AN ANALYSIS OF THE GROWTH DETERMINANTS OF AGRICULTURAL ENTERPRISES IN THE TERRITORY OF AP VOJVODINA

Mirela Momčilović; Stevan Tomašević; Dajana Ercegovac; Dragana Milić

doi:10.22190/TEME240713054M

AN ANALYSIS OF THE GROWTH DETERMINANTS OF AGRICULTURAL ENTERPRISES IN THE TERRITORY OF AP VOJVODINA

Mirela Momčilović, Stevan Tomašević, Dajana Ercegovac, Dragana Milić

DOI Number

https://doi.org/10.22190/TEME240713054M

First page

959

Last page

973

Abstract

This paper aims to identify and analyse the main determinants of the growth of agricultural enterprises in the territory of AP Vojvodina in the period between 2019 and 2022. The research, which examines the relationship between the growth rate of enterprise sales and selected internal determinants that potentially impact enterprise growth, was conducted on a sample of 329 small, medium, and large agricultural enterprises. A panel regression model was used to analyse the selected determinants of company growth. The established research hypotheses were tested based on the Generalised Least Squares model. The results showed a positive and statistically significant relationship between the growth rate of sales of agricultural enterprises in the territory of AP Vojvodina and their size, profitability, indebtedness, and business activity during the analysed period. In addition, company liquidity has a positive but not statistically significant effect on company growth. The analysis indicates that larger, more profitable, more indebted, and more commercially active enterprises have a higher sales growth rate.

Keywords

growth, growth determinants, agriculture companies, AP Vojvodina, panel data analysis.

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DOI: https://doi.org/10.22190/TEME240713054M

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