Přístupnostní navigace
E-application
Search Search Close
Publication detail
MOKHOVA, N. ZINECKER, M.
Original Title
Macroeconomic Factors and Corporate Capital Structure
Type
conference paper
Language
English
Original Abstract
The aim of this study is to indicate the influence of macroeconomic factors on corporate capital structure in different European countries. The recent Global Financial Crisis and the following European debt crisis show the significance of the country financial stability, consequently the efficiency of fiscal and monetary policies, and their impact on the private sector. The macroeconomic policies of a country affect the financial performances of the companies and their future sustainable development and growth. We analyze the influence of external determinants on the corporate capital structure of non-financial manufactured companies based on the evidence from European developed countries and emerging markets for the period 2006–2010, in order to compare the level of the impact on the capital structure according to the countries specifics. The managers make their financial decisions according to the source of financing and capital structure based on the company's advantages and disadvantages, i.e. its internal characteristics, and doubtless on the macroeconomic conditions and country specifics, i.e. external factors. For the purpose of this study the macroeconomic factors are divided into two groups represented fiscal and monetary policies of a country. The correlation and regression techniques are used to identify the relations between these external determinants and capital structure. The findings show the significance of macroeconomic factors in the decision making process regarding capital structure and the source of financing.
Keywords
Macroeconomic Factors, External Determinants, Capital Structure, Fiscal Policy, Monetary Policy
Authors
MOKHOVA, N.; ZINECKER, M.
RIV year
2014
Released
24. 1. 2014
Publisher
Elsevier
Location
Nizozemí
ISBN
1877-0428
Periodical
Procedia Social and Behavioral Sciences
Year of study
110
Number
January 2014
State
Kingdom of the Netherlands
Pages from
530
Pages to
540
Pages count
11
URL
https://www.sciencedirect.com/science/article/pii/S1877042813055377
Full text in the Digital Library
http://hdl.handle.net/11012/70178
BibTex
@inproceedings{BUT107199, author="Natalia {Mokhova} and Marek {Zinecker}", title="Macroeconomic Factors and Corporate Capital Structure", booktitle="Procedia - Social and Behavioral Sciences", year="2014", journal="Procedia Social and Behavioral Sciences", volume="110", number="January 2014", pages="530--540", publisher="Elsevier", address="Nizozemí", doi="10.1016/j.sbspro.2013.12.897", issn="1877-0428", url="https://www.sciencedirect.com/science/article/pii/S1877042813055377" }