Dragan Gocevski, Ivana Velkovska


The qualitative analysis of the net operating margin indicator showed that state-owned joint stock companies and joint stock companies where the government is a shareholder as management models have higher profitability compared to public enterprises and limited liability companies in state ownership. The research rejects the hypothesis that the allocation of production inputs, such as labor and capital, affect the degree of production results i.e. this hypothesis is not applicable to state-owned enterprises in Macedonia, based on the available data for 2017. It seems that if the public service is not profitable but legally mandatory the government central or municipal establishes a public enterprise, while profitable enterprises were transformed to joint stock companies exempt from a more rigorous public law regime regarding employment and salaries. Quantitative analysis did not show statistically significant results.


State Owned Enterprises, Efficiency, Public Finances, Macedonia

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