Does capital structure affect the differences in the financial performance of small enterprises?

Capital structure refers to the combination of debt and equity that the company uses to finance overall operations and growth. One of the most common problems of small enterprises is difficult access to various sources of financing, which is certainly reflected in their capital structure. Deciding o...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Stoiljković Aleksandra, Tomić Slavica, Uzelac Ozren
Formato:	article
Lenguaje:	EN
Publicado:	University of Novi Sad - Faculty of Economics, Subotica 2021
Materias:	capital structure financial performance leverage small enterprises Production management. Operations management TS155-194 Personnel management. Employment management HF5549-5549.5
Acceso en línea:	https://doaj.org/article/2d3acb83e7084be399816b08fcc3d250
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:2d3acb83e7084be399816b08fcc3d250
record_format	dspace
spelling	oai:doaj.org-article:2d3acb83e7084be399816b08fcc3d2502021-12-05T21:34:16ZDoes capital structure affect the differences in the financial performance of small enterprises?1821-34482334-619110.5937/StraMan2103072Shttps://doaj.org/article/2d3acb83e7084be399816b08fcc3d2502021-01-01T00:00:00Zhttps://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2021/1821-34482103072S.pdfhttps://doaj.org/toc/1821-3448https://doaj.org/toc/2334-6191Capital structure refers to the combination of debt and equity that the company uses to finance overall operations and growth. One of the most common problems of small enterprises is difficult access to various sources of financing, which is certainly reflected in their capital structure. Deciding on capital structure is one of the most important activities in the company, given that it significantly determines the performance of the company, but also the competitiveness and sustainability of the business. The aim of the study was to investigate whether there is a significant difference in financial performance between enterprises belonging to different leverage levels. Financial leverage was calculated by dividing total debts to total assets and based on leverage the companies are divided into 3 groups. Using ANOVA analysis, we found that the only difference in financial performance indicators was observed with NPM (but with a small effect size: eta square = 0.0470), whereas no statistically significant difference was observed between the groups in the ROE and ROA indicators.Stoiljković AleksandraTomić SlavicaUzelac OzrenUniversity of Novi Sad - Faculty of Economics, Suboticaarticlecapital structurefinancial performanceleveragesmall enterprisesProduction management. Operations managementTS155-194Personnel management. Employment managementHF5549-5549.5ENStrategic Management, Vol 26, Iss 3, Pp 72-80 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	capital structure financial performance leverage small enterprises Production management. Operations management TS155-194 Personnel management. Employment management HF5549-5549.5
spellingShingle	capital structure financial performance leverage small enterprises Production management. Operations management TS155-194 Personnel management. Employment management HF5549-5549.5 Stoiljković Aleksandra Tomić Slavica Uzelac Ozren Does capital structure affect the differences in the financial performance of small enterprises?
description	Capital structure refers to the combination of debt and equity that the company uses to finance overall operations and growth. One of the most common problems of small enterprises is difficult access to various sources of financing, which is certainly reflected in their capital structure. Deciding on capital structure is one of the most important activities in the company, given that it significantly determines the performance of the company, but also the competitiveness and sustainability of the business. The aim of the study was to investigate whether there is a significant difference in financial performance between enterprises belonging to different leverage levels. Financial leverage was calculated by dividing total debts to total assets and based on leverage the companies are divided into 3 groups. Using ANOVA analysis, we found that the only difference in financial performance indicators was observed with NPM (but with a small effect size: eta square = 0.0470), whereas no statistically significant difference was observed between the groups in the ROE and ROA indicators.
format	article
author	Stoiljković Aleksandra Tomić Slavica Uzelac Ozren
author_facet	Stoiljković Aleksandra Tomić Slavica Uzelac Ozren
author_sort	Stoiljković Aleksandra
title	Does capital structure affect the differences in the financial performance of small enterprises?
title_short	Does capital structure affect the differences in the financial performance of small enterprises?
title_full	Does capital structure affect the differences in the financial performance of small enterprises?
title_fullStr	Does capital structure affect the differences in the financial performance of small enterprises?
title_full_unstemmed	Does capital structure affect the differences in the financial performance of small enterprises?
title_sort	does capital structure affect the differences in the financial performance of small enterprises?
publisher	University of Novi Sad - Faculty of Economics, Subotica
publishDate	2021
url	https://doaj.org/article/2d3acb83e7084be399816b08fcc3d250
work_keys_str_mv	AT stoiljkovicaleksandra doescapitalstructureaffectthedifferencesinthefinancialperformanceofsmallenterprises AT tomicslavica doescapitalstructureaffectthedifferencesinthefinancialperformanceofsmallenterprises AT uzelacozren doescapitalstructureaffectthedifferencesinthefinancialperformanceofsmallenterprises
_version_	1718370932998799360

Does capital structure affect the differences in the financial performance of small enterprises?

Ejemplares similares