20.500.12556/DKUM-57928 VPLIV STRATEGIJE DIVERZIFIKACIJE POSLOVNIH DEJAVNOSTI NA FINANČNO USPEŠNOST POSLOVANJA POVEZANIH PODJETIJ V SLOVENIJI V ČASU GOSPODARSKE KRIZE The effects of business diversification on corporate performance of group-affiliated companies in Slovenia during during the recent financial crises Magistrska naloga je sestavljena iz teoretičnega in raziskovalnega dela. Zgrajena je iz 4 poglavij. Prvo poglavje je uvodno, v tem smo opredelili področje, opisali problem, namen, cilje raziskave, hipoteze, metode raziskovanja ter tudi predpostavke in omejitve. V teoretičnih izhodiščih smo nato povzeli pregled objavljene strokovne literature s področja raziskave. Tretji, to je najpomembnejši del predstavlja raziskava. V tem delu smo predstavili še ugotovitve raziskave. V zadnjem delu smo dodali sklepne ugotovitve in opozorili na možnosti za nadaljnje raziskave na tem področju. V raziskovalnem delu smo preverjali dve hipotezi. Zanimalo nas je, ali so v času gospodarske krize v Sloveniji (v letih od 2008 do 2014) finančno uspešneje poslovala podjetja, ki so bila osredotočena na opravljanje ene same dejavnosti (enovita podjetja) ali podjetja, ki so svoje dejavnosti bolj diverzificirala (dominantna in povezana podjetja) ter ali so bila v istem časovnem obdobju povprečno bolj zadolžena podjetja z bolj diverzificiranimi poslovnimi dejavnosti (povezana in dominantna podjetja) od podjetij z manj diverzificiranimi poslovnimi dejavnostmi (enovita podjetja). Stopnjo diverzifikacije smo določili na osnovi Rumeltove opredelitve glede na % prihodkov, ki jih podjetja ustvarijo z eno samo dejavnostjo. Razdelili smo jih na enovita podjetja, v kolikor so več kot 95 % svojih prihodkov v letu 2008 ustvarila z eno samo dejavnostjo, na dominantna, v kolikor so več kot 70 % in manj kot 95 % svojih prihodkov ustvarila z eno samo dejavnostjo, ter na povezana podjetja, v kolikor so manj kot 70 % svojih prihodkov v letu 2008 ustvarila z eno samo dejavnostjo. Hipotezi smo preverjali na vzorcu 50 izbranih slovenskih povezanih podjetij izmed 4.967 vseh, kolikor jih je bilo v Sloveniji registriranih v letu 2008. V vzorcu je bilo 12 dominantnih, 23 enovitih in 15 povezanih podjetij glede na Rumeltovo opredelitev stopnje diverzifikacije poslovnih dejavnosti. Finančno uspešnost smo merili s petimi izbranimi finančnimi kazalniki in sicer ROE, ROA, EBITDA marža, obrat sredstev ter čista dobičkovnost poslovnih prihodkov. Zadolženost pa smo merili s štirimi izbranimi finančnimi kazalniki in sicer neto dolg/EBITDA, plačilna sposobnost, delež dolga v virih sredstev in zadolženost. V raziskovalnem delu smo hipoteze potrjevali na osnovi finančne analize izbranih kazalnikov in na osnovi analize variance oz. z ANOVA statističnim testom. Our Master thesis is set up from 4 parts, among them of two main parts: theoretical and research part. In introduction we explain the problem, targets and main goals along with hypothesis, methods, the restrictions and assumptions of research project. In theoretical part we made theoretical introduction about the business diversification, company performance and optimal capital structure (debt). We made overview of the empirical literature from the research area, in particularly we introduce the research results regarding impact of diversification on firm performance and also on debt (capital structure). In main, research part, we introduce the methods in collecting the data used, sample we used for research, the research on which we tested the hypothesis and of course the results of the research. In last part we represented the results and we made notes about the opportunities for future studies in this area. In our research we want to answer two research hypotheses. First we like to find out whether during economic crisis in Slovenia from 2008 to 2014 performance was better in focused companies over more diversified companies (Related and Dominant). We assumed that in this period performed better more focused companies over less or more diversified ones. The other investigate goal was to find out whether more focused companies (Single) were in the same period less indebt that less or more diversified (Dominant and Related). In this research Rumelt’s classification is used for measuring diversification. He used Specialization ratio (SR); the ratio of company’s annual revenues from its largest business activity to its total revenues. According to this, we divided companies to Single Companies (SR≥95 %), Dominant Companies (95 % > SR ≥ 70 %) and Related Companies (SR< 70 %). A sample of 50 affiliated companies is chosen from 4.967 publicly traded companies. In sample there were 12 Dominant Companies, 23 Single and 15 Related Companies. We measure financial performance with 5 financial ratios ROA (return on asset), ROE (return on equity), EBITDA margin, Net income to sales revenues ratio, Asset Turnover ratio, and indebt of the company with 4 financial ratios: Net debt to EBITDA ratio, Debt to equity ratio, Short and long term debt/liabilities ratio (Debt ratio) and Short term assets to short term liabilities ratio (Current ratio). In research we have used financial ratio analysis and also ANOVA test of variance (statistical test). In conclusions we have explained the results of our research obtained from financial ratio analyses and from statistical test and pointed out remarks and findings and the possibility for future research area in these fields. diverzifikacija poslovnih dejavnosti finančna uspešnost poslovanja zadolženost podjetij finančni kazalniki analiza variance (ANOVA) business diversification financial performance indebtedness financial ratio analysis ANOVA true true false Z. Koščak Slovenski jezik Angleški jezik Magistrsko delo 2016-03-29 20:42:23 2016-09-09 12:00:11 2022-06-15 03:09:41 2019-07-11 10:22:49 2016 0 [Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 12477212 URN:SI:UM:DK:Z1KUQOFC MAG_Koscak_Zvezdana_2016.pdf MAG_Koscak_Zvezdana_2016.pdf 1 D7B778860E86A6C82F5A73312A343F74 35eb397f766d3aa33a3d7915b1aaf7612ef69e0b78833e8184f165be9fe04b43 d2ce157e-7c0c-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=95877 Ekonomsko-poslovna fakulteta 0 0 0