In this article, the authors analyse the existing foreign insolvency prediction models of the company and on the basis of the sample of solvent and insolvent companies they aim to develop a new model to predict insolvency of a company by binomial logistic regression (LR), which will be suitable for the business environment in the Republic of Serbia. The research seeks to determine statistically most important financial ratios in predicting insolvency of Serbian companies. As a result of research, a model for the prediction of bankruptcy was created, which accurately classifies 82.9% of solvent ('healthy') Serbian companies and 93.3% of Serbian companies which have undergone bankruptcy proceedings (Serbian insolvent companies), while the average (total) accuracy of the prediction model is 88.4% of the cases. JEL CLASSIFICATIONSc38; c50; m21; G33 ARTICLE HISTORY

The research is designed to examine the effect of working capital management on company's profitability in the food industry in Southeast Europe, during the five years period (2010-2014). The sample included 9883 active companies. The influence of certain variables of working capital management (current liquidity, the ratio of current to total assets of companies, the ratio of current liabilities to total assets of companies, financial leverage and size of the company) was measured on the probability of higher profitability by applying probit regression analysis. The results of probit regression provide support to a hypothesis that most of the analyzed variables of working capital management have statistically significant impact on the probability of higher profitability. In this paper is also researched how the optimal level of working capital management can contribute to the growth of profitability and value of the company as a whole.

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.

Abstract. In this paper, profitability analysis of meat processing industry in Serbia was

Summary The main aim of this paper is to investigate the performances of coffee processors

The primary aim of this paper is to determine the indicators that have an influence on the company growth in the field of agriculture, forestry, and fisheries during the six-year period (2014–2019). This sector is very important for sustainable development, bearing in mind the need to preserve natural resources, i.e., land, water, plant, and animal resources. Sustainable development of this sector is of satisfactory technical-technological development, economically sustainable, and socially acceptable. The sample consists of 1333 observations of active companies on the European market. Multiple regression analysis was used in order to thoroughly analyze the variables of growth. The obtained results showed that company size has a negative impact on growth, while return on assets and leverage have a positive impact on growth. The impact of these variables was statistically significant. Along with the influence of observed determinants based on data from financial statements, the future growth and development of companies in this sector will certainly depend on the volume of investments, pricing policy, credit and natural conditions, agricultural policy measures, and adequate institutional support through the provision of financial support and encouragement of exports of products. Institutional incentives for more intensive integration of the agriculture, forestry, and fisheries sector are aimed at achieving the concept of integrated sustainable development.

This paper presents a research on market concentration of audit services in the Republic of Serbia during the 2008-2011 period. Market concentration was measured by Herfindahl-Hirschman index (HHI) and concentration ratio CR4, based on four independent variables: operating revenue, net earnings, number of employees and number of audit clients. The research of market concentration based on operating revenue as the most referential variable indicated that the market for audit services in the Republic of Serbia has a moderate concentration and that it has the characteristics of an oligopoly of four largest audit firms known as "Big Four". However, research of market concentration, when other variables are taken in consideration, does not reveal dominance of "Big Four" in terms of net earnings, number of employees and number of clients. The differences in conclusions when different variables are concerned can be explained by relatively high audit fees of "Big Four" and a lack of correlation between operating revenue and net earnings.

SummaryThe main goal of this paper is to compare profitability of large dairies (processors)