Previous research indicates that sometimes private and sometimes state-owned companies have better business performance. A review of the available literature in this area gives the impression that the relationship between the ownership structure, capital structure and business results has not been sufficiently researched on domestic soil. The paper examines the business of listed companies on the Banja Luka Stock Exchange. The research included the analysis of the annual financial reports of 612 non-financial joint stock companies that were listed on the Banja Luka Stock Exchange in the period from 2011 to 2020. The structure of the sample has not changed significantly over the years but there are some differences by year. A number of them have been delisted today, one has significantly changed the ownership structure, but most of the observed companies are almost of the same structure among the top ten shareholders. The research question is: "Is there a difference in the structure of capital and results between publicly and privately owned companies?" The aim of this paper is to examine whether there is a connection between ownership and capital structure and business results. The focus of the research is on indicators such as assets, assets, capital, liabilities, income, return on capital, return on assets and net profit. The research hypothesis examines whether there is a difference in the structure of capital and the size of certain positions in state-owned and privately owned companies, ie in profitability. The results show that there is a statistically significant difference in companies depending on ownership.

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