IMPACT OF SELECTED DETERMINANTS ON CAPITAL STRUCTURE MANAGEMENT IN AREAS OF MANUFACTURING AND SERVICES IN COMPANIES OF VISEGRAD GROUP COUNTRIES

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F16%3A00010707" target="_blank" >RIV/47813059:19520/16:00010707 - isvavai.cz</a>

Result on the web

<a href="http://cesmaa.eu/journals/jaes/files/JAES%20Winter7(45)_online.pdf" target="_blank" >http://cesmaa.eu/journals/jaes/files/JAES%20Winter7(45)_online.pdf</a>

DOI - Digital Object Identifier

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Result language

čeština

Original language name

IMPACT OF SELECTED DETERMINANTS ON CAPITAL STRUCTURE MANAGEMENT IN AREAS OF MANUFACTURING AND SERVICES IN COMPANIES OF VISEGRAD GROUP COUNTRIES

Original language description

A selection of financing source is being influenced by many factors, which have impact on the entire economy of society. Attention is in article paid to the question how this selection is influenced by achieving profitability, liquidity and long-term assets. Those factors are chosen based on previously provided studies. The aim of the article is to evaluate the main aspects of theories of capital structure based on previous studies and elaborated analyses. Further aim is to find out by GMM method, to what rate the selected economic financial indicators (evaluating the main factors of business activity) influence a decision-making as it comes to the use of debt financing; those indicators are - profitability, liquidity and long-term assets the company disposes of in the V4 countries in manufacturing industry and services. Provided analysis indicated that there does not exist unified approach to the management of financial structure in particular countries and branches. Analyzed samples of companies not always created robust model, out of which conclusions could be made. The results also indicate that although in all analyzed countries debt finances primarily come from bank market, financial structure is not automatically managed based on dynamic trade off theories.

Czech name

IMPACT OF SELECTED DETERMINANTS ON CAPITAL STRUCTURE MANAGEMENT IN AREAS OF MANUFACTURING AND SERVICES IN COMPANIES OF VISEGRAD GROUP COUNTRIES

Czech description

A selection of financing source is being influenced by many factors, which have impact on the entire economy of society. Attention is in article paid to the question how this selection is influenced by achieving profitability, liquidity and long-term assets. Those factors are chosen based on previously provided studies. The aim of the article is to evaluate the main aspects of theories of capital structure based on previous studies and elaborated analyses. Further aim is to find out by GMM method, to what rate the selected economic financial indicators (evaluating the main factors of business activity) influence a decision-making as it comes to the use of debt financing; those indicators are - profitability, liquidity and long-term assets the company disposes of in the V4 countries in manufacturing industry and services. Provided analysis indicated that there does not exist unified approach to the management of financial structure in particular countries and branches. Analyzed samples of companies not always created robust model, out of which conclusions could be made. The results also indicate that although in all analyzed countries debt finances primarily come from bank market, financial structure is not automatically managed based on dynamic trade off theories.

Type

J_ost - Miscellaneous article in a specialist periodical

CEP classification

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OECD FORD branch

50206 - Finance

Project

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Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2016

Confidentiality

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

Name of the periodical

Journal of Applied Economic Sciences

ISSN

1843-6110

e-ISSN

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Volume of the periodical

XI

Issue of the periodical within the volume

7(45)

Country of publishing house

RO - ROMANIA

Number of pages

15

Pages from-to

1413-1427

UT code for WoS article

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EID of the result in the Scopus database

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