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Financing Policies Of Croatian Publicly Listed Firms

Author

Listed:
  • Grubisic Seba, Mihaela

    (Institute of Economics, Zagreb, Croatia)

Abstract

Croatia is a typical bank-based transition economy whose capital market has been primarily used for secondary trading purposes since its re-establishment in 1990s. Except for a couple of exceptions, public offers of shares and corporate bonds have been rather rate. Private offerings of shares and short-term debt have been more frequent. However, due to secondary debt market illiquidity, the debt issues are signed up and either held until maturity or renewal, or they are traded exclusively between the institutional investors. This paper provides evidence from the field on financing preferences of Croatian public companies regarding seasoned equity and corporate debt issuance. It questiones why public offerings of corporate securities in non-financial sector after initial, mostly mandatory shares’ listing have been rare and whether making decisions on securities’ offers depend on other financial instruments’ sufficiency, costs of issunace or previous experience of companies in collecting funds in the capital market.

Suggested Citation

  • Grubisic Seba, Mihaela, 2013. "Financing Policies Of Croatian Publicly Listed Firms," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 4(2), pages 127-141.
    • Handle: RePEc:ris:utmsje:0074
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    File URL: http://utmsjoe.mk/files/Vol.%204%20No.%202/B6_-_Seba_Grubisic.pdf
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    Citations

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    Cited by:

    1. Mihaela Grubišiæ Šeba, 2017. "20 Years of the Croatian Capital Market," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 20(SCI), pages 41-58, April.
    2. Stavros Degiannakis & George Giannopoulos & Salma Ibrahim & Ivana Rozic, 2019. "Earnings management to avoid losses and earnings declines in Croatia," International Journal of Computational Economics and Econometrics, Inderscience Enterprises Ltd, vol. 9(3), pages 219-238.

    More about this item

    Keywords

    corporate financing preferences; publicly listed companies; CFOs’ survey; Croatian capital market; non-financial sector; bank-based financial system;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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