ࡱ> /bjbj 4B  JJJJJ^^^8:l^d> cccccccyf+iXcJcJJd)))jJJc)c))JMP1ߢ_fN"cd0dNi$\iDPP iJ] )ccU'8di :Petar Pepur, Ph.D. University of Split, Department of professional studies 21 000 Split, Kopilica 5 Phone: 00385914433835 E-mail: ppepur@oss.unist.hr Mileti Marko, Ph.D. University of Split, Department of professional studies 21 000 Split, Kopilica 5 Phone: 00385914433830 E-mail: mamiletic@oss.unist.hr THE IMPACT OF COST STRUCTURE ON THE BUSINESS RESULT UTJECAJ STRUKTURE TROKOVA NA POSLOVNI REZULTAT ABSTRACT Todays business is determined by the world economic crises which are significantly changed business conditions. Emphasis is placed on the costs optimization which represents an essential element of business. However, the most economic subject were realized costs optimization exclusively as their reduction, which has led to decreasing business activities and increasing the unemployment, declining consumption and ultimately on the poorer business results. Consequently, it can conclude that cost reduction does not necessarily mean the business improvement, but to the opposite leads to a reduction business activities and poorer business results. This implies changing of approach on the costs optimizations and respectively considering the fact that every business activities cause the costs, the focus should be on the business activities and the incurred costs. Respectively, the economic subjects have to determine relationship between certain businesses activities with achieved business result, according to which they can predict which business activities or which costs are significantly contribute to achieving to the business result. Business policies which includes the selling policy, purchasing policy, human resourcing policy, financial policy and the public relation policy determine the business activities which are measurable by the level of the caused costs and with which the economic subjects tries to ensure business prosperities. Business policies and arising business activities determine the company business according to those business areas from which expects the most significant benefits. Accurately from the business cost structure can be determined the business focus on the corresponding activities, because the level of realized costs indicates the business activities. The impact of cost structure on the business results is measuring on the correlation basis between cost level which represent correspond business policies and the realized business results. Therefore, the aim of research is to determine which business activities or which cost structure contributes to achieving more favourable business result. The research was conducted on sample of commercial companies by the statistics panel data analysis. Key words: cost, activity, business policy, cost structure, business results SA}ETAK Danaanje poslovanje determinirano je svjetskom gospodarskom krizom koja je zna ajno promijenila uvjete poslovanja. Naglasak je stavljen na optimiziranje troakova koji su neizostavan imbenik poslovanja. Meutim, veina gospodarskih subjekata su optimiziranje troakova shvatili isklju ivo kao njihovo reduciranje ato je dovelo do smanjenja poslovne aktivnosti i uzrokovalo poveanje nezaposlenosti, pad potroanje i u kona nici loaijih poslovnih rezultata. Samim time mo~e se zaklju iti da smanjenje troakova nu~no ne zna i poboljaanje poslovanja ve upravo suprotno dovodi i do smanjenja poslovne aktivnosti i loaijih poslovnih rezultata. Navedeno implicira promjenu pristupa optimiziranju troakova, odnosno polazei od injenice da svaka poslovna aktivnost uzrokuje troaak, fokus treba staviti na poslovne aktivnosti i proizaale troakove iz istih. Odnosno, gospodarski subjekti moraju utvrditi povezanost odreenih poslovnih aktivnosti s ostvarenim poslovnim rezultatom, temeljem koje mogu predvidjeti koja poslovna aktivnost odnosno koji troaak najviae doprinosi ostvarenju poslovnog rezultata. Poslovnim politikama koje uklju uju prodajnu, nabavnu, kadrovsku, financijsku i politiku odnosa prema javnosti gospodarski subjekti determiniraju poslovne aktivnosti koje se mjere razinom troakova i kojima se nastoji osigurati prosperitet poslovanja. Poslovne politike odnosno proizaale poslovne aktivnosti usmjeravaju poslovanje prema onim podru jima od kojih gospodarski subjekti o ekuju najzna ajnije koristi. Upravo se temeljem strukture troakova poslovanja mo~e ia itati fokus poslovanja gospodarskih subjekata na odgovarajue aktivnosti jer razina ostvarenih troakova ukazuje na poduzete poslovne aktivnosti. Utjecaj strukture troakova na poslovni rezultat mjeri se temeljem korelacije izmeu razine troakova specifi nih za odgovarajuu poslovnu politiku i ostvarenog poslovnog rezultata. Stoga je cilj istra~ivanja utvrditi koje poslovne aktivnosti odnosno koja struktura troakova doprinosi ostvarenju povoljnijih poslovnih rezultata. Istra~ivanje je provedeno na uzorku trgova kih kompanija, primjenom statisti ke panel analize. Klju ne rije i: troaak, aktivnost, poslovna politika, struktura troakova, poslovni rezultat, 1. The cost function and the cost accounting World economic crises has put emphasis on the cost and cost management. Starting from the fact that each activities causing the cost and dont need cause the benefit, can be seen the crucial role of costs in business as well as impossibility of their avoiding in the business. It is important to point out that costs are not necessarily negative item, because they represent the transfer of value, i.e. materials and labours are investing in order to create