{"id":"https://openalex.org/W7219415744","doi":null,"title":"Vpliv dol\u017eni\u0161kega financiranja na vrednost podjetja","display_name":"Vpliv dol\u017eni\u0161kega financiranja na vrednost podjetja","publication_year":2023,"publication_date":"2023-10-04","ids":{"openalex":"https://openalex.org/W7219415744"},"language":"en","primary_location":{"id":"pmh:oai:dk.um.si:IzpisGradiva.php?id=92953","doi":null,"is_oa":true,"landing_page_url":"https://dk.um.si/Dokument.php?id=191811&dn=","pdf_url":"https://journals.um.si/index.php/oe/article/download/3168/2376","source":{"id":"https://openalex.org/S4377196302","display_name":"University of Maribor digital library (University of Maribor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I37696226","host_organization_name":"University of Maribor","host_organization_lineage":["https://openalex.org/I37696226"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"ISSN: 0547-3101","raw_type":"info:eu-repo/semantics/report"},"volume":null,"type":"report","is_traditional":false,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://journals.um.si/index.php/oe/article/download/3168/2376","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5098710653","display_name":"Andrijana Bojadzievska Danevska","orcid":"https://orcid.org/0000-0001-8969-0105","observed_orcids":["https://orcid.org/0000-0001-8969-0105"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Bojadzievska Danevska, Andrijana","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5099849768","display_name":"Elena Parnardzieva Stanoevska","orcid":"https://orcid.org/0000-0001-9618-3179","observed_orcids":["https://orcid.org/0000-0001-9618-3179"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Parnardzieva Stanoevska, Elena","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5044768933","display_name":"Savica Dimitrieska","orcid":"https://orcid.org/0000-0001-9808-6647","observed_orcids":["https://orcid.org/0000-0001-9808-6647"]},"institutions":[{"id":"https://openalex.org/I87643937","display_name":"International Balkan University","ror":"https://ror.org/00ghx1590","country_code":"MK","type":"education","lineage":["https://openalex.org/I87643937"]}],"countries":["MK"],"is_corresponding":false,"raw_author_name":"Dimitrieska, Savica","raw_affiliation_strings":["International Balkan University , Faculty of Economics and Administrative Sciences , Makedonsko-Kosovska Brigada bb , 1000 Skopje , North Macedonia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"International Balkan University , Faculty of Economics and Administrative Sciences , Makedonsko-Kosovska Brigada bb , 1000 Skopje , North Macedonia","institution_ids":["https://openalex.org/I87643937"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8598999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8598999977111816,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.06369999796152115,"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/T12675","display_name":"Financial Reporting and Valuation Research","score":0.06340000033378601,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"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/debt-financing","display_name":"debt financing","score":0.9139999747276306},{"id":"https://openalex.org/keywords/organizational-values","display_name":"organizational values","score":0.734000027179718},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.4749999940395355},{"id":"https://openalex.org/keywords/return-on-assets","display_name":"return on assets","score":0.8109999895095825},{"id":"https://openalex.org/keywords/tobin-s-q","display_name":"Tobin's Q","score":1.0},{"id":"https://openalex.org/keywords/short-term-debt","display_name":"short-term debt","score":0.9629999995231628},{"id":"https://openalex.org/keywords/long-term-debt","display_name":"long-term debt","score":0.9660000205039978},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.8799999952316284},{"id":"https://openalex.org/keywords/current-ratio","display_name":"current ratio","score":0.9980000257492065}],"concepts":[{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5953999757766724},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.5679000020027161},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5527999997138977},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.5264000296592712},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.49000000953674316},{"id":"https://openalex.org/C2777642646","wikidata":"https://www.wikidata.org/wiki/Q9296","display_name":"Macedonian","level":2,"score":0.4586000144481659},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.4293000102043152},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.40450000762939453},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.3912000060081482},{"id":"https://openalex.org/C25188504","wikidata":"https://www.wikidata.org/wiki/Q178749","display_name":"Weighted average cost of capital","level":5,"score":0.3894999921321869},{"id":"https://openalex.org/C52272595","wikidata":"https://www.wikidata.org/wiki/Q2210989","display_name":"Current ratio","level":3,"score":0.3833000063896179},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.38019999861717224},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.3725999891757965},{"id":"https://openalex.org/C185669311","wikidata":"https://www.wikidata.org/wiki/Q1163221","display_name":"Return on assets","level":3,"score":0.36730000376701355},{"id":"https://openalex.org/C30472729","wikidata":"https://www.wikidata.org/wiki/Q955421","display_name":"Fixed asset","level":3,"score":0.3499000072479248},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.32409998774528503},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.31119999289512634},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.3070000112056732},{"id":"https://openalex.org/C2993311118","wikidata":"https://www.wikidata.org/wiki/Q51379","display_name":"Positive