Poslovna izvrsnost, Vol. 16 No. 2, 2022.
Prethodno priopćenje
https://doi.org/10.22598/pi-be/2022.16.2.77
CORPORATE VALUE AND CAPITAL STRUCTURE: A CASE OF CROATIAN, SLOVENIAN AND CZECH LISTED COMPANIES
Eleonora Kontuš
; City of Kastav, Croatia
Nataša Šarlija
orcid.org/0000-0003-2600-9735
; University of Osijek, Croatia,
Sažetak
This paper aims to explore the capital structure issue and corporate value and
to investigate the effect of capital structure change on corporate value. Panel data
regression was applied in the research. The empirical results show that all proxies of
capital structure have a positive but not significant influence on the Sustainable Owners
Value Added Ratio (SOVAR) as a performance proxy for joint-stock companies whose
financial instruments are listed on the capital market in Croatia. The study indicates that
the owners’ equity has a negative and significant influence on the value of joint-stock
companies in Slovenia while the long-term debt has a positive and significant impact on
the value of listed joint-stock companies in the Czech Republic. Future work is needed to
extend the analysis across different countries in the European Union and a long time
series of data. Although investments are the most significant determinants of corporate
value, the results indicate that 29.53% variability of the corporate value is explained by
the variables owners’ equity and long-term debt which represent capital structure. These
results provide evidence that the capital structure decisions affect corporate value as well
as capital structure is relevant for corporate value in the selected members of European
Union.
Ključne riječi
capital structure; owners’ equity; retained earnings; long-term liabilities; corporate value.
Hrčak ID:
287220
URI
Datum izdavanja:
14.12.2022.
Posjeta: 437 *