IDEAS home Printed from https://ideas.repec.org/a/ris/utmsje/0076.html
   My bibliography  Save this article

Determinants Of Capital Structure Of Croatian Enterprises Before And During The Financial Crisis

Author

Listed:
  • Mostarac, Ena

    (Faculty of Economics and Business, University of Zagreb, Croatia)

  • Petrovic, Suzana

    (Croatian National Bank, Zagreb, Croatia)

Abstract

This paper analysis capital structure determinants of Croatian enterprises based on a cross-sectional data for pre-recession 2007 and recession 2010 comprising about 10,000 firms. Determinants are selected with reference to the relevant capital structure theories and include asset tangibility, profitability, firm size and business risk. The results indicate highly positive significant impact of tangibility and negative significant impact of profitability on financial leverage in both observed years. Firm size seems to be statistically significant at higher level in crisis period, but at the same time no relationship can be found between business risk and financial leverage that is of economic significance.

Suggested Citation

  • Mostarac, Ena & Petrovic, Suzana, 2013. "Determinants Of Capital Structure Of Croatian Enterprises Before And During The Financial Crisis," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 4(2), pages 153-162.
    • Handle: RePEc:ris:utmsje:0076
    as

    Download full text from publisher

    File URL: http://utmsjoe.mk/files/Vol.%204%20No.%202/B8_-_Mostarac_-_Petrovic.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Croatian enterprises; capital structure; determinants of capital structure; financial crisis;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:utmsje:0076. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Assistant Professor. Dejan Nakovski, PhD (email available below). General contact details of provider: https://edirc.repec.org/data/feutmmk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.