Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168926
Authors: 
Cerovic, Slobodan
Stanišic, Nemanja
Radojevic, Tijana
Radovic, Nikica
Year of Publication: 
2015
Citation: 
[Journal:] Amfiteatru Economic Journal [ISSN:] 2247-9104 [Volume:] 17 [Year:] 2015 [Issue:] 38 [Pages:] 441-455
Abstract: 
The relationship between ownership structure and corporate performance might be remarkably strong and in formative within transition economies. In this research, we explore this relationship, referring to the example of the Republic of Serbia. For that purpose, appropriate linear models have been fitted to the panel dataset compiled from financial reports of 2101 non-financial companies actively operating during the period 2008-2013. The results indicate that, after controlling for size effect, companies characterised by state, dispersed or/and foreign ownership have significantly lower profitability in comparison to their counterparts. We would argue that an intensified agency problem and lack of entrepreneurial spirit might be the root of the profitability problem.
Subjects: 
ownership structure
profitability
agency problem
linear mixed models
JEL: 
M21
G32
L25
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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