The firm-specific and macroeconomic determinants of the financial structure of construction companies in selected European countries

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F22%3AA0000359" target="_blank" >RIV/47813059:19520/22:A0000359 - isvavai.cz</a>

Result on the web

<a href="https://sciendo.com/article/10.2478/revecp-2022-0006" target="_blank" >https://sciendo.com/article/10.2478/revecp-2022-0006</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.2478/revecp-2022-0006" target="_blank" >10.2478/revecp-2022-0006</a>

Result language

angličtina

Original language name

The firm-specific and macroeconomic determinants of the financial structure of construction companies in selected European countries

Original language description

This research builds on previous studies in the field of financial structure and develops knowledge for the construction industry in eight selected countries in Central and Eastern Europe-Visegrád Group, Austria, Bulgaria, Slovenia, and Romania. The aim of the research is to examine the influence of profitability, asset structure, the GDP growth rate and the reference interest rate on the level of total, long-term and short-term debt of companies. The research period is from 2009 to 2018. The main conclusion of the research is the finding that the amount of debt of selected construction companies is most affected by the determinants of the external environment-the development of the economy and the reference interest rate. This conclusion applies regardless of the size of the companies. The direction of the resulting impact differs, as each of the economies underwent a different economic development during the period under review. The interest rate negatively affected the amount of debt of Polish, Romanian and Hungarian companies, given the higher interest rates in these economies; the remaining companies have a positive impact. The impact of the GDP growth rate on the amount of debt is mainly negative for Romanian companies regardless of size, medium-sized Polish and Austrian companies, and large Czech companies; a positive effect was found for the remaining companies. Economies have grown for most of the period under review, and negative impacts may mean taking advantage of profits, which usually grow during periods of prosperity and are a cheap source of funding. This does not necessarily mean economic problems and, as a result, declining debt due to the unavailability of debt financing.

Czech name

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Czech description

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Type

J_SC - Article in a specialist periodical, which is included in the SCOPUS database

CEP classification

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OECD FORD branch

50204 - Business and management

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2022

Confidentiality

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

Name of the periodical

REVIEW OF ECONOMIC PERSPECTIVES

ISSN

1213-2446

e-ISSN

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Volume of the periodical

22

Issue of the periodical within the volume

2

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

20

Pages from-to

117-136

UT code for WoS article

000814797500003

EID of the result in the Scopus database

2-s2.0-85133918574