Full metadata record
DC FieldValueLanguage
dc.contributor.authorHeckenbergerová, Jana
dc.contributor.authorHonková, Irena
dc.date.accessioned2023-03-09T06:59:58Z
dc.date.available2023-03-09T06:59:58Z
dc.date.issued2023
dc.identifier.citationE+M. Ekonomie a Management = Economics and Management. 2023, roč. 26, č. 1, s. 145–164.cs
dc.identifier.issn1212-3609 (Print)
dc.identifier.issn2336-5604 (Online)
dc.identifier.urihttp://hdl.handle.net/11025/51703
dc.format20 s.cs
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherTechnická univerzita v Libercics
dc.rightsCC BY-NC 4.1en
dc.subjectkapitálová strukturacs
dc.subjectzadluženostcs
dc.subjectdeterminanty kapitálové strukturycs
dc.subjectziskovostcs
dc.subjecthmatatelnostcs
dc.subjectrůst aktivcs
dc.titleCapital Structure Analysis – Theories and Determinants Validation Based on Evidence from the Czech Republicen
dc.typečlánekcs
dc.typearticleen
dc.rights.accessopenAccessen
dc.type.versionpublishedVersionen
dc.description.abstract-translatedThe optimal capital structure is a key precondition for business, even though the task of defining the optimal capital structure can be difficult. Previous studies present many different and mutually contradictory factors that should be considered with respect to managerial strategic financial decisions. The first part of the presented contribution summarises the effects of the most frequent capital structure determinants and reviews the world’s most important theories about the behaviour of enterprises when deciding on capital structure. The aim of our contribution is the analysis of capital structure behaviour in the Czech environment. Fundamental capital structure theory is revealed by statistical hypotheses testing. Moreover, we are mainly targeting significant determinants of capital structure. The results help us to create general recommendations for the financial management of Czech companies. In the scope of our study, there are approximately a thousand national financial statements of Czech companies from the most important sectors of economic activity for the period 2016–2019. The correlation analysis with partial correlation coefficient and multiple linear regression analysis was utilised to determine the effects and significance of the individual determinants. Data show that Czech companies do not prefer debt financing recommended by some capital structure theories. Their financial management behaviour corresponds to pecking order theory with insufficient utilisation of tax shield. Sectorwise analyses prove only one exception; motor vehicles wholesale, retail trade, repair and maintenance sector generally prefers financing by debt. Based on the literature review, we selected six significant determinants of capital structure: size, return on assets (ROA), return on equity (ROE), tangibility, asset growth and duration. Advanced statistical analyses show the power and influence of each determinant on capital structure and their mutual relations.…en
dc.subject.translatedcapital structureen
dc.subject.translatedindebtednessen
dc.subject.translateddeterminants of capital structureen
dc.subject.translatedprofitabilityen
dc.subject.translatedtangibilityen
dc.subject.translatedasset growthen
dc.identifier.doihttps://doi.org/10.15240/tul/001/2023-1-009
dc.type.statusPeer-revieweden
Appears in Collections:Číslo 1 (2023)
Číslo 1 (2023)
Číslo 1 (2023)

Files in This Item:
File Description SizeFormat 
EM_1_2023_09.pdfPlný text1,76 MBAdobe PDFView/Open
Show simple item record


Please use this identifier to cite or link to this item: http://hdl.handle.net/11025/51703

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

search
navigation
  1. DSpace at University of West Bohemia
  2. Publikace ZČU / UWB Publications
  3. Časopisy ZČU / UWB Journals
  4. Ekonomie a management
  5. 2023
  6. Číslo 1 (2023)