Profitability determinants of logistics firms : a comparative analysis of Croatia and Slovenia

Zaninović, Petra Adelajda (author), Cerović, Ljerka (author), Ponikvar, Nina (author)

This paper examines the profitability factors of logistics firms in Croatia and Slovenia, small open economies that rely on logistics infrastructure and operations to leverage their geographical advantages and maximise their potential to develop into regional logistics hubs and clusters. The analysis is based on a sample of 3,680 logistics firms in the Republic of Croatia and 5,730 in the Republic of Slovenia. The data for the analysis are sourced from the Orbis - Bureau van Dijk database and cover the period from 2007 to 2022. The study applies dynamic panel data analysis using the Arellano-Bond GMM estimator. The results show that a firm’s past profitability and net asset turnover have significant positive effects on the profitability of logistics firms, demonstrating the dynamic behaviour of logistics firm profitability. The findings indicate that the logistics market is dynamic and that industry specifics have a significant impact on profitability. Despite the increasing importance of logistics firms in national economies, research on logistics is rarely conducted from the perspective of logistics firm profitability. This study examines the determinants of logistics firm profitability and incorporates industry specifics into the analysis, which are important but often neglected in research of this type. The added value of this study also lies in the application of a dynamic model to examine the dynamic nature of firm profitability, which is rare but highly relevant.

• Language: English
• Keywords: Slovenia, Croatia, logistics, profit, comparative advantages, analysis, logistics firms, profitability, dynamic panel data analysis, GMM
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: EF - School of Economics and Business
• Publication status: Published
• Publication version: Version of Record
• Year: 2026
• Number of pages: 10 str.
• Numbering: Vol. 18, article no. ǂ32
• PID: 20.500.12556/RUL-184001
• UDC: 656
• ISSN on article: 1867-0717
• DOI: 10.1186/s12544-026-00796-3
• COBISS.SI-ID: 277921539
• Publication date in RUL: 23.06.2026

Record is a part of a journal

• Title: European transport research review
• Shortened title: Eur. transp. res. rev.
• Publisher: Springer
• ISSN: 1867-0717
• COBISS.SI-ID: 2822243

Licences

• License: CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
• Link: http://creativecommons.org/licenses/by-nc-nd/4.0/
• Description: The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.

Secondary language

• Language: Slovenian
• Keywords: Slovenija, Hrvaška, logistika, dobiček, primerjalne prednosti, analiza

Projects

• Funder: Other - Other funder or multiple funders
• Funding programme: European Union - NextGenerationEU
• Project number: C3330-22-953012
• Name: European Union - NextGenerationEU