Utjecaj strukture kapitala na uspješnost poslovanja poduzeća

master's thesis

• Title (english): The effect of capital structure on company performance
• Author: Katarina Sarić
• Mentor: Ena Pecina (mentor)
• Committee member: Ena Pecina (predsjednik povjerenstva)
• Committee member: Zrinka Orlović (član povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2024-07-02, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Microeconomics

Abstract

Svrha ovog rada je istraživanje utjecaja strukture kapitala na uspješnost poslovanja poduzeća. Struktura kapitala obuhvaća dugoročne izvore financiranja, poput vlasničke glavnice i dugoročnih dugova, ključnih za poslovanje jer utječu na troškove kapitala i vrijednost poduzeća. Napravljen je teorijski pregled strukturiranja kapitala pri čemu su spomenuti pristupi koji su najznačajniji za ovo područje. Definirana je i uspješnost poslovanja poduzeća te njezine determinante i načini mjerenja. U empirijskom dijelu rada prikazano je istraživanje o utjecaju strukture kapitala na uspješnost poduzeća. Ono je provedeno pomoću regresijske metode na uzorku od 2675 hrvatskih poduzeća u razdoblju od 2004. do 2019. godine. Utvrđen je statistički značajan negativan utjecaj financijske poluge na profitabilnost poduzeća pri čemu je primijećeno da je on nelinearan. Uz to, analizirani su i poduzorci formirani na temelju uvrštenja na burzu i veličine poduzeća.

Abstract (english)

The purpose of this paper is to investigate the impact of capital structure on company performance. Capital structure encompasses the long-term financing sources of a company, such as equity capital and long-term debt, which are crucial for business operations as they influence capital costs and company value. A theoretical overview of capital structuring has been provided, outlining the most significant approaches. Company performance, its determinants and measurement methods have also been defined. The empirical part of the study presents research on the impact of capital structure on company performance. It was conducted using regression analysis on a sample of 2675 Croatian companies from 2004 to 2019. A statistically significant negative impact of financial leverage on firm profitability was identified, with a noted non-linear relationship. Additionally, subsamples based on stock exchange listing and company size were analyzed.

• Keywords: struktura kapitala; uspješnost poduzeća; financijska poluga; profitabilnost; regresijska analiza
• Keywords (english): capital structure; company performance; financial leverage; profitability; regression analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:494970
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2024-07-02 14:29:27