relationship","level":2,"score":0.3034000098705292},{"id":"https://openalex.org/C169824061","wikidata":"https://www.wikidata.org/wiki/Q1761731","display_name":"Book value","level":3,"score":0.3003999888896942},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.2888000011444092},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.2858999967575073},{"id":"https://openalex.org/C44970651","wikidata":"https://www.wikidata.org/wiki/Q17014030","display_name":"Fixed effects model","level":3,"score":0.2854999899864197},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.26930001378059387},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.25679999589920044},{"id":"https://openalex.org/C25343380","wikidata":"https://www.wikidata.org/wiki/Q277521","display_name":"Relation (database)","level":2,"score":0.2540000081062317},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.25220000743865967}],"mesh":[],"locations_count":1,"locations":[{"id":"pmh:oai:dk.um.si:IzpisGradiva.php?id=92953","doi":null,"is_oa":true,"landing_page_url":"https://dk.um.si/Dokument.php?id=191811&dn=","pdf_url":"https://journals.um.si/index.php/oe/article/download/3168/2376","source":{"id":"https://openalex.org/S4377196302","display_name":"University of Maribor digital library (University of Maribor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I37696226","host_organization_name":"University of Maribor","host_organization_lineage":["https://openalex.org/I37696226"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"ISSN: 0547-3101","raw_type":"info:eu-repo/semantics/report"}],"best_oa_location":{"id":"pmh:oai:dk.um.si:IzpisGradiva.php?id=92953","doi":null,"is_oa":true,"landing_page_url":"https://dk.um.si/Dokument.php?id=191811&dn=","pdf_url":"https://journals.um.si/index.php/oe/article/download/3168/2376","source":{"id":"https://openalex.org/S4377196302","display_name":"University of Maribor digital library (University of Maribor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I37696226","host_organization_name":"University of Maribor","host_organization_lineage":["https://openalex.org/I37696226"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"ISSN: 0547-3101","raw_type":"info:eu-repo/semantics/report"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.7257999777793884,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7219415744.pdf","grobid_xml":"https://content.openalex.org/works/W7219415744.grobid-xml"},"referenced_works_count":26,"referenced_works":["https://openalex.org/W1496286215","https://openalex.org/W1957306883","https://openalex.org/W2010763574","https://openalex.org/W2082632802","https://openalex.org/W2086995991","https://openalex.org/W2101376317","https://openalex.org/W2121308228","https://openalex.org/W2146880834","https://openalex.org/W2172709528","https://openalex.org/W2258286037","https://openalex.org/W2326052200","https://openalex.org/W2579629930","https://openalex.org/W2625079159","https://openalex.org/W2735327831","https://openalex.org/W2752617332","https://openalex.org/W2955363997","https://openalex.org/W3015722240","https://openalex.org/W3033900586","https://openalex.org/W3093991061","https://openalex.org/W3122502280","https://openalex.org/W3125291865","https://openalex.org/W3135280458","https://openalex.org/W3142530809","https://openalex.org/W3186710358","https://openalex.org/W4288064367","https://openalex.org/W7213537368"],"related_works":["https://openalex.org/W4387346522","https://openalex.org/W3215475407","https://openalex.org/W4294834057","https://openalex.org/W4385576178","https://openalex.org/W2920428145","https://openalex.org/W4285564685","https://openalex.org/W3170568985","https://openalex.org/W7220124400","https://openalex.org/W4225395587","https://openalex.org/W3119131098"],"abstract_inverted_index":{"The":[0],"purpose":[1],"of":[2,21,83,121],"this":[3],"paper":[4],"is":[5],"to":[6,59,80,188],"determine":[7],"the":[8,28,36,44,61,67,81,94,115,119,157,191],"relation":[9,62],"between":[10,63],"a":[11,19,87,108,124,148,165,182],"company\u2019s":[12,68,102,125,149,158,166],"indebtedness":[13,122],"and":[14,35,55,66,76,90,104,110,132,137,201],"its":[15],"value.":[16],"We":[17],"used":[18],"sample":[20],"20":[22],"North":[23],"Macedonian":[24,29],"companies,":[25],"listed":[26],"on":[27,73,96,114,123,199],"Stock":[30],"Exchange":[31],"(MSE)":[32],"mandatory":[33],"listing,":[34],"data":[37],"for":[38,151],"6":[39],"years\u2019":[40],"time":[41],"span.":[42],"In":[43],"paper,":[45],"we":[46],"use":[47],"Panel":[48],"Data":[49],"models":[50],"(Pooled":[51],"OLS":[52],"regression,":[53],"Fixed":[54],"Random":[56],"Effects":[57],"models)":[58],"estimate":[60],"debt":[64,85,134,146],"financing":[65],"value":[69,126,184],"measured":[70,127],"by":[71,128],"return":[72,95],"assets":[74],"(ROA)":[75],"Tobin\u2019s":[77,129,174],"Q.":[78],"According":[79],"results":[82],"short-term":[84,131],"has":[86],"statistically":[88,111,138],"significant":[89,112,139],"negative":[91],"impact,":[92],"while":[93,145],"investments":[97],"in":[98],"human":[99],"capital":[100],"(HCROI),":[101],"size":[103],"current":[105],"ratio":[106],"have":[107,135],"positive":[109,136],"impact":[113,120],"ROA.":[116],"When":[117],"investigating":[118],"Q,":[130,175],"long-term":[133],"effects.":[140],"Our":[141],"research":[142],"suggests":[143],"that":[144],"increases":[147],"indicators":[150],"market":[152],"performance,":[153],"it":[154],"also":[155,187],"decreases":[156],"accounting":[159],"operating":[160],"performance.":[161],"Therefore,":[162],"when":[163],"analyzing":[164],"value,":[167],"investors":[168],"should":[169],"be":[170,178],"considering":[171],"not":[172],"only":[173],"which":[176],"can":[177],"sometimes":[179],"regarded":[180],"as":[181,195],"market-to-book":[183],"ratio,":[185],"but":[186],"look":[189],"at":[190],"fundamental":[192],"ratios,":[193],"such":[194],"ROA,":[196],"ROE":[197],"(return":[198],"equity)":[200],"EPS":[202],"(earnings":[203],"per":[204],"share).":[205]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2026-10-04T00:00:00"}
