Factors of Profitability: Evidence from the Serbian Manufacturing Sector

This paper aims to investigate factors of profitability in the manufacturing sector Republic Serbia. The research is based on sample 220 observations financial statements listed companies Belgrade stock exchange from C – during 2017-2020. Profitability was measured as a return assets (ROA) and equity (ROE) being two most common ratios. Primarily, descriptive statistics ROA ROE were conducted. results showed that achieve positive rate but at low level (ROA 0,0263 0,0595). Furthermore, regression models conducted which internal significantly affected dependent variables. independent variables set: fixed ratio, size, current leverage, growth. Results first model growth have significant impact ROA, while leverage negatively impacts ROA. second show size ROE, it.