ТРОШКОВИ ФИНАНСИЈСКИХ ПОРЕМЕЋАЈА И ПРОБЛЕМ АГЕНАТА
COSTS OF FINANCIAL DISTURBANCES AND AGENTS PROBLEM

Author(s): Silvije Orsag, Dejan Mikerević
Subject(s): Business Economy / Management, Financial Markets, Accounting - Business Administration
Published by: Savez računovođa i revizora Republike Srpske
Keywords: capital structure; agent problem; financial disturbances; bankruptcy; indebtedness; financial leverage;
Summary/Abstract: The paper analyzes the consequences of negative developments for the performance of business entities and their impact on the relations between company owners and their creditors, with a special focus on the financial aspects of the aforementioned disturbances. The key aspect of the observation is the puzzle of the capital structure, i.e. the attempt to find the most optimal ratio of investments in companies between own and borrowed funds and all with the aim of ensuring the most efficient functioning of economic entities in society. The agency problem appears as one of the great dangers and costs if interest groups within the company make decisions to the detriment of other interest groups, causing them ^financial damage through lower profits, earnings and even causing them financial losses. There are both direct and indirect costs of financial disruptions and it is 'very important to understand them in the right way and accordingly make business decisions from the aspect of financial and top management of companies. Numerous variables affect the business and success of a company in today’s globalized economic conditions, so -understanding the potential costs of various unexpected events and disruptions is a crucial element for achieving optimal results and survival in competitive conditions.

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