Naslov
Corporate bonds - the case of Croatia

Autori
Bujan, Ivana

Izvornik
Journal of economy, business and financing (1339-3723) 1 (2013), 1; 45-52

Vrsta, podvrsta i kategorija rada
Radovi u časopisima, članak, znanstveni

Ključne riječi
corporate bonds, liquidity coefficient, illiquidity, size of issue, bond markets

Sažetak
This paper analyses financing methods of large companies in Croatia, specifically the extent of bond issuance as a financing method. By analyzing the capital markets it has been defined which companies in Croatia issue corporate bonds and what are the reasons for bond issuance from the issuer`s point of view, which is actually the main purpose of this paper. The specific purpose of this paper is to research whether the liquidity coefficient influences the size of corporate bond issuance. Other specific purposes have been to determine the development extent of capital markets in Croatia and whether the issuer`s liquidity coefficients have changed in chosen analysis year – 2011, compared to date of issue. The research results have shown that the degree of bond issuance as a way of financing is very low in Croatia compared to financing by issuing municipal bonds and government bonds and other financing forms like bank loans. The degree of capital market development is very low and declining through 2011, 2012 and 2013. Also, some illiquidity problems of Croatian economy have been discussed. In order to answer general and specific questions set out in this paper, the following hypothesis has been defined - the liquidity coefficient of an issuer on the issuance day does not influence the issue size. The hypothesis has been confirmed. Pattern of 30 large companies has been obtained (n=30) which have from 2003 to 2012 been issuing corporate bonds and the issue values have been defined.

Izvorni jezik
Engleski

POVEZANOST RADA