Key determinants of business performance of agricultural enterprises in the Republic of Serbia

The paper examines the significance of key macroeconomic and microeconomic factors on the business performance of agricultural enterprises in the Republic of Serbia. The research was conducted using panel data on a sample of 30 agricultural enterprises. Data were collected for the period from 2015 to 2023. Various estimators capable of addressing endogeneity in the data were employed to assess the dynamic panel data model. The research results show that the most significant factor is the success from the previous period, as well as policies and institutional support for agricultural enterprises. The results of the research also show that investment in fixed assets, human and structural capital, as well as the size of the agricultural enterprise, are significant factors in the success of agricultural enterprises. The research results show that strict employee protection regulations, complex credit procedures and committed capital have no impact on the success of these companies.