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Determinants of Capital Structure: Empirical Evidence from Visegrad Countries
Svoboda, Petr ; Vykydal, Petr (oponent) ; Režňáková, Mária (vedoucí práce)
In this thesis, I analyse capital structure determinants and capital structure theories – pecking order theory and trade-off theory. The main objective is to investigate which determinants influence capital structure and subsequently which model better describes financing decisions in Visegrad countries. I use the panel data of 1,329 non-financial companies from the Czech Republic, 961 non-financial companies from Hungary, 1,127 non-financial companies from Poland and 1,100 non-financial companies from Slovakia over 6 year from 2002 to 2007. The main model is used which helps to examine the determinants of capital structure. According to my results, the model demonstrates a positive relationship between growth rate, non-debt tax shields and leverage and a negative relationship between asset structure, profitability, liquidity, firm size, business risk and debt ratio in the Czech Republic and Poland. It supports pecking order theory. Therefore, I can conclude that pecking order theory prevails in terms of capital structure choice in Czech and Polish companies. On the other hand, I found a positive relationship between asset structure, profitability, firm size and a negative relationship growth opportunities, liquidity, non-debt tax shields and leverage. It supports trade-off theory. Therefore, I can conclude that trade-off theory prevails in Hungarian and Slovakian companies.
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Determinants of Capital Structure: Empirical Evidence from Visegrad Countries
Svoboda, Petr ; Vykydal, Petr (oponent) ; Režňáková, Mária (vedoucí práce)
In this thesis, I analyse capital structure determinants and capital structure theories – pecking order theory and trade-off theory. The main objective is to investigate which determinants influence capital structure and subsequently which model better describes financing decisions in Visegrad countries. I use the panel data of 1,329 non-financial companies from the Czech Republic, 961 non-financial companies from Hungary, 1,127 non-financial companies from Poland and 1,100 non-financial companies from Slovakia over 6 year from 2002 to 2007. The main model is used which helps to examine the determinants of capital structure. According to my results, the model demonstrates a positive relationship between growth rate, non-debt tax shields and leverage and a negative relationship between asset structure, profitability, liquidity, firm size, business risk and debt ratio in the Czech Republic and Poland. It supports pecking order theory. Therefore, I can conclude that pecking order theory prevails in terms of capital structure choice in Czech and Polish companies. On the other hand, I found a positive relationship between asset structure, profitability, firm size and a negative relationship growth opportunities, liquidity, non-debt tax shields and leverage. It supports trade-off theory. Therefore, I can conclude that trade-off theory prevails in Hungarian and Slovakian companies.
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