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SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

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<strong>SEEU</strong> <strong>Review</strong> Volume 5, No. 2, 2009<br />

Since p-value of 0.075>0.05, means that the null hypothesis would not be<br />

rejected at the 5 percent level for Macedonian listed companies. On other<br />

hand, p-value of 0.0010.05 for Macedonian listed companies and<br />

0.0060.05, and 0.430>0.05 means that the null<br />

hypothesis would not be rejected at the 5 percent level for both, Macedonian<br />

and Slovenian listed companies. This conform that Macedonian and<br />

Slovenian listed companies with high growth rate borrow less those with low<br />

growth rate.<br />

H3b<br />

Hi: There is negative relationship between leverage and profitability.<br />

Ho: There is positive relationship between leverage and profitability.<br />

Since p-value of 0.000

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