The financial and structural capabilities of key infrastructure sectors in Serbia

Malinić, Dejan; Milicevic, Vlade

doi:10.2298/eka1295007m

Cited by 5 publications

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“…Namely, there are three components in financial expenses' structure: interest rate, exchange differences and the effects of incorporated currency clause on synchronizing credit liabilities with the exchange rate fluctuations or rise in retail prices. Under the conditions of monetary instability, such a structure of financing costs affects their high value (Malinić & Milićević, 2012a). Our calculation shows that average costs of debt financing (calculated as the ratio between financial expenses and average long-term and short-term financial liabilities) reaches incredible 20% in the analyzed period.…”

Section: The Determinants Of Capital Structure In Emerging Capital Mamentioning

confidence: 84%

The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia

Malinić¹,

Denčić-Mihajlov²,

Ljubenovic³

2013

ERSJ

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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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Section: The Determinants Of Capital Structure In Emerging Capital Mamentioning

confidence: 84%

The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia

Malinić¹,

Denčić-Mihajlov²,

Ljubenovic³

2013

ERSJ

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“…However, the increase in the values of that indicator is unfortunately more the consequence of decreasing owners' equity caused by accumulated losses than the consequence of increasing revenue generating capabilities of the economy and its parts. In order to support this claim, let us note that, averagely, every year, losses swallow more than a third of owners' equity at the economy level [7]. Big companies precede here, which is not much of a surprise, but surprising are losses of small companies, which are soaring in second part of the analysed period.…”

Section: Problem Of Inefficiency and Insufficient Profit Marginsmentioning

confidence: 81%

“…8 The fact that this value is 6 times higher than the value of the same coefficient for big companies leads us to very important conclusion that the degree of financial leverage falls as the enterprise size rises. So, the net income before taxes is far more sensitive to the changes in total operating income in the group of small companies than in the group 7 The coefficient of determination in the regression of sustainable operating income on operating revenues of big companies is extremely high and amounts to 0.9402, showing that 94.02% of variations in sustainable operating income of these companies is explained by the variations in their operating revenues. The coefficient of determination in a similar regression for small companies is considerably lower (0.1988).…”

Section: The Relation Between Risk and Enterprise Sizementioning

confidence: 97%

“…On the other hand, small companies obtained the lowest coefficient, which brings us to a conclusion that the degree of operating leverage rises along with the enterprise size. The value of the above mentioned coefficient for big (small) companies of 0.0775 (0.0196) suggests that cumulative sustainable operating income of these companies increases averagely by 77.5 7 So, the sustainable operating earnings are far more sensitive to the changes in operating revenues in the group of big companies than in the group of small companies. Of course, this conclusion raises an important question.…”

Section: The Relation Between Risk and Enterprise Sizementioning

confidence: 99%

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Interdependence of enterprise size and vitality in Serbian economy

Malinić¹,

Milicevic²,

Glisic³

2014

Ekonomika preduzeca

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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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“…In order to provide a more complete picture of SOEs size, let us add a few more examples. In China, the central government controls 17 Bearing all this in mind, the question arises as to what is the situation in public enterprises in Serbia. Our analysis encompasses all enterprises that are legally established as public enterprises and therefore are required to submit their financial statements to the Serbian Business Registers Agency.…”

Section: Size and Composition Of Public Enterprisesmentioning

confidence: 99%

The relevance of positional risks in creating development strategy: The case of public enterprises

Malinić¹

2015

Ekonomika preduzeca

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posredno preko neplaćanja računa drugim javnim preduzećima, pokriće gubitaka i otpis dugova u značajnoj meri opterećuju državni budžet. Otuda, sređivanje stanja u javnim preduzećima nije stvar izbora, već urgentna potreba. Finansijske dubioze u javnim preduzećima u Srbiji su toliko velike, da bi njihovo ignorisanje moglo da ugrozi reformske procese i realizaciju strategije razvoja srpske privrede ili barem da rezultati ne budu na nivou očekivanih. Kvantifikovanje nasleđenih finansijskih rizika je najvećim delom predmet naše pažnje u ovom radu. U prvom i drugom delu rada akcenat je stavljen na specifičnosti javnih preduzeća i značaj koji ona imaju u pojedinim nacionalnim ekonomijama. U trećem delu rada bavimo se dimenzioniranjem poslovnih i finansijskih rizika, sa osnovnom namerom da skrenemo pažnju ne samo na veličinu problema u javnim preduzećima, već i na njihov negativni uticaj na poslovanje cele privrede. U četvrtom delu u središtu pažnje su problemi niskog kvaliteta korporativnog upravljanja, potreba korenitih promena u odnosu države prema javnim preduzećima i pravci unapređenja korporativnog upravljanja. Konačno, u poslednjem delu rada skrećemo pažnju na moguće manipulacije u finansijskim izveštajima, posledice koje iz toga mogu da proizađu i nedovoljnu brigu države za kvalitet finansijskog izveštavanja u celini.

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The financial and structural capabilities of key infrastructure sectors in Serbia

Cited by 5 publications

References 1 publication

The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia

The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia

Interdependence of enterprise size and vitality in Serbian economy

The relevance of positional risks in creating development strategy: The case of public enterprises

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