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Prethodno priopćenje
https://doi.org/10.18045/zbefri.2016.1.119

Determinants of capital structure: An empirical study of companies from selected post-transition economies

Sasho Arsov   ORCID icon orcid.org/0000-0002-8149-1504 ; Faculty of Economics, Ss.Cyril and Methodius University, Skopje, Macedonia
Aleksandar Naumoski ; Faculty of Economics, Ss.Cyril and Methodius University, Skopje, Macedonia

Puni tekst: engleski, pdf (496 KB) str. 119-146 preuzimanja: 3.016* citiraj
APA 6th Edition
Arsov, S. i Naumoski, A. (2016). Determinants of capital structure: An empirical study of companies from selected post-transition economies. Zbornik radova Ekonomskog fakulteta u Rijeci, 34 (1), 119-146. https://doi.org/10.18045/zbefri.2016.1.119
MLA 8th Edition
Arsov, Sasho i Aleksandar Naumoski. "Determinants of capital structure: An empirical study of companies from selected post-transition economies." Zbornik radova Ekonomskog fakulteta u Rijeci, vol. 34, br. 1, 2016, str. 119-146. https://doi.org/10.18045/zbefri.2016.1.119. Citirano 25.05.2020.
Chicago 17th Edition
Arsov, Sasho i Aleksandar Naumoski. "Determinants of capital structure: An empirical study of companies from selected post-transition economies." Zbornik radova Ekonomskog fakulteta u Rijeci 34, br. 1 (2016): 119-146. https://doi.org/10.18045/zbefri.2016.1.119
Harvard
Arsov, S., i Naumoski, A. (2016). 'Determinants of capital structure: An empirical study of companies from selected post-transition economies', Zbornik radova Ekonomskog fakulteta u Rijeci, 34(1), str. 119-146. https://doi.org/10.18045/zbefri.2016.1.119
Vancouver
Arsov S, Naumoski A. Determinants of capital structure: An empirical study of companies from selected post-transition economies. Zbornik radova Ekonomskog fakulteta u Rijeci [Internet]. 2016 [pristupljeno 25.05.2020.];34(1):119-146. https://doi.org/10.18045/zbefri.2016.1.119
IEEE
S. Arsov i A. Naumoski, "Determinants of capital structure: An empirical study of companies from selected post-transition economies", Zbornik radova Ekonomskog fakulteta u Rijeci, vol.34, br. 1, str. 119-146, 2016. [Online]. https://doi.org/10.18045/zbefri.2016.1.119

Sažetak
The goal of this paper is to examine if there are any determinants that
systematically influence the capital structure of the companies in the Balkan
countries and to determine if any of the existing capital structure theories are
relevant in their case. We apply a panel regression on a sample consisting of the
largest and most frequently traded joint-stock companies from four countries. The
results show that the larger companies and those with higher fixed asset
investments exhibit higher leverage, while the more profitable companies and
those with more tangible assets use less debt financing. Other variables, such as
the concentration of company ownership, the riskiness of its operating profits and
the effective tax rates have not been found statistically significant. These results,
supported by the robustness tests, have confirmed our expectation that the
managers in these countries do not set specific target leverage ratios, but instead
follow a particular order in the selection of the sources of financing. In other
words, the companies behave in accordance with the pecking order theory, which
is a confirmation of our initial hypothesis. The governments of these countries
should put more effort on stimulating the use of other sources of financing to
relieve the possible excessive company dependence on the banking sector.

Ključne riječi
Capital structure; transition; leverage; corporate finance; banking

Hrčak ID: 160755

URI
https://hrcak.srce.hr/160755

[hrvatski]

Posjeta: 3.317 *