Determinants of Capital Structure: the Evidence from the European Union
| dc.contributor.author | Mokhova, Natalia | cs |
| dc.contributor.author | Zinecker, Marek | cs |
| dc.coverage.issue | 7 | cs |
| dc.coverage.volume | 61 | cs |
| dc.date.issued | 2013-12-24 | cs |
| dc.description.abstract | The aim of this study is to indicate the influence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union. Nowadays there are a lot of debates according the future of the European Union. The recent global financial crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 32 European countries divided into three groups as (1) old EU members (15 countries), (2) new EU members (12 countries) and (3) EU candidates (4 candidate countries and 1 acceding country). The managers make their financial decisions according to the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on companys advantages and disadvantages, i.e. its internal characteristics. Based on the analysis of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and size of the company. The findings show that the countrys specifics, EU membership and corporate debt structure influence the relation between capital structure and its internal characteristics. The old members rely more on debt then candidates or new members. There is no doubt that the majority of countries support Pecking Order Theory then Trade off Theory regarding investigated relations. In most countries the profitability and size have negative and significant influence on corporate capital structure. At the same time tangibility, growth opportunities and non-debt tax shields split up: selected countries experience positive impact, another part negative, supporting different theories. | en |
| dc.description.abstract | Cílem studie je zhodnotit vliv vybraných interních faktorů ovlivňujících kapitálovou strukturu v podmínkách 32 evropských zemí. Výzkumu byly podrobeny následující interní faktory: rentabilita, růstové příležitosti, nedluhový daňový štít a velikost podniku. Výsledky naznačují existenci statistiky významného vztahu mezi interními faktory a kapitálovou strukturou: ve většině evropských je vztah mezi velikostí podniku a jeho kapitálovou strukturou negativní. To stejné platí o vztahu mezi rentabilitou podniku a kapitálovou strukturou. Na druhou stranu, v případě růstových příležitostí a nedluhového daňového štítu jsou výsledky nejednoznačné. V části sledovaných zemí existuje pozitivní statisticky významný vztah, ve druhé části zemí pak negativní statisticky významný vztah. | cs |
| dc.format | text | cs |
| dc.format.extent | 2533-2546 | cs |
| dc.format.mimetype | application/pdf | cs |
| dc.identifier.citation | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis. 2013, vol. 61, issue 7, p. 2533-2546. | en |
| dc.identifier.doi | 10.11118/actaun201361072533 | cs |
| dc.identifier.issn | 1211-8516 | cs |
| dc.identifier.orcid | 0000-0003-1764-0904 | cs |
| dc.identifier.other | 104035 | cs |
| dc.identifier.researcherid | AAL-5760-2021 | cs |
| dc.identifier.scopus | 36976830900 | cs |
| dc.identifier.uri | http://hdl.handle.net/11012/70191 | |
| dc.language.iso | en | cs |
| dc.publisher | Mendelova univerzita v Brně | cs |
| dc.relation.ispartof | Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis | cs |
| dc.relation.uri | https://acta.mendelu.cz/61/7/2533/ | cs |
| dc.rights | Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International | cs |
| dc.rights.access | openAccess | cs |
| dc.rights.sherpa | http://www.sherpa.ac.uk/romeo/issn/1211-8516/ | cs |
| dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ | cs |
| dc.subject | capital structure | en |
| dc.subject | financial performance | en |
| dc.subject | European Union | en |
| dc.subject | determinants | en |
| dc.subject | kapitálová struktura | |
| dc.subject | finanční výkonnost | |
| dc.subject | EU | |
| dc.subject | determinanty kapitálové struktury | |
| dc.title | Determinants of Capital Structure: the Evidence from the European Union | en |
| dc.title.alternative | Faktory ovlivňující kapitálovou strukturu podniků v EU | cs |
| dc.type.driver | article | en |
| dc.type.status | Peer-reviewed | en |
| dc.type.version | publishedVersion | en |
| sync.item.dbid | VAV-104035 | en |
| sync.item.dbtype | VAV | en |
| sync.item.insts | 2025.02.03 15:43:13 | en |
| sync.item.modts | 2025.01.17 15:18:01 | en |
| thesis.grantor | Vysoké učení technické v Brně. Fakulta podnikatelská. Ústav ekonomiky | cs |
| thesis.grantor | Vysoké učení technické v Brně. Fakulta podnikatelská. Ústav financí | cs |
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