This study shows that shocks to firms returns affect direct customers more than direct suppliers. However, indirect customers and indirect suppliers are affected by an economically similar magnitude. This finding casts doubt on the propagation of supply shocks downstream only

This paper aims to investigate factors of profitability in the manufacturing sector in the Republic of Serbia. The research is based on the sample of 220 observations of financial statements of listed companies on the Belgrade stock exchange from sector C - manufacturing during 2017-2020....