Odrednice profitabilnosti u željezničkom prometu odabranih zemalja Europske unije

master's thesis

• Title (english): Determinants of profitability in railway transport of selected countries of the European union
• Author: Toni Gligić
• Mentor: Tomislav Herceg (mentor)
• Committee member: Martina Sopta Ćorić (predsjednik povjerenstva)
• Committee member: Velibor Mačkić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Economic Theory); Zagreb
• Defense date and country: 2023-02-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Microeconomics

Abstract

Danas kada je pitanje obnovljivih te zelenih izvora energije sve važnije, kvalitetna i moderna željeznica pogonjena obnovljivim izvorima energije predstavlja veliku dodanu vrijednost svakom gospodarstvu. Željeznica u Hrvatskoj zaostaje za modernim kretanjima u Europskoj uniji te je zbog toga stekla negativnu percepciju u javnosti. U ovome radu napravljena je financijska analiza najvećeg željezničkog poduzeća u Republici Hrvatskoj HŽ Putnički prijevoz d.o.o. te analiza profitabilnost u željezničkom prometu odabranih poduzeća u Europskoj uniji. Osnovni cilj rada je odrediti koje komponente utječu na profitabilnost željezničkih poduzeća. Komponente profitabilnosti određene su primjenom ekonometrijske analize. U analizi je primjenom statičkog panel modela s fiksnim efektima analiziran utjecaj šest čimbenika na profitabilnost željezničkih poduzeća u 10 zemalja Europske unije u razdoblju od 2010. do 2019. godine. Rezultati analize su pokazali prisustvo ekonomije obujma u prometu putnika, dok se taj fenomen ne može potvrditi u prijevozu roba. Također se pokazalo kako je broj zaposlenika pozitivno koreliran s neto profitnom maržom, naspram uvriježenoj pretpostavci o slaboj produktivnosti radnika u javnom sektoru. Rezultati financijske analize poduzeća HŽ Putnički prijevoz d.o.o. pokazuju kako se poduzeće nalazi ispod preporučljive granice likvidnosti dok je profitabilnost niska, no u skladu sa željezničkim sektorom u Europskoj uniji.

Abstract (english)

Today, when the issue of renewable green energy sources is increasingly important, a high-quality and modern railway powered by renewable energy sources represents a great added value to any economy. The railways in Croatia are lagging modern trends in European union and because of that railways have gained a negative perception among the public. In this paper were made a financial analysis of the largest railway company in the Republic of Croatia HŽ Putnički prijevoz d.o.o. and analysis of the profitability in railway transport of selected companies in the European union. The main goal of the paper is to determine which components affect the profitability of railway companies. Profitability components were determined using econometric analysis. A static model with fixed effects was used in the analysis to determine the impact of six factors on the profitability of railway companies in 10 countries of the European union in the period from 2010 to 2019. The results of the analysis showed the presence of economies of scale in passenger traffic, while this phenomenon cannot be confirmed in the transport of goods. It was also shown that the number of employees is positively correlated with the net profit margin unlike to the common assumption about low productivity of workers in the public sector. Results of the financial analysis of the company HŽ Putnički prijevoz d.o.o. show that the company is below the recommended liquidity limit, while profitability is low, but in line with the railway sector in the European union.

• Keywords: željeznica; željeznički promet; analiza panel podataka; model profitabilnosti; financijska analiza
• Keywords (english): railway; railway transport; panel data analysis; profitability model; financial analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:507647
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2023-02-28 11:43:40