{"id":"https://openalex.org/W3204024866","doi":"https://doi.org/10.5937/straman2103072s","title":"Does capital structure affect the differences in the financial performance of small enterprises?","display_name":"Does capital structure affect the differences in the financial performance of small enterprises?","publication_year":2021,"publication_date":"2021-01-01","ids":{"openalex":"https://openalex.org/W3204024866","doi":"https://doi.org/10.5937/straman2103072s","mag":"3204024866"},"language":"en","primary_location":{"id":"doi:10.5937/straman2103072s","doi":"https://doi.org/10.5937/straman2103072s","is_oa":true,"landing_page_url":"https://doi.org/10.5937/straman2103072s","pdf_url":"https://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2021/1821-34482103072S.pdf","source":{"id":"https://openalex.org/S4210171100","display_name":"Strategic Management","issn_l":"1821-3448","issn":["1821-3448","2334-6191"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["ddh","doaj","erih-plus","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310321453","host_organization_name":"Faculty of Agronomy in \u010ca\u010dak","host_organization_lineage":["https://openalex.org/P4310321453"],"host_organization_lineage_names":["Faculty of Agronomy in \u010ca\u010dak"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2021/1821-34482103072S.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006606381","display_name":"Aleksandra Stoiljkovi\u0107","orcid":"https://orcid.org/0000-0002-4324-4537","observed_orcids":["https://orcid.org/0000-0002-4324-4537"]},"institutions":[{"id":"https://openalex.org/I170726198","display_name":"University of Novi Sad","ror":"https://ror.org/00xa57a59","country_code":"RS","type":"education","lineage":["https://openalex.org/I170726198"]}],"countries":["RS"],"is_corresponding":false,"raw_author_name":"Aleksandra Stoiljkovi\u0107","raw_affiliation_strings":["University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia","institution_ids":["https://openalex.org/I170726198"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5083132799","display_name":"Slavica Tomi\u0107","orcid":"https://orcid.org/0000-0002-7135-5445","observed_orcids":["https://orcid.org/0000-0002-7135-5445"]},"institutions":[{"id":"https://openalex.org/I170726198","display_name":"University of Novi Sad","ror":"https://ror.org/00xa57a59","country_code":"RS","type":"education","lineage":["https://openalex.org/I170726198"]}],"countries":["RS"],"is_corresponding":false,"raw_author_name":"Slavica Tomi\u0107","raw_affiliation_strings":["University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia"],"raw_orcid":"https://orcid.org/0000-0002-7135-5445","affiliations":[{"raw_affiliation_string":"University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia","institution_ids":["https://openalex.org/I170726198"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5083184826","display_name":"Ozren Uzelac","orcid":"https://orcid.org/0000-0001-6991-1644","observed_orcids":["https://orcid.org/0000-0001-6991-1644"]},"institutions":[{"id":"https://openalex.org/I170726198","display_name":"University of Novi Sad","ror":"https://ror.org/00xa57a59","country_code":"RS","type":"education","lineage":["https://openalex.org/I170726198"]}],"countries":["RS"],"is_corresponding":true,"raw_author_name":"Ozren Uzelac","raw_affiliation_strings":["University of Novi Sad, Faculty of Economics in Subotica, Segedinski put 9-11, 24000, Subotica, Serbia","University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Novi Sad, Faculty of Economics in Subotica, Segedinski put 9-11, 24000, Subotica, Serbia","institution_ids":["https://openalex.org/I170726198"]},{"raw_affiliation_string":"University of Novi Sad, Faculty of Economics in Subotica, Subotica, Serbia","institution_ids":["https://openalex.org/I170726198"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5083184826"],"corresponding_institution_ids":["https://openalex.org/I170726198"],"apc_list":null,"apc_paid":null,"fwci":5.0359,"has_fulltext":true,"cited_by_count":15,"citation_normalized_percentile":{"value":0.95118728,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":98},"biblio":{"volume":"26","issue":"3","first_page":"72","last_page":"80"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7592999935150146,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.7592999935150146,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.17149999737739563,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.053199999034404755,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":1.0},{"id":"https://openalex.org/keywords/financial-performance","display_name":"financial performance","score":0.8180000185966492},{"id":"https://openalex.org/keywords/small-business","display_name":"small business","score":0.9950000047683716},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.9190000295639038},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"debt ratio","score":0.7269999980926514},{"id":"https://openalex.org/keywords/access-to-finance","display_name":"access to finance","score":0.7570000290870667},{"id":"https://openalex.org/keywords/return-on-equity","display_name":"return on equity","score":0.7689999938011169},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.9990000128746033},{"id":"https://openalex.org/keywords/sme-financing","display_name":"SME financing","score":0.35600000619888306}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.8393993377685547},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7244914174079895},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.5997003316879272},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5856173038482666},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.552489697933197},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5519190430641174},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.5497239232063293},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.4916611313819885},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.461395263671875},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.455051988363266},{"id":"https://openalex.org/C3018023364","wikidata":"https://www.wikidata.org/wiki/Q425265","display_name":"Significant