Characteristics of corporate restructurings: the case of Serbia

Stošić, Ivan and Erić, Dejan (2014) Characteristics of corporate restructurings: the case of Serbia. In: Contemporary trends and prospects of economic recovery. CEMAFI International Association, Nice, pp. 485-503. ISBN 978-2-9544508-5-8

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Abstract

The main objective of this paper is to present contemporary trends in company restructurings with particular emphasis on the analysis of characteristic tendencies in this field in Serbia. The paper is based on mixed research methods: evaluation and systematic analysis of scientific and empirical literature and the results of special field research conducted on a sample of 134 firms in Serbia. The study shows that restructurings have intensified worldwide particularly with the onset of the global financial crisis. When it comes to Serbia, unfortunately, the implementation of this process has been burdened with a large number of resistance and problems, which has reflected on the characteristic tendencies and achievements. However, the results of the conducted field research suggests that the restructuring has been recently more pronounced, particularly in large and medium-sized firms, primarily those who were faced with poor performance in their business. The most common reasons for the implementation of the restructurings were negative impacts of the global financial crisis, poor financial condition of the companies and the demand to increase competitiveness. According to the results of the field survey, the most frequent methods of restructuring were downsizing the number of employees, organizational changes and changes in marketing activities. The implementation of restructuring activities in Serbian companies has been faced with a number of challenges among which the lack of funding has been the greatest. Regrettably, very few companies that have carried out major (strategic) changes have concluded that the process of restructuring met their initial expectations

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