engleski

Inter-industry differences in capital structure: The evidence from Bosnia and Herzegovina

This paper deals with the empirical investigation of the existence of inter-industry differences in the capital structure of entrepreneurial, non- financial firms in a transitional economy. Such research contributes towards a better understanding of their financial behavior. The technique used for this cross-sectional analysis is nonparametric analysis of variance. The aim was to test the hypothesis that the firms in the same indutry have similar capital structure, since there are facing relatively similar economic conditions. The paper demonstrates significant differences among capital structure depending on the industry where the company operates.

Capital Structure, Industry Effect, Non-parametric analysis of variances, Financial Leverage, Balance-Sheet Leverage

Acknowledgment: This work has been fully supported by Croatian Science Foundation under the project STatistical Modelling for REspoNse to Crisis and Economic GrowTH in WeStern Balkan Countries -STRENGTHS (Project No. IP-2013-9402) Online: http://www.drustvo- informatika.si/sekcije/sor/sor- publikacijepublications/