Financing preferences of Croatian small and medium-sized companies (CROSBI ID 639134)
Prilog sa skupa u zborniku | izvorni znanstveni rad | međunarodna recenzija
Podaci o odgovornosti
Delić, Anamarija
engleski
Financing preferences of Croatian small and medium-sized companies
Capital structure theories which tried to explain composition of capital structure are not universal and not applicable on all companies. Since optimal capital structure does not exist, we have tried to determine how number of competition in industry and USP (unique selling proposition) of their products or services affect capital structure of small and medium-sized companies (SMEs). In order to find correlation between those determinants, a survey has been conducted on 103 Croatian SMEs (older than 12 months). Their financial data have been derived from their annual reports. The results of this research indicate that there is no relationship between leverage of SMEs and number of competitors in their industry, but USP of their products or services affects their leverage. The results of this research are in the line with pecking order theory. Research results are important for accountants but also for entrepreneurs and those that actively participate in the process of politics and laws creation that are focused on development of small and medium sized companies. Further research focused on influence of financial market (especially underdeveloped financial market) on financial preferences can clarify decision making process on capital structure and sources of financial growth and development of SMEs.
financial preferences ; financial crisis ; pecking order theory ; small and medium-sized companies ; underdeveloped financial market
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Podaci o prilogu
456-463.
2016.
objavljeno
Podaci o matičnoj publikaciji
Economic and Social Development
Cingula, Marijan ; Vlahov, Rebeka Danijela ; Dobrinic, Damir
Varaždin: Varazdin Development and Entrepreneurship Agency and University North Koprivnica
1849-7535
Podaci o skupu
15 th International Scientific Conference on Economic and Social Development - Human Resources Development
ostalo
09.06.2016-10.06.2016
Varaždin, Hrvatska
Povezanost rada
Trošak objave rada u otvorenom pristupu
Ekonomija