Improving Business Performance of Public Companies Using Corporate Governance


  • Здравко Тодоровић Faculty of Economics, University of Banja Luka
  • Матеа Златковић Faculty of Economics, University of Banja Luka



public companies, business performance, profitability indicators, indicators of market value, corporate governance


The professional community is increasingly addressing the problems of business performance of public enterprises with majority state ownership. Although it is the companies that have significant natural resources and are of strategic importance, very low returns on equity, or even losses are present in their business. In this research paper we investigate business performance and the level of corporate governance of Republic of Srpska (RS) public companies with the majority state-owned listed on Banja Luka Stock Exchange, especially Elektroprivreda RS companies. Measuring the success of the business enterprise is based on the analysis of financial statements for the last fve years, using indicators of profitability and market indicators. Particularly, we assess the level of corporate governance in companies Elektroprivreda RS, in survey research using Scorecard Banja Luka Stock Exchange questionnaires. The aim of the study is to indicate low levels of business performance of surveyed companies in relation to foreign as well as the low level of corporate governance in companies Elektroprivreda RS. It also signifies the relationship between the used indicators and the level of corporate governance and the need for changes in the state policy towards the management of the state capital.


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How to Cite

Тодоровић, З., & Златковић, М. (2013). Improving Business Performance of Public Companies Using Corporate Governance. Acta Economica, 11(18), 131–167.



Review article