something new and more valuable (product or service) and this confirms following definition: costs are investment of achieving the future benefits. (Belak, 2010, 50). The role of costs in business is justified on the basis of activities with which company trying to ensure business prosperity, what give conclusion that cost function is determined by the range of activities. Cost accounting provides cost information, which is crucial for business management. Cost accounting collects and analyse the costs, assign the costs to activities and give cost informations for business decision. The main objectives of cost accounting are (Davies, 2002, 6): Ascertainment of costs - with the utilisation of a sophisticated cost accounting system and detailed knowledge of the composition of costs and cost behaviour, management can identify the source of each cost and pinpoint responsibility for it. Planning and control of costs - plans can be formulated on the information provided by the costing system and the costing system enables actual results to be compared with those plans for cost control purposes. Decision-making - Because the costing provides detailed information as to the sources of costs, their behaviour, composition and nature, certain decision-making processes (e.g. discontinuing a product line) can be improved and the effects of various alternative courses of action presented in a reliable and accurate form. 2. Cost effectiveness Economic crises were drastically changed business conditions what caused the new companys strategy with focus on the costs and cost managing. The main goal of cost managing is to achieve the highest possible current and long term benefits of the costs or to achieve the goal with as possible lower costs, but without long terms negative consequences on business results and company competitive position (Belak, 2010, 51). Costs are not necessarily the negative business component and the same should be observes through the cost benefit approach by comparing costs and benefits of each activity. Therefore, cost managing does not necessarily mean the costs reduction or costs cut, the cost managing should mean to achieve as great benefit from the costs. However, the most economic subject were realized costs optimization exclusively as their reduction, which has led to decreasing business activities and increasing the unemployment, declining consumption and ultimately on the poorer business results. This implies the changes approach in cost managing, i.e. cost managing should be based on the benefits arises from the undertaken costs. Starting from the fact that each business activities causing cost and dont need to cause benefit, the companies should be focused on the cost effectiveness of undertaken activities. 3. The impact of cost structure on the business result Cost effectiveness of undertaken activities will be analysed based on the cost structure which describes all costs incurred by the business activities. Business activities are determined by the business policies which direct company business in their environment. Business policies with which companies trying to impact their environment are selling policy, purchasing policy, human resource policy, financial policy and public relations policy. With mentioned policies the companies directing their business and doing those activities from which expecting maximum benefit. So from the cost structure can be seen focus on the business policies through different business activities which are measurable by the level of different costs, what give an answer on question What are the most important business policies in company business?. Connections between the business policies and regarding costs are shows by the table 1. Table 1: Operationalization of variables of the business policies Business policyCosts SourceSelling policyMarketing cost - MTIncome statementHuman resources policyAdditional cost of employees - NTZIncome statementPurchasing policyPurchasing cost of products sold - TNPPIncome statementFinancial policyFinancial cost - TFSIncome statementPublic relations policySponsorship and donations cost - TSDIncome statementSource: authors research Research included the above mentioned costs which on the best way describes the adequate business policies for a period of three years (2010, 2011, 2012). For the purpose of econometric data analysis static panel data analysis was conducted. Model (1) forms the basis of estimation.  QUOTE   (1) Where Yit is the dependent variable i at time t, with i = 1,..., N and t = 1,, T presented with business result of companies. Xit stands for k independent variables. Static panel data analysis was used to determine which business activities or which cost structure contributes to achieving more favorable business result. Using several independent variables can lead to distorted and unrealistic assessment of contributions of individual independent variables when trying to explain the dependent variable. This problem is created by high dependence (collinearity) of two, i.e. multicollinearity between more than two independent variables. The assumptions that should be followed in multiple regression models assert that the independent variables are inter-independent (Rozga, 2006, 197). The consequences of multicollinearity are unrealistically high standard errors regarding estimates of regression coefficients, i.e. unrealistically low values of t-tests and can lead to a wrong conclusion about the significance of certain variables in the examined model. To avoid