Macroeconomic Factors and Corporate Capital Structure

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dc.contributor.authorMokhova, Nataliacs
dc.contributor.authorZinecker, Marekcs
dc.coverage.issueJanuary 2014cs
dc.coverage.volume110cs
dc.date.issued2014-01-24cs
dc.description.abstractThe aim of this study is to indicate the influence of macroeconomic factors on corporate capital structure in different European countries. The recent Global Financial Crisis and the following European debt crisis show the significance of the country financial stability, consequently the efficiency of fiscal and monetary policies, and their impact on the private sector. The macroeconomic policies of a country affect the financial performances of the companies and their future sustainable development and growth. We analyze the influence of external determinants on the corporate capital structure of non-financial manufactured companies based on the evidence from European developed countries and emerging markets for the period 2006–2010, in order to compare the level of the impact on the capital structure according to the countries specifics. The managers make their financial decisions according to the source of financing and capital structure based on the company's advantages and disadvantages, i.e. its internal characteristics, and doubtless on the macroeconomic conditions and country specifics, i.e. external factors. For the purpose of this study the macroeconomic factors are divided into two groups represented fiscal and monetary policies of a country. The correlation and regression techniques are used to identify the relations between these external determinants and capital structure. The findings show the significance of macroeconomic factors in the decision making process regarding capital structure and the source of financing.en
dc.description.abstractCílem studie je zhodnotit vliv makroekonomických faktorů na kapitálovou strukturu výrobních podniků ve vybraných evropských zemích za období 2006-2010. Vliv fiskální a monetární politiky je zkoumán prostřednictvím korelační a regresní analýzy, přičemž výsledky naznačují míru významnosti vybraných faktorů na rozhodování podniků v otázce kapitálové struktury a zdrojů financování.cs
dc.formattextcs
dc.format.extent530-540cs
dc.format.mimetypeapplication/pdfcs
dc.identifier.citationProcedia Social and Behavioral Sciences. 2014, vol. 110, issue January 2014, p. 530-540.en
dc.identifier.doi10.1016/j.sbspro.2013.12.897cs
dc.identifier.issn1877-0428cs
dc.identifier.orcid0000-0003-1764-0904cs
dc.identifier.other107199cs
dc.identifier.researcheridAAL-5760-2021cs
dc.identifier.scopus36976830900cs
dc.identifier.urihttp://hdl.handle.net/11012/70178
dc.language.isoencs
dc.publisherElseviercs
dc.relation.ispartofProcedia Social and Behavioral Sciencescs
dc.relation.urihttps://www.sciencedirect.com/science/article/pii/S1877042813055377cs
dc.rightsCreative Commons Attribution-NonCommercial-NoDerivatives 3.0 Unportedcs
dc.rights.accessopenAccesscs
dc.rights.sherpahttp://www.sherpa.ac.uk/romeo/issn/1877-0428/cs
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cs
dc.subjectMacroeconomic Factorsen
dc.subjectExternal Determinantsen
dc.subjectCapital Structureen
dc.subjectFiscal Policyen
dc.subjectMonetary Policyen
dc.subjectMakroekonomické faktory
dc.subjectexterní determinanty
dc.subjectkapitálová struktura
dc.subjectfiskální politika
dc.subjectmonetární politika
dc.titleMacroeconomic Factors and Corporate Capital Structureen
dc.title.alternativeVliv makroekonomických faktorů na kapitálovou strukturu podnikucs
dc.type.driverconferenceObjecten
dc.type.statusPeer-revieweden
dc.type.versionpublishedVersionen
sync.item.dbidVAV-107199en
sync.item.dbtypeVAVen
sync.item.insts2025.02.03 15:43:11en
sync.item.modts2025.01.17 16:34:00en
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav ekonomikycs
thesis.grantorVysoké učení technické v Brně. Fakulta podnikatelská. Ústav financícs
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