EXAMINING CAPITAL STRUCTURE OF CZECH FIRMS
[ X ]
Tarih
2013
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Melandrium
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
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.
Açıklama
7th International Days of Statistics and Economics -- SEP 19-21, 2013 -- Prague, CZECH REPUBLIC
Anahtar Kelimeler
Capital structure, trade off theory, pecking order theory, big companies, transitional economy, Dynamic Panel Data Models
Kaynak
7Th International Days Of Statistics And Economics
WoS Q Değeri
N/A
