UTICAJ UPRAVLJANJA OBRTNIM KAPITALOM NA PROFITABILLNOST VELIKIH PREDUZEĆA U SRBIJI
Sažetak
REZIME
UTICAJ UPRAVLJANJA OBRTNIM KAPITALOM NA PROFITABILLNOST VELIKIH PREDUZEĆA U SRBIJI
Kratkoročne odluke preduzeća o obrtnom kapitalu utiču na profitabilnost i vrednost preduzeća. Cilj rada je analiza odnosa pokazatelja upravljanja obrtnim kapitalom na profitabilnost. Istraživanje je sprovedeno za period od 2016. do 2019. godine, na uzorku 367 velikih nefinansijskih preduzeća iz Srbije. Primenom metoda panel korigovane standardne greške (PCSE) ispitan je uticaj obrtnog kapitala na profitabilnost preduzeća izražene kroz ROA pokazatelj. Rezultati pokazuju da postoji statistički značajna nelinearna korelacija kod velikih firmi u Srbiji. Do optimalnog nivoa obrtni kapital ima pozitivan uticaj na profitabilnost, nakon optimalnog nivoa obrtni kapital ima negativan uticaj na profitabilnost.Ključne reči: obrtni kapital, profitabilnost, velika preduzeća u Srbiji
Reference
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2. Afrifa, G., & Padachi, K., (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23 (1), 44-63. https://doi.org/10.1108/JSBED-01-2014-0014
3. Anton, S. G., & Nucu, A. E. A., (2020). The Impact of Working Capital Management on Firm ProfitabilityEmpirical Evidence from Polish Listed Firms. Journal of Risk and Financial Management, 14(9), 2-14. https://dx.doi.org/10.3390/jrfm14010009.
4. Barjaktarović Rakočević, S., Latinović, M., & Milosavljević, M., (2014) Working Capital
5. Management Practices and Financial Performance: Evidence from Serbia. Innovative Management and Firm Performance, 254-275. https:// DOI/10.1057/9781137402226_13.
6. Banos-Caballero, S., Garcia-Teruel, P.J., & Marchinez-Solano, P. (2010) Working Capital management in SMEs. Accounting and Finance 50, 511-527.
7. Beck, N., & Katz, J. N. (1995) What to do (and not to do) with Time-Series Cross-Section Data. The American Political Science Review 89, 3, 634-647.
8. Bjorkman. H., & Hillergen. M., (2014) The Effects of Working Capital Management on Firm Profitability, A study examining the impacts of different company characteristics. Umea School of Business and Economics.
9. Botoc, C., & Anton, S. G., (2017) Is Profitability driven by Working Capital Management? Evidence for high-growth firms from emerging Europe. Journal of Business Economics and Management, 18(6), 1135-1155. https://doi.org/10.3846/16111699.2017.1402362
10. Brigham, F., & Houston, J. F., (2015). Fundamentals of Financial Management (8th ed.). Mason: Cengage Learning.
11. Charitou, M. S., Elfani. M., & Lois. P., (2010) The Effect of Working Capital Management on Firm’s Profitability: Empirical Evidence From An Emerging Market. Journal of Business & Economics Research, 8(12), 63-68.
12. Deloof, M. (2003). Does Working Capital Management Affect Profitability of Belgian Firms? Journal of Business & Accounting, 30(3) & (4), 573-587.
13. El-Ansary, O., & Al-Gazzar, H. (2020) Working capital and financial performance in MENA region. Journal of Humanities and Applied Social Sciences Emerald Publishing Limited, 2632-279X, https:// DOI 10.1108/JHASS-02-2020-0036.
14. Fernandez-Lopez, S., Rodeiro-Pazos. D., & Rey-Ares, L., O. (2020) Effects of working capital management firms’ profitability: evidence from cheese-producing companies. Agribusiness – Wiley. 36: 770-791.
15. Jugović, J. & Ribić, M. & Živanović, M. (2020): Osvrt 1. Analiza profitabilnosti privrede Srbije u 2019. godini, Osvrti, Kvartlani monitor, 60, 55-56.
16. Gomes, D. F. N. (2013). How does working capital management affect Firms’ Profitability? – Evidence from Portugal. Trabalho Final de Maestrado Dissertacao, Lisboa School of Economics & Management.
17. Gonclaves, T. C., Gaio, C., & Robles. F., (2018). The impact of Working Capital Management on firm profitability in different economic cycles: Evidence from United Kingdom. Economics and Business Letters, 7(2), 70-75.
18. Korent. D., & Orsag, S., (2018). The Impact of Working Capital Management on Profitability of Croatian Software Companies. Zagreb International Review of Economics & Business, 21 (1), 47-65.
19. Lazaridis, I., & Dimitrios, T., (2006). Relationship between working capital management and profitability of listed companies in the Athens Stock Exchange. Journal of Financial Management & Analysis, 19,1, 26-35.
20. Mahmood. F., Han. D., Ali. N., Mubeen. R., & Shahzad. U., (2019). Moderating Effects of Firm Size and Leverage on the Working Capital Finance – Profitability Relationship: Evidence from China. Sustainability, 11/7, 1-14. https://doi.org/10.3390/su11072029.
21. Mansoori. E., & Muhammad J. (2012). The Effect of Working Capital Management on Firm’s Profitability: Evidence from Singapore. Interdisciplinary Journal of Contemporary Research in Business, 4(5), 472-486.
22. Marchinez-Solano, P., & Garcia-Teruel, P.J. (2006). Effects of Working Capital Management on SME Profitability?, SSRN Electronical Journal, 1-21. http://dx.doi.org/10.2139/ssrn.894865.
23. Myers, S. C., & Mayluf, N. S. (1984): „Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have“, Journal of Finance Economics, 13(2), 187-221.
24. Muscetolla, M., (2015). Cash Conversion Cycle and Firm’s Profitability: An Empirical Analysis on a Sample of 4,226 Manufacturing SMEs of Italy. International Journal of Business and Management. 9(5), 25-35.
25. Nazir, M. S., & Afza T., (2009). Impact of Aggressive Working Capital Management Policy on Firms’ Profitability. The IUP Journal of Applied Finance, 15(8), 19-30.
26. Pais, M. A., & Gama, P. M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341-358. https://doi.org/10.1108/IJMF-11-2014-0170.
27. PWC Annual Report, (2019). Navigating Uncertainty: PwC’s Annual Global Working Capital Study 2018/19 Unlocking Cash to Shore Up Your Busine. [online] Available: https://www.pwc.com/gx/en/working-capital-management-services/assets/working-capital-report-final [Accessed in May 2021].
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30. Serbian Business Registers Agency (2020), Financial Statements Annual Bulletin 2019, https://www.SBRA.gov.rs/upload/Portals/0/GFI_2020/Makroekonomska_saopstenja/Godisnji_izvestaj_o_poslovanju_privrede_u_2019.pdf [Accessed May 2021].
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34. Van Horne J. C., & Wachowicz Jr. J. M. (2008) Fundamentals of Financial Management, (13th ed.) Harlow: Pearson Education Limited.
35. World Bank :https://data.worldbank.org/indicator/NY.GDP.MKTP.CD [Accessed May 2021].
36. Zakon o računovodstvu, Službeni glasnik RS, br 73 (2019).
37. Zariyawati. M., A., Annuar. M., N., Taugiq, H., & Sazali. A., (2010). Determinants of Working Capital Management: Evidence from Malaysia. 2010 International Conference on Financial Theory and Engineering,190-194, http://DOI:10.1109/ICFTE.2010.5499399
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2022/05/20
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