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MOKHOVA, N. ZINECKER, M.
Original Title
The determinants of capital structure: the evidence from the European Union
Type
conference paper
Language
English
Original Abstract
The aim of this study is to indicate the inuence of several internal determinants on capital structure in different European countries and retrace its tendency taking into consideration the membership of the European Union (EU). Nowadays there are a lot of debates according the future of the European Union. The recent Global Financial Crisis and the following European debt crisis show the significance of the country financial stability and its impact on the private sector. The paper investigates 33 countries of European Union dividing them into three groups as old members of EU (15 countries), new members of EU (12 countries) and candidates to EU (5 candidate countries and one acceding country). The managers make their financial decisions according the source of financing and capital structure based on the macroeconomic conditions and country specifics and obviously on company's advantages and sadvantages, i.e. its internal characteristics. Based on the literature research of previous studies we have chosen several significant internal determinants of capital structure as profitability, tangibility, growth opportunities, non-debt tax shields and firm's size. The correlation and regression techniques are used to identify the inuence of different firm's characteristics on the capital structure. Moreover, the comparative analysis of capital structure, its determinants and their relations across European countries gives substantial contribution to understanding the countries' specifics, their similarities and tendencies of firms' development. The study examines the international evidence from 33 countries for the period 2006-2010, taking into consideration the Global Financial Crisis that in turn points out to what extent companies in different countries suffer from economic shocks
Keywords
capital structure, determinants, European Union, internal factors
Authors
MOKHOVA, N.; ZINECKER, M.
RIV year
2013
Released
7. 3. 2013
Publisher
Martin Stříž Publishing
Location
Bučovice, Czech Republic
ISBN
978-80-87106-64-8
Book
conference proceedings Enterprise and Competitive Enviroment
Edition
1
Pages from
103
Pages to
Pages count
BibTex
@inproceedings{BUT99207, author="Natalia {Mokhova} and Marek {Zinecker}", title="The determinants of capital structure: the evidence from the European Union", booktitle="conference proceedings Enterprise and Competitive Enviroment", year="2013", series="1", pages="103--103", publisher="Martin Stříž Publishing", address="Bučovice, Czech Republic", isbn="978-80-87106-64-8" }