engleski

The capital structure of enterprises in the furniture industry cluster

The European Union is recovering from its longest ever recession. Even the recovery remains modes the EU is on the right way aiming to release strategies for post-crisis sustainable growth and modernisation of Europe's industrial base and the promotion of a competitive framework for EU industry. Therefore, in January 2014, the Croatian Ministry of Economy published the Industrial Strategy of the Republic of Croatia 2014– 2020 in which the industry of furniture manufacture was assigned a strategic role, and the sub-area C31.0 – Manufacture of Furniture, was classified as one of key industrial sub-areas or Initiators. Aiming to release full potential of SMEs growth, the European Commission, among other prior objectives highlighted potential of clusters as being able to facilitate cross- sectoral and cross-border collaboration, helping SMEs to grow. In this regard, focus of this research is on furniture industry cluster from section C - Manufacturing, division 31 - Manufacture of furniture, class 31.09 - Manufacture of other furniture. Accordingly, using spatial autocorrelation enterprises from class 31.09 - Manufacture of other furniture are clustered by determinants geographical location (latitude and longitude), the number of employees, average net salary and value added into seven clusters. In order to examine the relationships between variables which formed clusters and capital structure, regression analysis is applied.

furniture industry, cluster, Small and medium sized enterprises (SMEs), capital structure

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