Illiquidity risk of polluting enterprises in Serbia

Stevanović, Slavica and Marinković, Grozdana (2018) Illiquidity risk of polluting enterprises in Serbia. In: Sustainable growth and development in small open economies. Institute of World Economics; Centre for Economic and Regional Studies of the Hungarian Academy of Sciences, Budapest, pp. 73-87. ISBN 978-963-301-663-3

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Abstract

The aim of this paper is to analyze the liquidity risk of selected polluting enterprises in Serbia. The specific objective of the paper relates on the comparison of polluting medium enterprises liquidity risk with liquidity of medium enterprises sector and Serbian economy. Illiquidity risk assessment is determined by liquidity indicators, net working capital and cash flow statement. The research is conducted on the group of 48 polluting mediumsized enterprises whose plants are the major sources of environmental pollution in Serbia. Selected liquidity indicators are determined by financial statements information disclosed by Serbian Business Registers Agency. The quantitative and qualitative analysis covers the period from 2010 to 2015. The values and trends of liquidity indicators of the polluting medium enterprises group represent an unfavourable assumption for their short-term financial stability. Positive net working capital shows that polluting medium enterprises have sufficient long-term fund to cover long-term assets and the part of their inventories.

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