Analysis of the capital structure decisions: A survey of the Serbian companies

Abstract

SažetakCilj istraživanja je ispitivanje mogućnosti implementacije teorijskog koncepta 'pecking order theory' kao i analiza internih i eksternih faktora koji utiču na politiku zaduživanja na primeru 65 kompanija u Srbiji tokom 2015. godine. Odgovore na pitanja je dalo 65 finansijskih direktora. Odgovori ukazuju na činjenicu da većina kompanija preferira interne izvore finansiranja u odnosu na eksterne. Ako se dalje analiziraju eksterni izvori, kompanije u Srbiji najčešće koriste bankarske pozajmice (59%), usluge lizinga (26%), dužničke hartije od vrednosti (8%) i na kraju obične akcije (4%). Rezultati su pokazali da najdominantniji interni faktori koji utiču na politiku zaduživanja kompanija jesu kreditni rejting kompanija, kao i višak novca, odnosno gotovine. Takođe, rezultati ukazuju da restriktivna i skupa kreditna politika banaka najviše utiče na pristup kompanija eksternim sredstvima. Ključne reči: pecking order teorija, finansijske odluke, interno finansiranje, eksterno finansiranje, restriktivna kreditna politika AbstractOur research intends to identify the pecking order theory implementation and both the internal and external factors influencing the companies' debt policy on a sample of 65 companies in Serbia during 2015. The answers were provided by 65 CFOs. The results obtained from the survey indicate that most respondents are inclined to use internal funds, as opposed to external funds. Further analysis of external sources used by the firms in the sample suggests that firms are mostly inclined to use bank loans (59%), leasing (26%), debt securities (8%) and finally equity securities (4%). The results show that the most dominant internal factors influencing the debt policy of the companies in the sample are credit rating of the company and financial slack. And finally, the results indicate that the restrictive and costly credit policy of the banks in Serbia influence the companies' access to external financial means.

Determinants of the capital structure of large companies: Evidence from Serbia

“…Increased negative cash gap (the generally applied transfer of the financing burden to suppliers) reduces the need for interest-bearing sources of funding, thus decreasing leverage. Our results are consistent with those obtained by Malini c et al (2013), Den ci c-Mihajlov et al (2015, and other researchers, showing that the significance of spontaneous sources of financing during crisis periods is on the rise.…”

“…Given the predominant share of short-term liabilities in total debt structure in Serbia, the impact of liquidity on total leverage is negative, as is the case with short-term leverage. An inverse movement of liquidity and leverage has been confirmed by the empirical studies of Lipson and Mortal (2009), Sarlija and Harc (2012), Malini c et al (2013), and Den ci c-Mihajlov et al (2015, among others.…”