32 research outputs found
Does the Cash Conversion Cycle Affect Firm Profitability? Some Empirical Evidence from Listed Firms in North Macedonia
No full textThis study aims to investigate the potential relationship between the cash conversion cycle (CCC) and firm profitability for the period from 2011 to 2019. To do this, a fixed effects panel regression model is applied to a sample of firms listed on the Macedonian Stock Exchange.
Firm profitability is measured by the return on assets (ROA) ratio, while the liability ratio, firm size, current ratio, acid test and liquidity ratio are used as control variables. Our main finding is a decreasing and convex relationship between cash conversion cycle and profitability. In terms of working capital management policy, this implies that firms with a shorter cash conversion cycle perform better than others, since financial managers repay suppliers and reduce investments in working capital
Determinants of Capital Structure: Case of Companies Listed on Zagreb Stock Exchange
No full textIn this article we sought to analyze some factors influencing companies’ leverage. To examine such factors, we have selected a sample of companies registered on Zagreb Stock Exchange. The sample is from non-financial companies covering the period of 2002-2006 and comprised 89 listed companies. Tangibility, profitability, size, and growth were confirmed as relevant determinants, and only the non-debt tax shield was confirmed as irrelevant determinant in capital structure decisions. Companies’ features as capital origin structure, business industry, and company age were confirmed to play roles in capital structure composition
The determinants of capital structure: evidence from Macedonian listed and unlisted companies
No full textIn this article we analyze factors influencing companies’ leverage. We selected two samples. The first one is from Macedonian non-financial companies registered on Macedonian Stock Exchange covering the period of 2005-2007 and comprised 32 listed companies. The second one is from Mace-donian small and medium businesses covering the period of 2005-2007 and comprised 30 companies. The data used for the empirical analysis were derived from companies’ annual reports. We analyze whether the decision of the companies concerning the leverage is in conformity with the theoretical expectations proclaimed in previous studies and is there any disparity between listed and unlisted companies. Profitability, Tangibility, Size, Growth rate and Non-debt tax shield are used as independ-ent variables, while Leverage is the dependent variable.capital structure, listed companies, unlisted companies
Determinants of Capital Structure: Case of Companies Listed on Zagreb Stock Exchange
No full textIn this article we sought to analyze some factors influencing companies’ leverage. To examine such factors, we have selected a sample of companies registered on Zagreb Stock Exchange. The sample is from non-financial companies covering the period of 2002-2006 and comprised 89 listed companies. Tangibility, profitability, size, and growth were confirmed as relevant determinants, and only the non-debt tax shield was confirmed as irrelevant determinant in capital structure decisions. Companies’ features as capital origin structure, business industry, and company age were confirmed to play roles in capital structure composition.
The Online Appendix of: Capital Structure Determinants in German SMEs: Panel Analysis and Policy Recommendations
No full text<h1><span>The Online Appendix of: </span></h1>
<h1><span>Capital Structure Determinants in German SMEs: Panel Analysis and Policy Recommendations</span></h1>
COMPARATIVE ANALYSIS OF MACEDONIAN AND ALBANIAN ACCOUNTING AND INTERNATIONAL FINANCIAL REPORTING STANDARDS FRAMEWORK
No full textThe Online Appendix of: Capital Structure Determinants in German SMEs: Panel Analysis and Policy Recommendations
No full text<h1><span>The Online Appendix of: </span></h1>
<h1><span>Capital Structure Determinants in German SMEs: Panel Analysis and Policy Recommendations</span></h1>
COMPARATIVE ANALYSIS OF MACEDONIAN AND ALBANIAN ACCOUNTING AND INTERNATIONAL FINANCIAL REPORTING STANDARDS FRAMEWORK
No full textThe purpose of the paper is to compare national accounting standards of Macedonia and Albania with International Accounting Standards of the International Financial Reporting Standards (IAS/IFRS). It looks at approaches of these two countries regarding the aspects of financial reporting and analyses differences and similarities. The paper also analyzes the characteristics of both accounting systems, and it examines the main changes that have been made in recent years. It presents the main differences and similarities in accounting practices with the particular emphasis on tangible and intangible assets, inventories and money. The adoption of IFRS is supported in many countries inside and outside the European Union, including Macedonia and Albania. There have been made many changes in IFRS implementation in both accountings systems. As a result of economic integration, the harmonization of financial reporting has become important for both countries.
Firms’ financial performances and economic recession: evidence from Macedonian listed companies
No full textThe purpose of this paper is to analyze financial performance of 23 firms listed on
the Macedonian Stock Exchange. Selected firms are non-financial entities. Analyzed period
covers 2011-2015 and is divided into two sub-periods. The first sub-period presents the
period in which positive growth rates have been evidenced in the country’s GDP, whereas
the second one represents the respectively negative growth rate. Results denoted that, on the
overall term, selected financial ratios are, statistically, not significantly different from the
sub-periods perspective. But, whereas liquidity has a positive trend, profitability has a
negative one. During the economic recession period, there is an emphasized decline of
profitability. On the other hand, one year after the recession liquidity significantly increased.
This implies that effects of economic recession were reflected in the respective ratios
