2026-05-13T16:20:34.346Z http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai

ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai:1:3215 2023-09-22T11:53:32Z 1

INCREASED COUNTRY RISK HAD IMPACT ON REGULARITY IN FINANCIAL REPORTS OF COMPANIES – SERBIAN CASE 2015 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/1/3215 С. Черовић L. Barjaktarović М. Милојевић During the world economic crisis country risk of transition emerging countries has been increased as result of various factors (for example country risk of Serbia, had increased from 1.525% in 2006 to 7.49% in 2013). At the same time fiscal deficit has growing trend. Accordingly, the state has increased taxes in order to generate income. Companies are main tax payers. They have dilemma how to prepare and announce financial reports, because if they are responsible they will pay higher tax vs. they will be in position to restructure or cancel debt. Subject of the research is to determine are data in financial reports of Serbian companies is objective. The sample consists of 4,029 largest companies. Period of analysis is from 2009 to 2013. By analyzing operating profit and net cash flow from operating activities, it was concluded that the frequency of digits 1, 3 and 4 deviates from theory of distribution based on Benford's law and regular algorithm distribution. In order to confirm the accuracy of the results obtained, they were validated by applying Chi-square test and Kolmogorov-Smirnoff statistic. conferenceObject 267 275 The book of proceedings BASIQ 2015 INTERNATIONAL CONFERENCE NEW TRENDS IN SUSTAINABLE BUSINESS AND CONSUMPTION, Editura ASE, ISSN 2457-438x