Profitability During the Financial Crisis Evidence from the Regulated Capital Market in Serbia

Ksenija Dencic-Mihajlov
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Ksenija Dencic-Mihajlov: University of Nis, Faculty of Economics, Serbia

South-Eastern Europe Journal of Economics, 2014, vol. 12, issue 1, 7-33

Abstract: This paper investigates how large and medium-sized companies listed on the regulated market segments of the Belgrade Stock Exchange manage their profitability during periods of recession, over the four-year period (2008-2011). The study shows that bigger and more liquid companies demonstrate higher profitability. As to growth opportunities, asset efficiency and institutional ownership, these profitability determinants are statistically significant only in the case of return on asset as a profitability measure. The analysis reveals evidence of the transitional character of the Serbian corporate environment and indicates the need for additional ways to gain profitability and improve companies' performance during crisis periods.

Keywords: Economic Development; Socialist Systems and Transitional Economies (search for similar items in EconPapers)
JEL-codes: G10 G32 L21 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:seb:journl:v:12:y:2014:i:1:p:7-33

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