Article2015

Profitability during the financial crisis : evidence from the regulated capital market in Serbia.

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Financial Analysis and Corporate Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

This paper investigates how large and medium-sized companies listed on the regulated market segments of the Belgrade Stock Exchange manage their pro-fitability during periods of recession, over the four-year period (2008-2011). The study shows that bigger and more liquid companies demonstrate higher profit-ability. 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’ perfor-mance during crisis periods.

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2004Firm resources and sustained competitive advantage 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1997A Survey of Corporate Governance 1996Financial Dependence and Growth 1984The Capital Structure Puzzle 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1988The Determinants of Capital Structure Choice 1991Towards a dynamic theory of strategy

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