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Scientific paper - Preliminary note / Short communication
Profitability performance under capital structure and other company characteristics
Zbornik Veleučilišta u Rijeci, 8 (2020), 1; 227-242. https://doi.org/10.31784/zvr.8.1.21
Karanović, Goran; Štambuk, Ana; Jagodić, Davor

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Karanović, G., Štambuk, A. & Jagodić, D. (2020). Profitability performance under capital structure and other company characteristics. Zbornik Veleučilišta u Rijeci, 8. (1), 227-242. doi: 10.31784/zvr.8.1.21

Karanović, Goran, et al. "Profitability performance under capital structure and other company characteristics." Zbornik Veleučilišta u Rijeci, vol. 8, no. 1, 2020, pp. 227-242. https://doi.org/10.31784/zvr.8.1.21

Karanović, Goran, Ana Štambuk and Davor Jagodić. "Profitability performance under capital structure and other company characteristics." Zbornik Veleučilišta u Rijeci 8, no. 1 (2020): 227-242. https://doi.org/10.31784/zvr.8.1.21

Karanović, G., Štambuk, A. and Jagodić, D. (2020) 'Profitability performance under capital structure and other company characteristics', Zbornik Veleučilišta u Rijeci, 8(1), pp. 227-242. doi: 10.31784/zvr.8.1.21

Karanović G, Štambuk A, Jagodić D. Profitability performance under capital structure and other company characteristics. Zbornik Veleučilišta u Rijeci [Internet]. 2020 [cited 2025 February 18];8(1):227-242. doi: 10.31784/zvr.8.1.21

G. Karanović, A. Štambuk and D. Jagodić, "Profitability performance under capital structure and other company characteristics", Zbornik Veleučilišta u Rijeci, vol. 8, no. 1, pp. 227-242, 2020. [Online]. Available at: https://urn.nsk.hr/urn:nbn:hr:191:814061. [Accessed: 18 February 2025]

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Title (english)Profitability performance under capital structure and other company characteristics
Title (croatian)Učinak profitabilnosti kroz prizmu kapitalne strukture i ostalih značajki poduzeća: empirijska studija hrvatske hotelske industrije
AuthorGoran Karanović
AuthorAna Štambuk
AuthorDavor Jagodić
Author's institutionUniversity of Rijeka
Faculty of Economics and Business
Author's institutionUniversity of Rijeka
Faculty of Tourism and Hospitality Management
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract (croatian)
Glavni je cilj ovog rada istražiti kako struktura kapitala i ostalih financijskih karakteristika poduzeća utječu na učinak profitabilnosti hrvatske hotelske industrije. Ključni cilj ove studije je analizirati strukturu duga i kapitala hotelske industrije i objasniti njezinu povezanost s financijskim rezultatima. Veliki značaj i utjecaj hotelijerstva na gospodarstvo je glavni razlog zašto su se autori odlučili istražiti ga. Ova je studija provedena korištenjem panel dana metodologije na uzorku od 19 hrvatskih hotelskih poduzeća koje kotiraju na Zagrebačkoj burzi u razdoblju od 2003. do 2017. godine. Povrat imovine i povrat na kapital korišteni su kao posrednici i ovisne varijable. Dvanaest varijabli kao mjere kapitalne strukture i ostale karakteristike poduzeća – koeficijent trenutne likvidnosti, koeficijent tekuće likvidnosti, koeficijent financijske stabilnosti, koeficijent zaduženosti, faktor zaduženosti (broj godina), stupanj pokrića dugotrajne imovine vlastitim izvorima, koeficijent obrtaja ukupne imovine, koeficijent obrtaja kratkotrajne imovine, vrijeme naplate kratkotrajnih potraživanja, ekonomičnost ukupnog poslovanja, rentabilnost prometa bruto i kriza u razdoblju 2009-2015 – korišteni su kao nezavisne varijable. Rezultati indiciraju da su koeficijent trenutne likvidnosti, koeficijent financijske stabilnosti, faktor zaduženosti (broj godina), stupanj pokrića dugotrajne imovine vlastitim izvorima, koeficijent obrtaja ukupne imovine, ekonomičnost ukupnog poslovanja, vrijeme naplate kratkotrajnih potraživanja, rentabilnost prometa bruto i kriza u razdoblju 2009-2015. povezani s financijskim učinkom hrvatske hotelske industrije. Iako teorija učinka profitabilnosti te utjecaj strukture kapitala i ostalih značajki poduzeća su široko proučavana u financijskoj literaturi, nema mnogo studija koje se bave hotelijerstvom, posebno u Hrvatskoj. Konačno, ova studija trebala bi menadžerima pružiti dodatni uvid u donošenje optimalnih financijskih odluka.
Abstract (english)
The main objective of this paper is to explore how capital structure and other financial characteristics of companies influence Croatian hotel industry performance. This study’s key goal is to analyze the debt-equity structure of hotel industry and to demonstrate its correlation with financial performance. The high significance and impact of hotel industry on the economy in Croatia was main reason why authors opted to investigate it. This study was carried out using panel data methodology on a sample of 19 Croatian hotel companies listed on the Zagreb Stock Exchange during the period of 2003-2017. Return on assets and return on equity were used as performance proxies and dependent variables. Twelve variables as capital structure measures and other company characteristics – cash ratio, current liquidity ratio, structure ratio, debt ratio, debt factor (in years), equity to non-current assets, total assets turnover, current assets turnover, accounts receivables, activity ratio, return on revenue and crises during the 2009-2015 period – were used as independent variables. The findings suggest that cash ratio, structure ratio, debt factor (in years), equity to non-current assets, total assets turnover, activity ratio, accounts receivables, return on revenue and crises in the 2009-2015 period are related to the financial performance of the Croatian hotel industry. Although profitability performance theory and influence of capital structure and other company characteristic on it is widely studied in financial literature, there are not many studies examining the hotel industry, especially in Croatia. Finally, this study should provide managers with additional insights in making optimal financial decisions.
Keywords (croatian)
Keywords (english)
Languageenglish
Publication typeScientific paper - Preliminary note / Short communication
Publication statusPublished
Peer reviewPeer review
Publication versionPublished version
Journal titleZbornik Veleučilišta u Rijeci
Numberingvol. 8, no. 1, pp. 227-242
p-ISSN1848-1299
e-ISSN1849-1723
DOIhttps://doi.org/10.31784/zvr.8.1.21
URN:NBNurn:nbn:hr:191:814061
Publication2020
ProjectNumber: UNIRI 17.02.2.2.01
Title (croatian): Performanse i struktura hrvatskih financijskih institucija u kontekstu institucionalnih promjena“
Title (english): Performance and structure of Croatian financial institutions in the context of institutional change
Acronym: UNIRI 17.02.2.2.01
Leader: Bojana Olgić Draženović
Jurisdiction: eu
Document URLhttps://hrcak.srce.hr/240135
Type of resourceText
Access conditionsOpen access
Terms of useLicence Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) icon
Created on2025-02-18 13:22:39