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AAK - Acta academica karviniensia

číslo 2016/3
IDENTIFICATION OF THE FACTORS DETERMINING CORPORATE CAPITAL STRUCTURE IN THE CZECH REPUBLIC
[Identifikace faktorů determinujících kapitálovou strukturu firem v České republice]
ISSN:
1212-415X (Print)
2533-7610 (Online)
Year [Rok]:
2016
Volume [Ročník]:
XVI
Issue [Číslo]:
3
Authors [Autoři]:
Lenka Strýčková
Abstract [Abstrakt]:
This study focuses on the identification of factors determining corporate capital structure in the Czech Republic, thereby contributing to an ongoing discussion on the capital structure determinants and the capital structure optimization. The paper aims to provide empirical evidence on the basis of the questionnaire survey. To identify the most significant factors affecting decisions of companies concerning their capital structure and debt policy, the statistical methods and procedures were used for the research evaluation. With the help of the factor analysis, the three key factors were derived: the financial aspects of debt financing, the debt as a tool of further development of the company, and the specifics debt and capital markets. The findings of this study moderately support conclusions of the trade-off theory, and the signalling theory. Furthermore, the survey results indicate that the firms in the Czech Republic start to perceive the capital markets as an integral part of the financial market and as a place for obtaining additional funding.
Keywords [Klíčová slova]:
capital structure, company, debt, determinants, equity, factors
JEL classification [JEL klasifikace]:
G32
Page range [Rozpětí stran]:
37 - 49
Full version [Plná verze]: