In the mixed electrolyte solution {xMg(NO3)2 + (1 − x)MgSO4}(aq) the osmotic coefficients have been measured by the isopiestic method at the temperature 298.15 K. The activity coefficients of Mg(NO3)2 and MgSO4 were calculated by Scatchard's neural-electrolyte method and by Pitzer and Kim's treatment for mixed-electrolyte solutions. The results are used for calculation of the excess Gibbs free energy as a function of ionic strength and ionic-strength fraction of Mg(NO3)2 and also for a test of Zdanovskii's rule.
The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and performance measures in the context of value-based management. Then, through the multiple case study, we investigate the attitude of seven Serbian corporations toward defining the general corporate objective, corporate governance, and performance measurement. Finally, we point out the factors and preconditions that determine corporate culture, objective definition, and performance measures used by Serbian corporations
UvodKorporativne finansije (poslovne finansije ili finansijski menadžment) kao disciplina u okviru savremene finansijske teorije imaju za cilj da objasne stvarne finansijske i investicione odluke koje treba da donesu finansijski menadžeri preduzeća. Pošto su date odluke rezultat interakcije finansijskih menadžera i investitora, za njihovo potpuno razumevanje potrebno je razumeti verovanja i preferencije obeju strana. Moderne ili neoklasične finansije nude normativne principe odlučivanja za racionalne agente -investitore i menadžere. U svetu racionalnosti menadžeri treba da pođu od toga da cene akcija na efikasnim tržištima odražavaju sve javno raspoložive informacije o fundamentalnoj vrednosti preduzeća. Investitori, pak, polaze od toga da menadžeri rade u sopstvenom interesu, racionalno reagujući na podsticaje oblikovane putem kompenzacionih šema, tržišta za korporativnu kontrolu i drugih mehanizama korporativnog upravljanja (Baker, Ruback, Wurgler, 2004a, str. 1.). Da li se stvari menjaju ako imamo u vidu da finansijska trži-šta nisu dovoljno efikasna, niti su menadžeri, baš kao i investitori, potpuno racionalni Homo ekonomikusi, već obični ljudi od krvi i mesa?Bihevioralne korporativne finansije nastoje da, na bazi posmatranja i izučavanja ponašanja investitora i menadžera, sofisticiranim matematičko-statističkim modelima modernih korporativnih finansija dodaju kognitivne psihološke elemente. Istovremeno, one pokušavaju Sažetak U radu su predstavljene bihevioralne korporativne finansije. Za razliku od dominantne teorije modernih korporativnih finansija, bihevioralne korporativne finansije dozvoljavaju mogućnost da investitori ne budu potpuno racionalni. One dozvoljavaju i mogućnost da finansijski menadžeri preduzeća poseduju nestandardne preferencije, pristrasno odlučuju, odnosno da, bar ponekad, budu neracionalni. Sve te neracionalnosti mogu imati značajne implikacije na ciljnu funkciju preduzeća, finansijsku i investicionu politiku preduzeća i na sistem korporativnog upravljanja.Ključne reči: bihevioralne finansije, bihevioralne korporativne fi nansije, finansijska politika, investiciona politika, efikasnost trži šta, maksimiziranje vrednosti preduzeća, korporativno upravljanje. AbstractIn this paper, we present behavioral corporate finance. Unlike the dominant theory of modern corporate finance, behavioral corporate finance allows situations in which investors are not entirely rational. Behavioral corporate finance also allows corporate financial managers to have nonstandard preferences, to make biased decisions, and even, occasionally to be irrational. All those irrationalities might have a significant impact on the corporate objective function, corporate financial and investment policy as well as to system of corporate governance.
We surveyed financial and general managers of 58 companies in Serbia in order to examine their views on the interactions between business and financial strategies. Although the theoretical views are well known and clear, in practice, when there is limited availability of funding sources, a meaningful combination of business and financial risk can be very difficult. We found moderate interactions between business and financial strategies. Managers of companies in Serbia are very aware of the fact that the high volatility of operating profit suggests that they should limit borrowing. However, ordinary practical problems in day-to-day operations, such as long periods of collection of accounts receivable, force the companies to take additional debt. There are significant differences between the views of managers of large companies and managers of small businesses on how business strategy dictates financial strategy. However, firm size is not relevant to the current level of debt, although earlier decisions on business strategy in terms of diversification and internationalization are relevant to the level of leverage. Somewhat surprisingly, the current level of debt does not affect the intended financial strategy in the sense of the managers? preferences to take additional debt to finance possible diversification and internationalization or other high-risk financially demanding business strategies. As the pecking order theory advocates, managers have a strong tendency towards internal financing.
Return), ROE (Return On Equity), ROA (Return On Assets) etc. are in use nowadays. In practice, managers cannot and do not want to apply all of these metrics and managers' choice does not necessarily rely on what theory emphasizes as their advantages and disadvantages. We surveyed 64 CFOs in order to explore the corporate practice in the Republic of Serbia. The DCF-based capital budgeting metrics are dominant compared to the traditional metrics, and the one that is used the most is the profi tability index, only to be followed by the IRR and the NPV. The Payback Period is yet frequently used. The earnings-based corporate performance metrics are still the most important. However, the presence of EVA and balanced scorecard is not negligible. Large companies use them signifi cantly more than small companies. The orientation towards EVA and balanced scorecard increases with the internationalization of a fi rm as well. Finally, companies using sophisticated capital budgeting metrics are prone to using sophisticated corporate performance metrics.
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