Financial Performances of the Serbian Enterprises Depending on the Director’s Gender
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Abstract
The main objective of this paper is the analysis of incidence of woman directors within selected group of enterprises operating on the Republic of Serbia market and the analysis of their business success. The specific objective is directed towards comparative analysis of business success of the enterprises managed by woman and enterprises managed by man. The research methodology is based on financial, descriptive and comparative analysis. The success measures are based on selected profit and cash flow margins. The research object is the group of medium-sized enterprises engaged in processing industry in Serbia and classified by gender of the directors. The success indicators are determined using the financial reports published by Serbian business registers agency. The quantitative and qualitative analysis of the financial reports is for the period between 2010 and 2015. The analysis results show that the women are the directors in 15% of the medium-sized enterprises in processing industry in Serbia. The average values of success indicators in enterprises managed by women are lower compared with the enterprises managed by man. The business success analysis on a yearly base shows different relations between classified enterprises depending on indicators and used year.
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