Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2023.2166969
Determinants of S.M.E.s capital structure in the Visegrad group
Long Hoang Pham
Milan Hrdý
Sažetak
In this article, we investigate the capital structure determinants of
the Visegrad group, namely the Czech Republic, Slovakia, Hungary,
and Poland for small- and medium-sized enterprises (S.M.E.s) from
2011 to 2018. We compare the capital structures of S.M.E.s across all
mentioned countries and define how these may impact capital
structure choices. The results show S.M.E.s in these countries determine
their capital structure in similar ways and all the factors analysed
in this study (except for growth opportunity) provide robust
explanatory power for companies across all four countries. We find
that profitability, liquidity, firm size, assets structure, and non-debt
tax (depreciation of total assets) have a significant negative impact
on capital structure for all four countries. Our study should be of
interest to policymakers and companies who want to optimise their
capital structure in order to improve company performance.
Ključne riječi
capital structure determinants; Visegrad; leverage; panel data model; small- and medium-sized enterprises (S.M.E.s)
Hrčak ID:
306476
URI
Datum izdavanja:
31.3.2023.
Posjeta: 425 *