Structural and performance analysis of Serbian SME sector at an aggregate and individual level

Nikolić, Ivan and Rajić, Tamara (2019) Structural and performance analysis of Serbian SME sector at an aggregate and individual level. In: How to prevent SMEs failure (Actions based on comparative analysis in Visegrad countries and Serbia). University of Belgrade, Technical Faculty in Bor, Belgrade, pp. 339-374. ISBN 978-86-6305-095-2

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Abstract

In terms of structure, SME sector is regarded as a backbone of almost every economy. As such, it has drawn much academics’ and practitioners’ attention. The objective of this paper is threefold – first, to present recent research interest from the perspective of the main determinants of SMEs’ business performance, with particular attention to developed European economies; second, to analyse structure and performance of Serbian SME sector at an aggregate level, in comparison with EU-28, Visegrad group of countries and Germany as an economy with outstanding performance of the sector and third, to analyse the determinants of economic performance of SMEs operating in Serbia, taking into consideration variables which are deemed important from the perspective of practitioners. Findings of this study indicate underperformance of Serbian SME sector in terms of productivity and value added. Whereas SMEs’ market orientation, innovation and entrepreneurial orientation have occupied recent reseach interest in developed European economies, the application of hierarchical multiple regression indicated the adjustment of raw materials inventory and expected sales at domestic market as key determinants of managers’ expectations of SMEs’economic performance in the short run. Implications of the study are discussed and directions for future research are provided.

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