The Practice of Capital Structure Choice in the Czech Republic: a Comparative Study Based on the Global Data

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F46747885%3A24310%2F17%3A00004259" target="_blank" >RIV/46747885:24310/17:00004259 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.jois.eu/files/14_352_Stryckova.pdf" target="_blank" >https://www.jois.eu/files/14_352_Stryckova.pdf</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.14254/2071-8330.2017/10-2/14" target="_blank" >10.14254/2071-8330.2017/10-2/14</a>

Jazyk výsledku

angličtina

Název v původním jazyce

The Practice of Capital Structure Choice in the Czech Republic: a Comparative Study Based on the Global Data

Popis výsledku v původním jazyce

The aim of this contribution is to reveal the general practice in corporate financing in the Czech Republic, capital structure choice in particular, by means of comparison with the global data. The comparative study is based on primary data from the Czech Republic obtained via a questionnaire survey, and comparison with the data from various countries in Europe and America published in empirical surveys since 2001. The crux of this comparison is the use of the same questions that were used by Graham and Harvey for the first time in 2001. Unlike the original study, which examined several aspects of corporate finance in a single country, this study is focused on the cross-country comparisons of views on determinants of capital structure. The study revealed both differences and similarities between Czech, American and European companies. As the most important factor affecting the choice of the appropriate amount of debt for Czech respondents was “Financial flexibility”, likewise in the other countries. Surprisingly, the tax advantages are not considered to be of a high importance to Czech firms and a striking proportion of respondents have no target debt ratio; such results weren’t found by any previous study.

Název v anglickém jazyce

The Practice of Capital Structure Choice in the Czech Republic: a Comparative Study Based on the Global Data

Popis výsledku anglicky

The aim of this contribution is to reveal the general practice in corporate financing in the Czech Republic, capital structure choice in particular, by means of comparison with the global data. The comparative study is based on primary data from the Czech Republic obtained via a questionnaire survey, and comparison with the data from various countries in Europe and America published in empirical surveys since 2001. The crux of this comparison is the use of the same questions that were used by Graham and Harvey for the first time in 2001. Unlike the original study, which examined several aspects of corporate finance in a single country, this study is focused on the cross-country comparisons of views on determinants of capital structure. The study revealed both differences and similarities between Czech, American and European companies. As the most important factor affecting the choice of the appropriate amount of debt for Czech respondents was “Financial flexibility”, likewise in the other countries. Surprisingly, the tax advantages are not considered to be of a high importance to Czech firms and a striking proportion of respondents have no target debt ratio; such results weren’t found by any previous study.

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2017

Kód důvěrnosti údajů

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

Název periodika

Journal of International Studies

ISSN

2071-8330

e-ISSN

—

Svazek periodika

10

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

UA - Ukrajina

Počet stran výsledku

19

Strana od-do

185-203

Kód UT WoS článku

—

EID výsledku v databázi Scopus

2-s2.0-85029940680