Determinants of the growth of advertising agencies in the Republic of Serbia

Determinante rasta reklamnih agencija u Republici Srbiji

Bojana Vuković,

Daniela Nuševa,

Kristina Peštović,

Nikola Macura,

Stojanka Dakić

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Issue:

56/1

DOI number:

10.5937/mkng2501047N

JEL classification:

M37, M41, C23

Paper submitted:

06.12.2024.

Paper accepted:

18.01.2025.

Abstract

The subject of the research is the growth of advertising agencies in the Republic of Serbia in the period from 2007 to 2023. The paper aims to identify factors that significantly impact the growth of advertising agencies. Growth was analyzed based on the change in sales revenue between two consecutive periods. To examine which factors have a significant impact on the growth of sales revenue, the following independent variables were determined: indebtedness, return on assets, company size, time period before and during the crisis, income per employee. The research was conducted on a sample of 561 observations of indicators from the financial reports of advertising agencies with the application of panel regression analysis. The research results primarily indicate that advertising agencies on average achieve a positive growth in sales revenue, which indicates the stability of business over a long period of time. In the second part of the research, the results indicate that the return on assets and income per employee have a positive and significant impact on the growth of sales revenue. The company size variable has a negative impact on the growth of sales revenue. The results of the research indicate the profile of the decomposition of factors of growth of income from the sale of advertising agencies in the Republic of Serbia and provide an informative basis for making business decisions in the direction of further growth and development.

Apstrakt

Predmet istraživanja u radu predstavlja rast reklamnih agencija u Republici Srbiji u periodu od 2007. do godine. Cilj rada je da se identifikuju faktori koji imaju značajan uticaj na rast reklamnih agencija. Rast je analiziran na osnovu promene prihoda od prodaje između dva uzastopna vremenska perioda.

Kako bi se ispitalo koji faktori imaju značajan uticaj na rast prihoda od prodaje, determinisane su sledeće nezavisne varijable: zaduženost, povrat na imovinu, veličina preduzeća, vremenski period pre i tokom krize, prihod po zaposlenom. Istraživanje je sprovedeno na uzorku od 561 opservacije indikatora iz finansijskih izveštaja reklamnih agencija uz primenu panel regresione analize. Rezultati istraživanja u prvom redu ukazuju da reklamne agencije u proseku ostvaruju pozitivan rast prihoda od prodaje, što ukazuje na stabilnost poslovanja tokom dužeg vremenskog perioda.

U drugom delu istraživanja rezultati ukazuju da na rast prihoda od prodaje pozitivan i signifikantan uticaj imaju povrat na imovinu i prihod po zaposlenom. Negativan uticaj na rast prihoda od prodaje ima varijabla veličina preduzeća. Rezultati istraživanja ukazuju na profil dekomponovanja faktora rasta prihoda od prodaje reklamnih agencija u Republici Srbiji i pružaju informativnu osnovu za donošenje poslovnih odluka u pravcu daljeg rasta i razvoja.

References

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