The subject of this study is the capital structure of the largest Serbian companies in the period after the global economic crisis in 2008. The research sample comprises the 141 largest non-financial (mostly private) companies in Serbia over the period 2009-2017. In order to identify the key determinants of the capital structure of the sampled companies, three models of financial leverage were tested (total, short-term, and long-term) using panel data fixed effects models. The main result of the analysis indicates that these companies, mostly financed by short-term debt, predominantly belong to the 'pecking order' theory. When the total leverage is split into its short-term and long-term components, the results show that short-term leverage behaviour aligns with the 'pecking order' theory, whereas long-term leverage is fully consistent with the expectations of the trade-off theory. Also, this study shows that the country-specific determinants, such as inflation and development of the banking sector, have a significant impact on the capital structure of the largest companies in Serbia.
The aim of the article was to find nexus between brand orientation and financial performance in companies doing business in Serbia. We surveyed general managers, marketing managers, and brand managers in order to examine their views on the brand orientation dimensions of their companies. We matched the survey results with financial performance of those companies (EBITDA margin) in order to find linkages between these variables. We got expected results in the sense that strong brand orientation and weaker brand barriers lead to better financial performance. Overall brand orientation is significantly positively correlated with EBITDA margin, and brand barriers are significantly negatively correlated with that measure. We analysed the brand orientation and brand barriers between groups of companies classified according to their size, internationalization, origin of company ownership, origin of brand, specific business area of key brands and type of goods sold. Interestingly, there are undoubted differences in brand orientation and brand barriers only between foreign and domestic companies. These differences could be seen as one of the main reasons of differences between their EBITDA margins. Also, we saw some differences in brand orientation in case of companies with international brands in relation to companies with domestic brands, but those differences are fewer and smaller. We did not find any other statistically significant difference. The significance of the paper is in emphasizing that development of brand orientation of domestic companies could lead to improvement of their profitability and competitiveness.
Competitive advantage is t e main indicator o ualit and success ul positioning o a compan. It stems rom t e e istence o distinctive competence and is seen as a result o a good strateg. As suc , it determines ic compan ill e success ul in t e glo al competition as ell as ic compan ill convert t reats, roug t t e tur ulent environment, into opportunities. One a to create and improve competitiveness is to connect companies in clusters. Clusters, as a orm o local association o companies, encourage innovation, productivit , more e cient use o limited resources, creation and e pansion o ne competencies, and create value or all t eir participants. Based on di erent connections, t e en ance not onl t e competitive advantage o companies ut also t e competitiveness o t e national econom. clusters, competitive advantage, value, synergy, companies Kon urents a prednost je glavni indi ator valiteta poslovanja i uspe nog pozicioniranja preduze a. Ona proisti e iz postojanja distin tivne ompetentnosti i javlja se ao rezultat do re strategije. Kao ta va, opredeljuje oja preduze a e iti uspe nija u glo alnoj tr i noj uta mici i oja e pretnje oje sa so om nosi tur ulentno o ru enje pretvarati u anse. edan od na ina za stvaranje i unapre enje on urents e prednosti je i povezivanje preduze a u lastere. Klasteri ao vid lo acijs og udru ivanja preduze a, podsti u inovativnost, produ tivnost, e asniju upotre u ograni eni resursa, reiranje i irenje novi ompetencija, ao i stvaranje vrednosti za sve u esni e u istom. Po osnovu razli iti veza u lasteru, unapre uje se on urents a prednost preduze a, ali i nacionalne e onomije.
Shopper marketing has lately become a promising business initiative. The distinction between shopper marketing and traditional marketing paves the way for new relations, partnerships, and better results of retailers and suppliers. The paper explains the new perspective of marketing, with the shopper in focus. Retail has been identified as the center of gravity for enterprise cooperation and a new business consensus. The advantages and challenges of shopper marketing are also explained, including tracing the efficient category management model and partnership value creation. In the wake of the development of new category management guidelines, the paper points out the aspect of the institutionalization of cooperation in shopper marketing, as well as the future of multi-channel analysis and customer satisfaction.
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