CAPITAL STRUCTURE ANALYSIS – THEORIES AND DETERMINANTS VALIDATION BASED ON EVIDENCE FROM THE CZECH REPUBLIC
نویسندگان
چکیده
The optimal capital structure is a key precondition for business, even though the task of defining can be difficult. Previous studies present many different and mutually contradictory factors that should considered with respect to managerial strategic financial decisions. first part presented contribution summarises effects most frequent determinants reviews world’s important theories about behaviour enterprises when deciding on structure. aim our analysis in Czech environment. Fundamental theory revealed by statistical hypotheses testing. Moreover, we are mainly targeting significant results help us create general recommendations management companies. In scope study, there approximately thousand national statements companies from sectors economic activity period 2016–2019. correlation partial coefficient multiple linear regression was utilised determine significance individual determinants. Data show do not prefer debt financing recommended some theories. Their corresponds pecking order insufficient utilisation tax shield. Sectorwise analyses prove only one exception; motor vehicles wholesale, retail trade, repair maintenance sector generally prefers debt. Based literature review, selected six structure: size, return assets (ROA), equity (ROE), tangibility, asset growth duration. Advanced power influence each determinant their mutual relations. Autocorrelations negatively affect analyses. We conclude influenced tangibility ROA.
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ژورنال
عنوان ژورنال: E+M. Ekonomie a Management
سال: 2023
ISSN: ['1212-3609', '2336-5064']
DOI: https://doi.org/10.15240/tul/001/2023-1-009