Sources of Financing in the Process of Enterprise Restructuring Focusing on Transitional Countries

Finding adequate funding sources in the process of restructuring of companies is a very important issue for the management of each company. In this sense, it is extremely important to recognize the symptoms in time and properly define the causes of the crisis. Restructuring means continuous process which changes the existing structure, strategy, and/or position of the company in order to increase the efficiency and effectiveness of operations, which should result in the creation of wealth for the owners. In economic theory and practice, there are a number of funding sources that can be used in the process of restructuring the company, which can contribute to achieving the strategic objectives of restructuring in a direct or an indirect way. The scientific aim is to use econometric analyzer to connect companies among themselves and to quantitatively evaluate estimates, effects, and differences of individual sources of financing enterprises in restructuring processes in the Republic of Serbia and Bosnia and Herzegovina in comparison with the countries of Western, Central, and Eastern Europe. In some cases, managers are not sufficiently aware of the crisis and are simply not in a position to distinguish the current decline of the deeper causes of the crisis in business. In such situations, it is the engagement of external experts for restructuring of the company. Also, in the creation of a restructuring strategy, it is necessary to respect the contingent approach.