Uticaj strukture sredstava na strukturu kapitala privrednih društava u industriji mleka Republike Srbije | The impact of asset structure on capital structure of companies in the dairy industry of the Republic of Serbia
2020
Tica, Teodora
The aim of this paper is to theoretically andempirically present the relationship betweenindicators of asset structure, company size,profitability, liquidity and capital structure ofcompanies within the dairy industry of theRepublic of Serbia. The sample included 38active companies that operated in milkprocessing in the period from 2014 to 2018.The analysis of the influence of the capitalstructure determinants was performed usingthe panel regression analysis. The results ofthe research show that the fixed assets ofcompanies have a positive impact oncompanies' longterm debt. In addition, theresearch confirmed the existence of a positiveand significant impact of the size of thecompany on the capital structure, while there isa negative and statistically significant impact ofprofitability. The results of the analysis showthat companies are financed on a maturitybasis, ie that fixed assets are usually used ascollateral for long-term borrowing.
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