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• Denčić-Mihajlov, Ksenija

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

• Economics and Business

• Finance
• Business management
• Profit

profitability, financial crisis, firm-level determinants, Belgrade Stock Exchange

Περιέχει πίνακες, σημειώσεις και βιβλιογραφία, This research was supported by the Serbian Ministry of Education, Science and Technological Development, through Grant for Project No. 179066., JEL Classification: L21, G10, G32

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