Nemanja Stanišić, Nikola Stefanović, Tijana Radojević Radojević

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This study explores the determinants of the cost of corporate debt in the Republic of Serbia. It covers 4,701 companies during 2008-2013, representing more than 90% of all medium-sized and large companies actively operating in the country. In this particular market, the cost of corporate debt is influenced by the following factors: Euribor rates, sector membership, size of a company, short-term and total leverage of a company, interest coverage ratio, the presence of the shareholder capital, ownership structure as pertaining to the state or foreign ownership, and the type of audit opinion. After accounting for these factors, the pseudo R2 (the correlation between the predicted and the actual values of the cost of debt) yields 77%. At the same time, the type of an audit opinion is shown to be the single most important predictor of the cost of debt in the country, contributing to the pseudo R2 with approximately 2,900 basis points. Therefore, companies operating in the Republic of Serbia seeking a more affordable cost of debt should pay special attention to the quality of their financial reports.

Keywords: Cost of Debt, Republic of Serbia, Audit Opinion, Financial Leverage, Ownership Structure.


Ова студија истражује детерминанте цене дуга на примеру Републике Србије. Узорком је обухваћено 4701 средње и велико привредно друштво које је активно пословало у периоду од 2008. до 2013. године, што чини више од 90% одговарајуће популације. Резултати показују да, на посматраном тржишту, утицај на висину цене дуга имају следећи фактори: Еурибор каматна стопа, секторска класификација, величина друштва, степен краткорочне и дугорочне задужености, коефицијент покрића камате, правна форма, власничка структура и врста ревизорског мишљења. Након узимања у обзир свих наведених фактора, псеудо R2 достиже вредност од 77%. Такође, врста ревизорског мишљења показала се као најзначајнија детерминанта цене дуга, доприносећи вредности псеудо R2 са приближно 29 процентних поена. Друштва која послују у Републици Србији би, према томе, требало да обрате посебну пажњу на квалитет финансијског извештавања.

Кључне речи: цена дуга, Република Србија, ревизорско мишљење, задуженост, власничка структура.



Cost of Debt, Republic of Serbia, Audit Opinion, Financial Leverage, Ownership Structure.

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