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

Kód výsledku v IS VaVaI

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RIV/27266150:_____/13:#0000078

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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 on capitalstructure The pecking order theory; changes in the level of debt are not motivated by the need to reach a given debt target, but are instead 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 a sample of 260 Czech SMEs during the years 2004-2011 using annual data. To test pecking ordertheory 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 the specific company characteristics . The results suggest that bot

Název v anglickém jazyce

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

Popis výsledku anglicky

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 on capitalstructure The pecking order theory; changes in the level of debt are not motivated by the need to reach a given debt target, but are instead 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 a sample of 260 Czech SMEs during the years 2004-2011 using annual data. To test pecking ordertheory 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 the specific company characteristics . The results suggest that bot

Druh

O - Ostatní výsledky

CEP obor

AE - Řízení, správa a administrativa

OECD FORD obor

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Projekt

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Návaznosti

N - Vyzkumna aktivita podporovana z neverejnych zdroju

Rok uplatnění

2013

Kód důvěrnosti údajů

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