Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2020.1801484
Determinants of the capital structure of large companies: Evidence from Serbia
Vukašin Kuč
Đorđe Kaličanin
Sažetak
The subject of this study is the capital structure of the largest
Serbian companies in the period after the global economic crisis
in 2008. The research sample comprises the 141 largest non-financial (mostly private) companies in Serbia over the period
2009–2017. In order to identify the key determinants of the capital structure of the sampled companies, three models of financial
leverage were tested (total, short-term, and long-term) using
panel data fixed effects models. The main result of the analysis
indicates that these companies, mostly financed by short-term
debt, predominantly belong to the ‘pecking order’ theory. When
the total leverage is split into its short-term and long-term components, the results show that short-term leverage behaviour
aligns with the ‘pecking order’ theory, whereas long-term leverage is fully consistent with the expectations of the trade-off theory. Also, this study shows that the country-specific determinants,
such as inflation and development of the banking sector, have a
significant impact on the capital structure of the largest companies in Serbia.
Ključne riječi
Capital structure; pecking order theory; trade-off theory; large companies; Serbia
Hrčak ID:
301181
URI
Datum izdavanja:
31.12.2021.
Posjeta: 1.816 *