difference","level":2,"score":0.4299236536026001},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.34462910890579224},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.32833781838417053},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3271982669830322},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.24404862523078918},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.09777453541755676},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.08422249555587769},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.07431510090827942},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.0},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.0},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.5937/straman2103072s","doi":"https://doi.org/10.5937/straman2103072s","is_oa":true,"landing_page_url":"https://doi.org/10.5937/straman2103072s","pdf_url":"https://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2021/1821-34482103072S.pdf","source":{"id":"https://openalex.org/S4210171100","display_name":"Strategic Management","issn_l":"1821-3448","issn":["1821-3448","2334-6191"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["ddh","doaj","erih-plus","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310321453","host_organization_name":"Faculty of Agronomy in \u010ca\u010dak","host_organization_lineage":["https://openalex.org/P4310321453"],"host_organization_lineage_names":["Faculty of Agronomy in \u010ca\u010dak"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:2d3acb83e7084be399816b08fcc3d250","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/2d3acb83e7084be399816b08fcc3d250","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Strategic Management, Vol 26, Iss 3, Pp 72-80 (2021)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.5937/straman2103072s","doi":"https://doi.org/10.5937/straman2103072s","is_oa":true,"landing_page_url":"https://doi.org/10.5937/straman2103072s","pdf_url":"https://scindeks-clanci.ceon.rs/data/pdf/1821-3448/2021/1821-34482103072S.pdf","source":{"id":"https://openalex.org/S4210171100","display_name":"Strategic Management","issn_l":"1821-3448","issn":["1821-3448","2334-6191"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["ddh","doaj","erih-plus","poland-20","russia-white-list-1"],"host_organization":"https://openalex.org/P4310321453","host_organization_name":"Faculty of Agronomy in \u010ca\u010dak","host_organization_lineage":["https://openalex.org/P4310321453"],"host_organization_lineage_names":["Faculty of Agronomy in \u010ca\u010dak"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.5263000130653381}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3204024866.pdf","grobid_xml":"https://content.openalex.org/works/W3204024866.grobid-xml"},"referenced_works_count":31,"referenced_works":["https://openalex.org/W658743790","https://openalex.org/W991612185","https://openalex.org/W1538687218","https://openalex.org/W1576685169","https://openalex.org/W1605013255","https://openalex.org/W1976868103","https://openalex.org/W2007917949","https://openalex.org/W2023116748","https://openalex.org/W2030107974","https://openalex.org/W2089905296","https://openalex.org/W2090556614","https://openalex.org/W2119780569","https://openalex.org/W2121308228","https://openalex.org/W2128498218","https://openalex.org/W2150221055","https://openalex.org/W2172169192","https://openalex.org/W2236069520","https://openalex.org/W2461489093","https://openalex.org/W2570253110","https://openalex.org/W2588050207","https://openalex.org/W2596984117","https://openalex.org/W2626337697","https://openalex.org/W2789913135","https://openalex.org/W2808679962","https://openalex.org/W2911547052","https://openalex.org/W2981408758","https://openalex.org/W3015984907","https://openalex.org/W3041532042","https://openalex.org/W3112161631","https://openalex.org/W3124114405","https://openalex.org/W6733244132"],"related_works":["https://openalex.org/W2265917885","https://openalex.org/W7215551174","https://openalex.org/W3202942914","https://openalex.org/W2917021797","https://openalex.org/W1966871807","https://openalex.org/W4405503106","https://openalex.org/W3007110051","https://openalex.org/W2042517104","https://openalex.org/W2469818835","https://openalex.org/W2606941191"],"abstract_inverted_index":{"Capital":[0],"structure":[1,48],"refers":[2],"to":[3,14,32,84,98,110],"the":[4,11,22,52,57,64,67,71,76,81,117,130,159,162],"combination":[5],"of":[6,21,26,35,51,66,75,80],"debt":[7],"and":[8,18,73,113,164],"equity":[9],"that":[10,60,129],"company":[12],"uses":[13],"finance":[15],"overall":[16],"operations":[17],"growth.":[19],"One":[20],"most":[23,53],"common":[24],"problems":[25],"small":[27,144],"enterprises":[28,96],"is":[29,38,49,88],"difficult":[30],"access":[31],"various":[33],"sources":[34],"financing,":[36],"which":[37],"certainly":[39],"reflected":[40],"in":[41,56,92,133,161],"their":[42],"capital":[43,47],"structure.":[44],"Deciding":[45],"on":[46,115],"one":[50],"important":[54],"activities":[55],"company,":[58,68],"given":[59],"it":[61],"significantly":[62],"determines":[63],"performance":[65,94,135],"but":[69],"also":[70],"competitiveness":[72],"sustainability":[74],"business.":[77],"The":[78],"aim":[79],"study":[82],"was":[83,104,137,156],"investigate":[85],"whether":[86],"there":[87],"a":[89,143],"significant":[90,154],"difference":[91,132,155],"financial":[93,134],"between":[95,158],"belonging":[97],"different":[99],"leverage":[100,103,116],"levels.":[101],"Financial":[102],"calculated":[105],"by":[106],"dividing":[107],"total":[108,111],"debts":[109],"assets":[112],"based":[114],"companies":[118],"are":[119],"divided":[120],"into":[121],"3":[122],"groups.":[123],"Using":[124],"ANOVA":[125],"analysis,":[126],"we":[127],"found":[128],"only":[131],"indicators":[136],"observed":[138,157],"with":[139,142],"NPM":[140],"(but":[141],"effect":[145],"size:":[146],"eta":[147],"square":[148],"=":[149],"0.0470),":[150],"whereas":[151],"no":[152],"statistically":[153],"groups":[160],"ROE":[163],"ROA":[165],"indicators.":[166]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2021-10-11T00:00:00"}