Izvorni znanstveni članak
https://doi.org/10.1515/crebss-2016-0001
Statistical analysis of causality between capital structure and firm profitability: Evidence from Bosnia and Herzegovina
Emina Resić
orcid.org/0000-0002-2293-3974
; Ekonomski fakultet u Sarajevu, Univerzitet u Sarajevu, Sarajevo, Bosna i Hercegovina
Jasmina Mangafić
orcid.org/0000-0003-2560-3230
; Ekonomski fakultet u Sarajevu, Univerzitet u Sarajevu, Sarajevo, Bosna i Hercegovina
Tunjo Perić
orcid.org/0000-0002-0886-8037
; Ekonomski fakultet – Zagreb, Sveučilište u Zagrebu, Zagreb, Hrvatska
Sažetak
This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the ten years period, from 2003-2012. The goal is to prove the existence of the relationship between the firm's capital structure choice and its profitability. The analysis is extended by including the debt structure and differentiating between the types of debt such as the long-term and the short-term ones. Canonical correlation and multiple regression analysis are used. The results of the multivariate canonical correlation analysis provide support to a hypothesis that the capital structure and profitability have statistically significant relationships. Furthermore, the findings provide support that firms develop different patterns of profitability depending on the capital structure choice. We found that an increasing proportion of short-term debt and long-term debt in the overall liability of the firm reduces its profitability.
Ključne riječi
capital structure; profitability; debt level; multivariate canonical correlation; multiple regression
Hrčak ID:
152602
URI
Datum izdavanja:
1.12.2015.
Posjeta: 1.653 *