Changes in Capital Structure of Czech SMEs A Dynamic Panel Data Approach

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F26138077%3A_____%2F13%3A%230000636" target="_blank" >RIV/26138077:_____/13:#0000636 - isvavai.cz</a>

Result on the web

<a href="http://www.ekonomikaamanagement.cz/cz/clanek-changes-in-capital-structure-of-czech-smes-a-dynamic-panel-data-approach.html" target="_blank" >http://www.ekonomikaamanagement.cz/cz/clanek-changes-in-capital-structure-of-czech-smes-a-dynamic-panel-data-approach.html</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Changes in Capital Structure of Czech SMEs A Dynamic Panel Data Approach

Original language description

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capitalstructure. According to the pecking order theory changes in the level of debt are not motivated by the need to reach a given debt target, but instead are motivated by the need for external financing. In trade of theory companies identify their optimal capital structure and weigh up the advantages and disadvantages of an additional monetary unit of debt. Panel data methodology is used to test the empirical hypotheses over the sample of 260 Czech SMEs during the years 2004?2011 using annual data. To testpecking order theory and trade-off theory we use total debt ratio as a dependent variable and independent/explanatory variables depending on previous literature that that correspond to specific company characteristics. The results suggest

Czech name

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Czech description

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Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

AH - Economics

OECD FORD branch

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Project

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Continuities

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Publication year

2013

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Ekonomika a management

ISSN

1802-8470

e-ISSN

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Volume of the periodical

7

Issue of the periodical within the volume

3

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

25

Pages from-to

5-29

UT code for WoS article

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EID of the result in the Scopus database

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