Determinants of Capital Structure: Empirical Evidence from the Czech Republic
AbstractThis paper analyses determinants of capital structure of listed companies in the Czech Republic during the period from 2000 to 2001. In general, leverage of Czech listed firms is relatively low if measured in book value, but it is relatively high if measured in market value. According to our results, leverage of a firm is positively correlated with size and it is negatively correlated with profitability and tangibility. There is the negative relationship between leverage measured in market value and growth opportunities. Moreover, leverage is positively correlated with tax and negatively correlated with non-debt tax shields, albeit on a lower level of statistical significance. This study also provides evidence concerning the relationship between leverage and industry classification.
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Bibliographic InfoArticle provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.
Volume (Year): 54 (2004)
Issue (Month): 1-2 (January)
determinants of capital structure; extent of leverage; listed companies in the Czech Republic;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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- Nadeem Ahmed Sheikh & Zongjun Wang, 2011. "Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan," Managerial Finance, Emerald Group Publishing, vol. 37(2), pages 117-133, February.
- Josef Valach, 2008. "K diskuzi o optimalizaci a determinantech kapitálové struktury podniku," Český finanční a účetní časopis, University of Economics, Prague, vol. 2008(1), pages 99-102.
- Okuda, Hidenobu & Nhung, Lai Thi Phuong, 2011. "Fundraising Behaviors of Listed Companies in Vietnam: An Estimation of the Influence of Government Ownership," CEI Working Paper Series 2010-15, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
- Lars P. Feld & Jost Henrich Heckemeyer & Michael Overesch, 2011.
"Capital Structure Choice and Company Taxation: A Meta-Study,"
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3400, CESifo Group Munich.
- Feld, Lars P. & Heckemeyer, Jost H. & Overesch, Michael, 2013. "Capital structure choice and company taxation: A meta-study," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2850-2866.
- Feld, Lars P. & Heckemeyer, Jost H. & Overesch, Michael, 2011. "Capital structure choice and company taxation: A meta-study," ZEW Discussion Papers 11-075, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
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