Ocjene performansi preudzeća sa osvrtom na efekte finansijskog restrukturiranja
Assessment of Company Performance with Emphasis on Restructuring Financial Effects

Summary/Abstract: Company performances are heights reached in realization of set targets. If the goal of a company is poorly defined, assessment of performances, no matter how well selected, can not be of great help in leading the company towards its goals nor in evaluating its management performance. The model of company interest groups is faced with this problem. Not all assessments of performance in the model of the joint stock company are equally suitable to assess achievements of targets to maximize value for shareholders, or to indicate to managers the way to lead the company towards its goals. What is evaluated in research of the effects of financial restructuring in the ex-ante studies is the short-term impact of the announcement of the financial restructuring on the value for shareholders. Evaluation of performance in this case is the excess return for shareholders that will realize upon financial restructuring announcement. On the other hand, the ex-post studies deal with the long-term performance of companies, in order to determine to what extent the financial restructuring led to changes in the company long-term performances. In this case, the accounting grading of performances is most widely used.

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