ratio (CR), current assets to total assets (CAA), return on equity (ROE), and return on assets (ROA), on capital structure choices. Results reveal that TOA, CAA, and ROE significantly positively influence the short-term debt ratio, while CS and ROA have a significant negative impact. This research sheds light on the financial decision-making of agricultural enterprises, offering insights that can inform their financing strategies and improve financial performance.

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Analysis of the impact of ownership characteristics on the capital structure and business success of companies in the Balkan beverage industry

Cited by 3 publications

References 30 publications

Key determinants of firm value: Evidence from Serbian listed companies

Key determinants of firm value: Evidence from Serbian listed companies

Firm value determinants: Panel evidence from European listed companies

Determinants of Capital Structure in the Agricultural Sector: Empirical Evidence From Listed Companies

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