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Rozdiely v kapitálovej štruktúre verejne obchodovateľných podnikov Európy a USA
[Differences in Capital Structure of Publicly Traded Companies in Europe and USA]

Author

Listed:
  • Peter Krištofík
  • Lea Šlampiaková

Abstract

Differences in Capital Structure of Publicly Traded Companies in Europe and USA The paper aims at analysing the difference in capital structure and debt maturity choices of firms in Europe and in the USA. Employing logical and comparative study of theoretical knowledge in accordance with analysis of empirical data, the authors define the variations in leverage and long-term debt ratios. Specifically for comparability of studied markets, the analysis was based on financial data of companies that are members of STOXX600, which is considered the primary index for the European market, and S&P 500, which is considered one of the best representations of the US market. Based on the results, we can assume that there exist statistically significant differences. Companies in the USA tend to use more debt, especially long-term debt, than companies in Europe.

Suggested Citation

  • Peter Krištofík & Lea Šlampiaková, 2021. "Rozdiely v kapitálovej štruktúre verejne obchodovateľných podnikov Európy a USA [Differences in Capital Structure of Publicly Traded Companies in Europe and USA]," Politická ekonomie, Prague University of Economics and Business, vol. 2021(3), pages 322-339.
    • Handle: RePEc:prg:jnlpol:v:2021:y:2021:i:3:id:1320:p:322-339
    DOI: 10.18267/j.polek.1320
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    More about this item

    Keywords

    capital structure puzzle; leverage; long-term debt; factors of influence;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • 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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