Abstract
In this paper, the growth factors of coffee processing companies in the Republic of Serbia were analyzed by panel data technique. The growth was measured by changes in sales, while as explanatory variables were defined the following: export, size, capital turnover, revenue cycle, current ratio (liquidity ratio), debt ratio and return on assets. The empirical examination was conducted on the basis of 160 observations of financial statements of companies in coffee market. The results show that coffee processing companies in the Republic of Serbia have an average positive growth rate (1.08) during period 2015-2018. Growth of coffee processing companies is significant negatively related to size, revenue cycle and current ratio. On the other side, profitability measured as return on assets has positive significant impact on firm growth. The results show the performances of coffee processing companies during period 2015-2018 and the profile of growth factors as a prerequisite for company's development. This information can be useful for the large number of internal and external users of financial statements in the process of decision making.
Publisher
Centre for Evaluation in Education and Science (CEON/CEES)
Reference35 articles.
1. Adkins, L. (2014). Using gretl for Principles of Econometrics, 4th Edition Version 1.0411. Oklahoma State University, Oklahoma, USA;
2. Al-Abdulkader, A.M., Al-Namzi, A.A., AlTurki, T.A., Al-Khuraish, M.M., & Al-Dakhil, A.I. (2018). Optimizing coffee cultivation and its impact on economic growth and export earnings of the producing countries: The case of Saudi Arabia. Saudi Journal of Biological Sciences. 25(4), 776-782;
3. Aljinović, Z., & Marasović, B. (2012). Mathematical models in the analysis of the development of the Croatian financial market. Faculty of Economics in Split, Split;
4. Baltagi, B.H. (2005). Econometric analysis of panel data. England: John Wiley & Sons Ltd;
5. Becchetti, L., & Trovato, G. (2002). The Determinants of Growth for Small and Medium Sized Firms. The Role of the Availability of External Finance. Small Business Economics, 19(4), 291-306;