Examining Capital Structure of Czech Firms

Kód výsledku v IS VaVaI

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Nalezeny alternativní kódy

RIV/26138077:_____/13:#0000655

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Examining Capital Structure of Czech Firms

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

Examining Capital Structure of Czech Firms

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

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

Název statě ve sborníku

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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Počet stran výsledku

12

Strana od-do

497-508

Název nakladatele

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Místo vydání

Praha

Místo konání akce

Praha

Datum konání akce

1. 1. 2013

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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