engleski

The Impact of Digitalization on Croatian Listed Companies’ Corporate Performance Measured with Tobin’s Q

This paper investigates the impact of digitalization on performance of Croatian listed companies while digitalization represents higher investments in information and communication technologies (ICT). Since the sample comprises Croatian firms listed on the official market of Zagreb Stock Exchange (ZSE) Tobin’s Q is employed as a performance measure. Besides independent variable on digitalization, other control variables are encompassed with the analysis. Specifically, several firm- specific and macroeconomic control variables comprise size of the company measured with both total assets and number of employees, leverage, and GDP per capita growth. Empirical research is conducted using static panel analysis on the sample of companies from different sectors that were listed on ZSE in 2014 – 2018 period. The findings of the analysis reveal two statistically significant factors determining firm’s success measured with Tobin’s Q. Specifically, size of the company measured with total assets negatively affects performance whereas leverage has positive impact. Moreover, there is no evidence of digitalization playing an important role in Croatian listed companies regarding their performance.

digitalization, listed companies, performance, Tobin’s Q

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