This paper investigates how large and medium-sized companies listed on the regulated market segments of the Belgrade Stock Exchange manage their pro-fitability during periods of recession, over the four-year period (2008-2011). The study shows that bigger and more liquid companies demonstrate higher profit-ability. As to growth opportunities, asset efficiency and institutional ownership, these profitability determinants are statistically significant only in the case of return on asset as a profitability measure. The analysis reveals evidence of the transitional character of the Serbian corporate environment and indicates the need for additional ways to gain profitability and improve companies’ perfor-mance during crisis periods.
