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UTICAJ UPRAVLJANJA OBRTNIM KAPITALOM NA PROFITABILNOST PREDUZEĆA U USLOVIMA SIMULTANOG DJELOVANJA TRANZICIJE I KRIZE.

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    • Alternate Title:
      IMPACT OF WORKING CAPITAL MANAGEMENT ON COMPANIES' PROFITABILITY IN TERMS OF SIMULTANEOUS TRANSITION AND CRISIS ACTIVITY.
    • Abstract:
      The relevance of working capital management for achieving the business objectives of a company arises from the fundamental aim of working capital management, i.e. a continuous converting of working capital followed by maintenance of liquidity and greater profitability through satisfactory return on investment. This paper investigates sustainability of the theoretical postulates referring to working capital and company profitability and, therefore, this study was canied out on the sample of companies in Federation BiH that underwent the privatization process but are, presently, exposed to global and local financial crisis. Accordingly, we have investigated the selected indices relations referring to the structure and efficiency of working capital utilization and representative indices of profitability of the companies sampled. The paper presents the results of this research:-Impact of business cycle duration upon return on company property;-Impact of claims management efficiency upon operating profitability of the company;-Correlation of the negative net working capital and operating profitability of the company;-Impact of the level of gross working capital upon capital return in the companies sampled.Using the selected sample we have recognized the significant facts that this research fails to support majority of theoretical observations about working capital management and its effects, which suggests that the environment in which companies, exposed to simultaneous impact of transition and crisis, do their business is unpredictable and very risky. This requires companies to undertake fundamental activities in order to recognize internal causes and undertake concrete measures for their elimination and eventual rehabilitation and reorganization of our companies. [ABSTRACT FROM AUTHOR]
    • Abstract:
      Značaj upravljanja obrtnim kapitalom za ostvarivanje poslovnih ciljeva preduzeća proizilazi iz temeljnog cilja upravljanja obrtnim kapitalom, a to je kontinuirana konverzija obrtnih sredstava uz održavanj e likvidnosti i postizanj e veće profitabilnosti kroz ostvarivanje zadovoljavajućeg prinosa na ulaganja. U radu smo nastojali provjeriti održivost teorijskih postavki vezanih za obrtni kapital i profitabilnost preduzeća na uzorku preduzeća u FBiH koja su podvrgnuta procesu privatizacije, a sada su izložena i djelovanju globalne ali i interne finansijske klize. Shodno tome, ispitane su relacije odabranih pokazatelja vezanih za strukturu i efikasnost korištenja obrtnog kapitala i reprezentantnih pokazatelja profitabilnosti uzorkovanih preduzeća, te prikazani rezultati istraživanja:-Uticaj trajanja poslovnog ciklusa na prinos na imovinu preduzeća; -Uticaj efikasnosti upravljanja potraživanjima na operativnu profitabilnost preduzeća; -Korelacija negativnog neto obrtnog kapitala i operativne profitabilnosti preduzeća; -Uticaja nivoa brutoobrtnog kapitala na prinos na kapital uzorkovanih preduzeća. Koristeći odabrani uzorak došli smo do značajnih saznanja da većina teorijskih spoznaja o upravljanju obrtnim kapitalom i efektima nije dobila potrebnu potporu u provedenom istraživanju što, zapravo, sugerira da je ambijent u kome posluju preduzeća izložena simultanom uticaju tranzicije i krize nepredvidiv, a samim tim i veoma rizičan. Ovakvo stanje zahtijeva temeljne aktivnosti preduzeća na sagledavanju internih uzroka i poduzimanje konkretnih mjera na otklanjanju istih, te saniranje posljedica ovakvog stanja u našim preduzećima. [ABSTRACT FROM AUTHOR]
    • Abstract:
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