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A Size of a Company as a Determinant of Capital Structure: Comparison of Listed Companies in the European Union

In: Finance and Sustainability

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  • Aneta Kalisiak

    (Warsaw University of Life Sciences)

Abstract

The aim of the study was to investigate the role of a company size as a determinant of debt structure among capital markets with higher and lower capitalization in relation to the gross domestic product (GDP). Capital markets with the higher indicator relation were categorized as developed markets (higher than the median) while the ones with the lower relation as emerging markets. The paper presents research results regarding debt structure in European construction companies. This industry is essential for the economy because it delivers buildings and infrastructure for society and for other branches as well. Furthermore, it affects employment and economic growth. A high level of debt characterizes a construction sector. The period of a study cover years 2010–2015. Data were analysed according to descriptive statistics, the Spearman’s correlation, and the Mann-Whitney U-test. To assess the capital structure different measures were used. The study confirmed that there is a statistically significant difference in examined relationship between emerging and developed financial markets. The size of a company differentiates the relationship between a capital structure and the growth of debt much stronger on emerging than on developed ones.

Suggested Citation

  • Aneta Kalisiak, 2018. "A Size of a Company as a Determinant of Capital Structure: Comparison of Listed Companies in the European Union," Springer Proceedings in Business and Economics, in: Agnieszka Bem & Karolina Daszyńska-Żygadło & Taťána Hajdíková & Péter Juhász (ed.), Finance and Sustainability, pages 59-67, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-92228-7_6
    DOI: 10.1007/978-3-319-92228-7_6
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