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master's thesis
STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA
Završni rad
2023. urn:nbn:hr:145:832090
Bošnjak, Marija
Josip Juraj Strossmayer University of Osijek
Faculty of Economics and Business in Osijek
Chair of Finance and Accounting

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Bošnjak, M. (2023). STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad (Master's thesis). Osijek: Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek. Retrieved from https://urn.nsk.hr/urn:nbn:hr:145:832090

Bošnjak, Marija. "STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad." Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, 2023. https://urn.nsk.hr/urn:nbn:hr:145:832090

Bošnjak, Marija. "STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad." Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, 2023. https://urn.nsk.hr/urn:nbn:hr:145:832090

Bošnjak, M. (2023). 'STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad', Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, accessed 01 April 2025, https://urn.nsk.hr/urn:nbn:hr:145:832090

Bošnjak M. STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad [Master's thesis]. Osijek: Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek; 2023 [cited 2025 April 01] Available at: https://urn.nsk.hr/urn:nbn:hr:145:832090

M. Bošnjak, "STRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad", Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Osijek, 2023. Available at: https://urn.nsk.hr/urn:nbn:hr:145:832090

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Metadata
TitleSTRUKTURA KAPITALA TRGOVAČKIH DRUŠTAVA : Završni rad
Title (english)THE CAPITAL STRUCTURE OF TRADING COMPANIES : Final paper
AuthorMarija Bošnjak
MentorIvana Bestvina Bukvić (mentor)
MentorDražen Novaković (komentor)
Committee memberDubravka Pekanov (predsjednik povjerenstva)
Committee memberIvana Bestvina Bukvić (član povjerenstva)
Committee memberDomagoj Karačić (član povjerenstva)
GranterJosip Juraj Strossmayer University of Osijek
Faculty of Economics and Business in Osijek
(Chair of Finance and Accounting)
Osijek
Defense date and country2023-09-26, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Finance
Abstract
Struktura kapitala prikazuje na koje načine se određeni poslovni subjekt financira. Ovim radom istražuje se optimalna kombinacija vlasničkih i dužničkih izvora financiranja, odnosno istražuje se koje poduzeće od pet odabranih se podjednako financira vlastitim sredstvima i dugom. Ovo istraživačko pitanje se istražuje iz razloga što je važan omjer vlasničkih i dužničkih izvora u ukupnoj pasivi poduzeća. Problem koji se javlja u slučaju nedostatnih vlasničkih izvora sredstava je povećan rizik... More nelikvidnosti poslovnog subjekta, odnosno poduzeće nije u stanju na vrijeme podmiriti svoje obveze prema drugim subjektima. Poduzeća za koja je provedena analiza strukture kapitala nalaze se u Osječko-baranjskoj županiji i svrstavaju se u kategorije srednjih i velikih poduzeća. Razdoblje za koje je provedeno istraživanje je od 2017. do 2021. godine. Za potrebe provedbe istraživanja provedena je analiza financijskih izvještaja (bilance i računa dobiti i gubitka) putem financijskih pokazatelja, te horizontalne i vertikalne analize za svako poduzeće posebno. Cilj rada je utvrditi koji je najbolji odnos kapitala i obveza u ukupnoj pasivi analiziranih poduzeća. Kako bi se pronašao odgovor na postavljena istraživačka pitanja, pojam strukture kapitala prvo je obrađen sa teorijskog, a zatim i s empirijskog aspekta. Pritom su u radu obrađene najpoznatije teorije strukture kapitala: Modigliani – Millerova teorija, tradicionalna teorija, agencijska teorija, te modeli zasnovani na asimetričnim informacijama. Na temelju provedenog istraživanja, može se zaključiti kako postoje razlike u strukturi kapitala promatranih društava. Neka od promatranih poduzeća više se financiraju iz vlastitih, a manje iz posuđenih izvora, dok je kod drugih poduzeća obrnuta situacija. Svako poduzeće bi trebalo pronaći optimalnu kombinaciju izvora financiranja koja neće utjecati na likvidnost i profitabilnost poduzeća. Less
Abstract (english)
The capital structure shows the way in which a particular company is financed. This paper examines the optimal combination of equity and debt sources, i.e. which of the five selected companies is financed equally by equity and debt. This research question is examined because the ratio of equity and debt sources to the total liabilities of the company is important. The problem that arises when there are not enough sources of equity is the increased risk that the company will become... More insolvent, i.e. that the company will not be able to meet its obligations to other entities in a timely manner. The companies for which the analysis of the capital structure was carried out are located in Osijek-Baranja County and fall into the category of medium and large companies. The period for which the research was conducted is from 2017 to 2021. In order to conduct the research, an analysis of the financial statements (balance sheet and income statement) was conducted using financial indicators, as well as a horizontal and vertical analysis for each company separately. The objective of the paper is to determine the best ratio of capital and liabilities to total liabilities of the company. In order to find an answer to the research questions, the concept of capital structure was considered first from a theoretical and then from an empirical point of view. The most popular theories of capital structure are discussed in the paper: Modigliani-Miller theory, traditional theory, agency theory and models based on asymmetric information. Based on the research conducted, it can be concluded that there are differences in the capital structure of the observed companies. Some of the observed companies finance themselves more from their own sources and less from external sources, while the situation is reversed for other companies. Each company should find an optimal combination of financing sources that does not affect the liquidity and profitability of the company. Less
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:145:832090
Study programmeTitle: Financial Management
Study programme type: university
Study level: graduate
Academic / professional title: sveučilišni magistar/magistra ekonomije (sveučilišni magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2023-11-28 10:32:17
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