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IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?

Anamarija Delić   ORCID icon orcid.org/0000-0003-4808-7080 ; Josip Juraj Strossmayer University of Osijek, Faculty of Economics in Osijek, Osijek, Croatia
Sunčica Oberman Peterka   ORCID icon orcid.org/0000-0001-9831-4523 ; Josip Juraj Strossmayer University of Osijek, Faculty of Economics in Osijek, Osijek, Croatia
Ivan Kurtović ; Interkapital vrijednosni papiri d.o.o., Zagreb, Croatia

Puni tekst: engleski, PDF (284 KB) str. 37-50 preuzimanja: 1.057* citiraj
APA 6th Edition
Delić, A., Oberman Peterka, S. i Kurtović, I. (2016). IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?. Ekonomski vjesnik, 29 (1), 37-50. Preuzeto s https://hrcak.srce.hr/161032
MLA 8th Edition
Delić, Anamarija, et al. "IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?." Ekonomski vjesnik, vol. 29, br. 1, 2016, str. 37-50. https://hrcak.srce.hr/161032. Citirano 09.08.2020.
Chicago 17th Edition
Delić, Anamarija, Sunčica Oberman Peterka i Ivan Kurtović. "IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?." Ekonomski vjesnik 29, br. 1 (2016): 37-50. https://hrcak.srce.hr/161032
Harvard
Delić, A., Oberman Peterka, S., i Kurtović, I. (2016). 'IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?', Ekonomski vjesnik, 29(1), str. 37-50. Preuzeto s: https://hrcak.srce.hr/161032 (Datum pristupa: 09.08.2020.)
Vancouver
Delić A, Oberman Peterka S, Kurtović I. IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?. Ekonomski vjesnik [Internet]. 2016 [pristupljeno 09.08.2020.];29(1):37-50. Dostupno na: https://hrcak.srce.hr/161032
IEEE
A. Delić, S. Oberman Peterka i I. Kurtović, "IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?", Ekonomski vjesnik, vol.29, br. 1, str. 37-50, 2016. [Online]. Dostupno na: https://hrcak.srce.hr/161032. [Citirano: 09.08.2020.]

Sažetak

The importance of financial market development for the economic development and competitiveness of a country is reflected in channelling of capital towards those investments that have the highest returns, thus ensuring liquidity and efficient grouping of enterprises, that is, risk-taking. Efficient risk-taking is primarily reflected in the availability of a large number of sources of funding, which allow enterprises freedom when forming their capital structure. Enterprises that do not have a large number of sources of funding at their disposal have to resort to debt financing when forming their capital structure, which ultimately means excessive financial vulnerability. Financial vulnerability, especially in times of the financial crisis, when fluctuations in the cost of capital are very high, reduces investment, growth and employment in the long-term. Small and medium-sized enterprises in the Croatian underdeveloped financial market must resort to borrowing, as the most readily available source of funding. Analysing the process of decision-making about capital structure on a sample of 108 small and medium-sized enterprises, it was observed that enterprises whose capital structure is less dependent on debt achieve better financial results and growth. The process of making financial decisions in those companies is in the hands of owners and/or managers and consultants with knowledge about the advantages and disadvantages of individual sources of funding. Financial knowledge is one of the most important determinants of the capital structure that will enable the growth and development of the small and medium-sized enterprise sector, as well as greater competitiveness of enterprises, regardless of size, activity, industry and the form of ownership of these enterprises.

T-test and Levene’s test of equality of variances were used to investigate the relationship between the profitability of enterprises and their financial literacy.

Ključne riječi
Financial knowledge; capital structure; small and medium-sized enterprises; financial market; competitiveness

Hrčak ID: 161032

URI
https://hrcak.srce.hr/161032

Posjeta: 1.239 *