Utjecaj determinanti strukture kapitala na financijsku polugu odabranih industrija u Republici Hrvatskoj

master's thesis

• Title (english): Impact of capital structure determinants on the financial leverage of the selected industries in Croatia
• Author: Mia Ravlić
• Mentor: Davor Zoričić (mentor); MBZ: 258113
• Committee member: Ena Pecina (predsjednik povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2022-03-22, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Struktura kapitala definira se kao kombinacija dugoročnih dugova i vlasničke glavnice koju poduzeća koriste za financiranje svojih aktivnosti. Odluke vezane uz način financiranja imaju važnu ulogu u razvoju poduzeća i predstavljaju jednu od najvažnijih odluka s kojima se susreće svako poduzeće. U ovom radu prikazane su teorijske spoznaje o strukturi kapitala i čimbenici koji utječu na odluke o financiranju u društvima. Iz teorijskih uporišta i dosadašnjih istraživanja izvedeni su zaključci vezano uz financijsku polugu, profitabilnost, strukturu imovine i veličinu, koji su zatim testirani na primjeru dviju industrija u Republici Hrvatskoj. Mogući utjecaj odabranih determinanti na financijsku polugu ispitan je pomoću testa hipoteze o pretpostavljenoj razlici aritmetičkih sredina nezavisnim uzorcima. Cilj rada je sagledati strukturu kapitala predstavnika prehrambene i hotelijerske industrije u Republici Hrvatskoj. Pomoću t-testa hipoteze o pretpostavljenoj razlici aritmetičkih sredina nezavisnim uzorcima usporedit će se financijske poluge dviju industrija, a zatim i glavne determinante strukture kapitala. Na temelju toga, pokazat će se donose li odabrane industrije odluke u skladu s teorijama strukture kapitala.

Abstract (english)

The capital structure is defined as a combination of long-term debt and equity used by companies to finance their activities. Financing decisions play an important role in the development of a company and are some of the most important decisions faced by every company. In this thesis are presented theories of capital structure and determinants associated with the choice of company’s financing decisions. From the theoretical basis and previous research, conclusions were drawn regarding financial leverage, profitability, asset structure and size, which were later tested on the example of two industries in the Republic of Croatia. The potential influence of selected determinants on financial leverage was examined using the hypothesis test on the assumed difference of arithmetic means by independent samples. The aim of this paper is to analyze the capital structure of representatives of the food and hotel industry in the Republic of Croatia. Furthermore, by using the t-test of the hypothesis of the assumed difference of arithmetic means by independent samples, financial leverage of the two industries will be compared, as well as the main determinants of capital structure. Finally, based on results of statistical tests, it will be shown whether the decision making of the selected industries is in accordance with theories of capital structure.

• Keywords: struktura kapitala; dug; financijska poluga; determinante strukture kapitala
• Keywords (english): capital structure; debt; financial leverage; capital structure determinants
• Language: croatian
• URN:NBN: urn:nbn:hr:148:981794
• Study programme: Title: 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 authenticated users
• Created on: 2022-03-23 20:30:31