Examining Capital Structure of Czech Firms

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F27266150%3A_____%2F13%3A%230000073" target="_blank" >RIV/27266150:_____/13:#0000073 - isvavai.cz</a>
Alternative codes found
RIV/26138077:_____/13:#0000655
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Examining Capital Structure of Czech Firms
Original language description
In this paper we explore two relevant theories of company capital structure ? pecking order theory and trade-off theory on a sample of Czech firms. In trade of theory; companies identify their optimal capital structure and weigh up the advantages and disadvantages of an additional monetary unit of debt. To test both theories panel data methodology is used over a sample of 94 Czech companies during the years 2005?2010 with the use of annual data. Because we use lagged dependent variable amongst independent variables to test pecking order theory and trade-off theory we employ Arellano and Bond (1991) GMM and Anderson and Hsiao (1982) 2SLS models. We explore the influence on total debt ratio as a dependent variable in two formats and independent/explanatory variables, which correspond to specific company characteristics depending on previous literature. Our results suggest that both theoretical approaches contribute to explain capital structure in Czech firms.
Czech name
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Czech description
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Publication year
2013
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
The 7th International Days of Statistics and Economics, Conference Proceedings, September 19?21, 2013, Prague, Czech Republic
ISBN
978-80-86175-87-4
ISSN
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e-ISSN
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Number of pages
12
Pages from-to
497-508
Publisher name
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Place of publication
Praha
Event location
Praha
Event date
Jan 1, 2013
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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