the problem of multicollinearity in the set of independent variables, only the ones that are not highly correlated are to be chosen; i.e. the ones with the correlation coefficient in absolute value below 0,7 (Mileti, Barba a, 2015, 746). Table 2 shows the results of the research and examines the problem of multicollinearity between the independent variables. Table 2: Correlation matrix AMORTB_EXPMTNTZTNPPTFSTSDAMORT1,0000B_EXP0,79061,0000MT0,54390,45551,0000NTZ0,87590,71750,46331,0000TNPP0,72090,98390,33810,65301,0000TFS0,11770,10880,10850,15640,00141,0000TSD0,14380,17530,50000,21130,09470,29451,0000 Source: authors research based on data from statistic software STATA Table 2 shows that there is a high degree of dependence among certain independent variables, i.e. there is a problem of multicollinearity. Following the instruction that asserts that one of the solutions to the problem of multicollinearity is excluding independent variables that contribute to multicollinearity problem, this research did the same. The independent variables AMORT and B_EXP were excluded from further research. As mentioned before, for the purpose of econometric data analysis, static unbalanced panel data analysis was conducted. F-test, Lagrange Multiplier test and Hausman test were used to determine which static panel is most appropriate between pooled, static panel with fixed effects or static panel with random effects. F test was applied to analyse the applicability of the panel with fixed effects compared to pooled panel, whereas Lagrange Multiplier test analysed the applicability of panel with random effects compared to static pool panel. Finally, the applicability between models with fixed and random effects was determined using Hausman test. Results of these tests are in table 3. Table 3: Tests for determination which static panel is the most appropriate F test4,5***Breusch and Pagan Lagrangian multiplier0,14Hausman test157,63****** Statistically significant at the 1% level, Source: authors calculation F test showed that static model with fixed effects is more suitable than pooled model. Lagrange Multiplier test showed that pooled model is more proper than static model with fixed effects. Hausman test showed that static model with fixed effects is more appropriate than static model with random effects. At the end static model with fixed effects proved to be the most suitable. Results of static panel model with fixed effects are shown in table 4. Table 4: Empirical results Fixed-effects (within) regressionNumber of obs=148Group variable: IDNumber of groups=59R-sq:within = 0.6021Obs. per group:min=1between = 0.1089avg=2.5overall "$&, . 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Err. tP> |t| [95% Conf.Interval]MT0.74311100.8553090.870.387-0.957756452.443987NTZ-2.6112991.914797-1.360.176-6.4190831.196485TNPP0.3179190.328780.970.336-0.03358950.971733TFS-0.426540.0867638-4.920.000-0.5990794-0.2540007TSD15.350273.4518884.450.0008.48581322.21473_cons297824.394747290.030.975-1.85e+071.91e+07sigma_u69756857sigma_e14533829rho0.95839635(fraction of variance due to u_i)F test that all u_i=0F(58, 84) = 4.50Prob > F = 0.0000Source: authors research based on data from statistic software STATA Table 4 shows that variable TFS (Financial cost) and TSD (Sponsorship and donations cost) are statistically significant at the 1% level. Variable TFS has negative impact on business result coefficient -0.42654, while variable TSD has positive effect on business result coefficient 15.35027. Based on the above mentioned results can be concluded that companies which have higher level of financial costs probably has a currently business problems or takes additional investment what has negative impact on business results. Also regarding with level of sponsorship and donation costs can be concluded that companies which have higher level of sponsorship and donation costs probably have achieved publics affections what causes a better company business results. 4. Conclusion Starting from the fact that costs are not exclusively negative component of the business and that costs managing are not oriented exclusively on the cost reduction can be concluded significant role and opportunities which arising from the costs. Also the cost structure describes the most important costs incurred by the business activities with which company tried to create a new value, new relationship with customers, suppliers, publics and etc. Following the mentioned this research have aim to give an answer on following question: if the cost structure impacts on the business results. The obtained results indicate: that for the higher level of financial costs has negative impact on the business results, that for the higher level of sponsorship and donation costs has positive impact on the business results, what leads to the conclusion that cost structure has significant impact on the business results. References Belak, V., (2010): Poslovna izvrsnost i upravljanje performansama, Faculty of Economics Zagreb, Zagreb. Davies, A., (2002): Cost and Management Accounting, Business school Staffordshire University, Stafford. Mileti, M., Buljan Barba a, D. (2015): Determinants of the amount of banks loans to non-financial corporations in the Republic of Croatia, in: Fourth International Conference International Scientific Symposium Economy of Eastern Croatia  Vision and Growth, Osijek 21st  23rd May 2015, Papi, M. (2005): Primjenjena statistika u MS Excelu, ZORO, Zagreb. Rozga, A. 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