Human and financial capital as determinants of profitability of small and medium-sized enterprises

[J. Z. Radivojević]

228, IV str.

Bibliografija: 212-228. Biografija autora: str. I.

Production strategies of networked enterprises

The research aims at understanding the importance of human and financial capital for the profitable operation of small and medium-sized enterprises in the Republic of Serbia. The primary aim of this doctoral dissertation is, on the one hand, to examine the strength and type of relationship between human and financial capital and, on the other hand, to examine whether human and financial capital are truly the key determinants of the business success of these types of business entities. The theoretical part particularly aims to determine the importance and role of small and medium-sized enterprises in the growth and development of a particular economy; additionally, it aims at identifying the internal determinants which are of crucial importance for the high business profitability of small and medium-sized enterprises. The empirical part of this doctoral dissertation presents a detailed analysis and an examination of interdependence of human and financial capital of small and medium-sized enterprises in the Republic of Serbia and the achieved profitability and overall business success. The aim is to determine the possible causes of unprofitability of these types of businesses. The theoretical part of the doctoral dissertation firstly deals with the concept of business profitability by pointing out the most important internal and external factors that determine it. Then, it presents small and medium-sized enterprises as business entities with all the features that make these types of businesses distinguishable from large business systems. By understanding their multiplex importance and with the aim of enhancing their operations, we turn to the analysis of the effect of internal factors onto their profitability; here special attention is placed on the analysis of human and financial capital as key determinants of business success of small and medium-sized enterprises. The empirical part of this doctoral dissertation focuses on the research and the analysis of internal factors of profitability of small and medium-sized enterprises in the Republic of Serbia in the previous time period. The research is conducted using secondary sources of data by forming a model which confirms the assumptions that human and financial capital of small and medium-sized enterprises (out of all internal factors) have the greatest effect on the profitability of these business entities.

mala preduzeća, srednja preduzeća, humani kapital, finansijski kapital, rentabilnost

small enterprises, medium enterprises, human capital, financial capital, profitability

061.5(4/9).338(497.11)(043.3)

S 190

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