Uticaj investicionih odluka na finansijske performanse preduzeća: pregled teorijskih i empirijskih dokaza
The impact of investment decisions on corporate financial performance: a review of theoretical and empirical evidence

Summary/Abstract: The aim of this paper is to provide a systematic review of the key theoretical concepts and empirical findings on the relationship between investment decisions and corporate financial performance. Special emphasis is placed on the volume and structure of investments, as well as on the timing of investment activity in relation to key indicators of financial performance. The theoretical part covers capital budgeting approaches, capital constraints, and the treatment of risk in the evaluation of investment projects. The empirical part synthesizes the findings of studies examining the effects of investment activity in different industrial and institutional settings. The reviewed evidence indicates that the quality, structure, and alignment of investment decisions with the strategic objectives of the enterprise have a significant impact on financial performance, although the intensity and direction of that impact vary depending on the context, industry, and methodological approach. The paper offers an integrated overview of existing knowledge and provides a basis for future research based on broader samples, comparative analyses, and more precise measurement of investment effects.

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