Vztah mezi výkonností a kapitálovou strukturou: Empirická studie českých zpracovatelských firem

Vopat, Daniel

The thesis examines the relationship between performance (measured by return on assets, return on equity and profit margin) and capital structure (measured by indebtedness) in Czech manufacturing companies and how this relationship has changed with respect to the world financial crisis. In order to address the issue of heterogeneous sectors present in manufacturing industry and to provide a universally applicable conclusion, the key variables were transformed according to the percentile rank within a given manufacturing sector in a given year. The general conclusion is that the examined relationship is not the same for all levels of indebtedness. The relationship is positive until it reaches a certain level of indebtedness and above this threshold the relationship is negative. This threshold differs across different industry sectors, time and with the usage of different performance measures. The only exception is a model using time period before the financial crisis and profit margin as a performance measure, which predicts the relationship to be negative for all levels of indebtedness. Regarding the development of the examined relationship over time, the optimal indebtedness decreased during and after the financial crisis when the performance was measured by return on assets or return on equity....

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