Detail publikace

Determinants of Capital Structure: the Evidence from the European Union

MOKHOVA, N. ZINECKER, M.

Originální název

Determinants of Capital Structure: the Evidence from the European Union

Typ

článek v časopise - ostatní, Jost

Jazyk

angličtina

Originální abstrakt

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.

Klíčová slova

capital structure, financial performance, European Union, determinants

Autoři

MOKHOVA, N.; ZINECKER, M.

Rok RIV

2013

Vydáno

24. 12. 2013

Nakladatel

Mendelova univerzita v Brně

Místo

Brno

ISSN

1211-8516

Periodikum

Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

Ročník

61

Číslo

7

Stát

Česká republika

Strany od

2533

Strany do

2546

Strany počet

14

URL

https://acta.mendelu.cz/61/7/2533/

Plný text v Digitální knihovně

http://hdl.handle.net/11012/70191

BibTex

@article{BUT104035,
  author="Natalia {Mokhova} and Marek {Zinecker}",
  title="Determinants of Capital Structure: the Evidence from the European Union",
  journal="Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis",
  year="2013",
  volume="61",
  number="7",
  pages="2533--2546",
  doi="10.11118/actaun201361072533",
  issn="1211-8516",
  url="https://acta.mendelu.cz/61/7/2533/"
}