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Leasing Financing and Debt Financing - Determinants and the Linkages with the Economy
 Migová, Patrícia ; Pečená, Magda (advisor) ; Jakubík, Petr (referee)
This study examines the macroeconomic and legal determinants of leasing fi- nancing. The dataset used in this thesis is an unbalanced panel. It includes 30 countries and covers the period between 2012 and 2020. The leasing to GDP ratio represents the dependent variable. The key determinants are examined by the dynamic System Generalized method of moments. The results indicate that statistically significant macroeconomic variables are in line with the economic theory. The borrowing interest rate and value-added tax show the most robust results. Moreover, the value-added tax is the most important tax variable that negatively impacts leasing, and it was the only statistically significant regulatory variable. Furthermore, the analysis for the leasing to credit ratio is provided. The results support the existing literature that the corporate tax rate is an important determinant for leasing to credit ratio from the macroeconomic point of view and not only from the firms' perspective. Keywords Leasing financing, Debt financing, panel data models, System GMM estimator
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