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master's thesis
Analiza promjena strukture kapitala trgovačkih društava
Diplomski rad
2024. urn:nbn:hr:145:872068
Vuković, Marin
Josip Juraj Strossmayer University of Osijek
Faculty of Economics and Business in Osijek

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Vuković, M. (2024). Analiza promjena strukture kapitala trgovačkih društava : Diplomski 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:145:872068

Vuković, Marin. "Analiza promjena strukture kapitala trgovačkih društava : Diplomski rad." Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, 2024. https://urn.nsk.hr/urn:nbn:hr:145:872068

Vuković, Marin. "Analiza promjena strukture kapitala trgovačkih društava : Diplomski rad." Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, 2024. https://urn.nsk.hr/urn:nbn:hr:145:872068

Vuković, M. (2024). 'Analiza promjena strukture kapitala trgovačkih društava : Diplomski 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:145:872068

Vuković M. Analiza promjena strukture kapitala trgovačkih društava : Diplomski rad [Master's thesis]. Osijek: Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek; 2024 [cited 2025 April 01] Available at: https://urn.nsk.hr/urn:nbn:hr:145:872068

M. Vuković, "Analiza promjena strukture kapitala trgovačkih društava : Diplomski rad", Master's thesis, Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Osijek, 2024. Available at: https://urn.nsk.hr/urn:nbn:hr:145:872068

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Metadata
TitleAnaliza promjena strukture kapitala trgovačkih društava : Diplomski rad
Title (english)Analysis of Changes in the Capital Structure of Companies : Graduate paper
AuthorMarin Vuković
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
Osijek
Defense date and country2024-09-16, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Finance
Abstract
Struktura kapitala predstavlja iznimno bitan čimbenik upravljanja financijama tvrtki te se stoga i njome bave različite teorije. U radu su opisane poznate teorije strukture kapitala, među kojima su Modigliani-Millerova teorija, teorija kompromisa (engl. trade-off theory), teorija hijerarhije financijskih izbora (engl. pecking order theory) te teorija tempiranja tržišta (engl. market timing theory). Istraživački dio rada nastoji pružiti odgovor na pitanje povezanosti kamatnih stopa i strukture... More kapitala, odnosno, je li promjena strukture kapitala tvrtki povezana s promjenom kamatnih stopa na tržištu. U tu svrhu provedena je regresijska analiza korištenjem modela fiksnih efekata. Kao zavisne varijable predstavljena su tri modela - ukupne obveze/ukupna imovina, ukupni dug/ukupna imovina te dugoročni dug/ukupna imovina. Period promatranja obuhvaća razdoblje od 2016. do 2023. godine na uzorku od 2.677 američkih tvrtki. Navedeni uzorak tvrtki je uključivao nefinancijske tvrtke s minimalnom vrijednošću ukupne imovine u vrijednosti najmanje milijun dolara. Testirana je povezanost različitih varijabli s postavljenim modelima i to: Modela 1 (ukupne obveze/ukupna imovina), Modela 2 (ukupni dug/ukupna imovina) i Modela 3 (dugoročni dug/ukupna imovina), a odabranih na osnovu provedenog istraživanja radova drugih autora. Dobiveni rezultati ukazali su na statistički značajnu i pozitivnu povezanost varijabli „kamatna stopa“, „profitabilnost“ i „visina materijalne imovine“ na Model 1. Jednako tako statistički značajnu, ali negativnu povezanost imale su varijable „veličina imovine“, „performansa“, „likvidnost“ i „mogućnost za rast“. Ista povezanost varijabli materijalna imovina“, „performansa“, „likvidnost“ i „mogućnost za rast“, bila je za Model 2. Jedino je nezavisna varijabla „veličina imovine“ imala pozitivnu povezanost. Za Model 3, statistički značajna varijabla s pozitivnom povezanošću bila je „materijalna imovina“, dok su negativnu povezanost imale varijable „performansa“, „likvidnost“ te „mogućnost za rast“. Varijable „profitabilnosti“ i „kamatne stope“ nisu imale statistički značajnu povezanost sa zadnja dva modela. Less
Abstract (english)
The capital structure represents an extremely important factor in the management of company finances, and therefore different theories deal with it. The paper describes well-known theories of capital structure, including Modigliani-Miller theory, trade-off theory, pecking order theory and market timing theory. In the Research part of the work, the question of the connection between interest rates and capital structure is dealt with, that is, whether the change in the capital structure of... More companies is related to the change in interest rates on the market. For this purpose, a regression analysis was performed using the fixed effects model. Three models are presented as dependent variables - total liabilities/total assets, total debt/total assets and long-term debt/total assets. The observation period was from 2016 to 2023 on a sample of 2,677 American companies. The stated sample of companies included non-financial companies with a minimum total asset value of at least one million dollars. The connection of various variables with the set models was tested, namely: Model 1 (total liabilities/total assets), Model 2 (total debt/total assets) and Model 3 (longterm debt/total assets), which were selected based on the conducted research of the works of other authors. The obtained results indicated a statistically significant and positive connection between the variables of interest rate, profitability and tangible assets on Model 1. The variables of asset size, performance, liquidity and growth had an equally statistically significant but negative connection. The same connection for variables - tangible assets, performance, liquidity and growth, was for Model 2. Only the independent variable asset size had a positive relation. For Model 3, the statistically significant variable with a positive correlation was tangible assets, while the variables of performance, liquidity and the growth had a negative correlation. The variables of profitability and interest rate did not have a statistically significant relationship with the last two models. Less
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:145:872068
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 on2025-02-04 09:44:09
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