Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies

Corporate social responsibility (CSR), ethics, and sustainability have become an inseparable part of the discourse modern business. Applying linear regression comparison intervals beta-coefficients, we focused on mediating role CSR in relations between capital structure its determinants. Examining sample European large caps, observed that companies are significantly more leveraged than non-CSR ones. The influence corporate income tax rate depreciation amortization leverage does not differ companies. Moreover, shields seem to be insignificant for both However, should stress that, amortization, beta coefficient has a different significance model companies, compared Also, difference models regarding asset tangibility is worth noting. Non-CSR with higher proportion fixed assets lower leverage. This result was confirmed hypothesis replaces collateral cannot confirmed. Available cash influences negatively models, supporting pecking-order theory. much stronger study found fewer statistically significant differences determinants were expected.