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MOKHOVA, N. ZINECKER, M.
Original Title
Capital structure and the country default risk: The evidence from Visegrad group
Type
journal article - other
Language
English
Original Abstract
The recent Global Financial Crisis and following European Debt Crises show the significance of the country financial stability and its influence on the private sector. The managers make their financial decisions according the source of financing based on the macro economic conditions as interest rates, market volatility, inflation, level of sovereign debt, GDP growth, and the financial stability of a country in general. These factors influence the investment prospects of the country, the stability of bank system, and thus the country default probability and consequently the sovereign credit ratings. The paper investigates the relation between capital structure and the country default risk represented by sovereign credit ratings that assigned by worldwide known agencies as Moodys and Standard and Poors. The research is based on the evidence from four economically related countries: Czech Republic, Slovakia, Poland and Hungary, integrated into Visegrad group, which represent situation on the emerging markets. We examine the tendency of relation between capital structure and sovereign credit ratings for the period of 2005 -2011 included two crises that shed light on the investigated linkages before and after economic shocks.
Keywords
capital structure, country default risk
Authors
MOKHOVA, N.; ZINECKER, M.
RIV year
2013
Released
1. 1. 2013
Publisher
Macrotheme Capital Management, LLC
Location
Austin, TX 78701 United States
ISBN
1848-4735
Periodical
The Macrotheme Review
Year of study
2
Number
1
State
United States of America
Pages from
155
Pages to
179
Pages count
26
BibTex
@article{BUT97596, author="Natalia {Mokhova} and Marek {Zinecker}", title="Capital structure and the country default risk: The evidence from Visegrad group", journal="The Macrotheme Review", year="2013", volume="2", number="1", pages="155--179", issn="1848-4735" }