RŮČKOVÁ, Petra and Daniel STAVÁREK. Are there differences in the use of debt capital in enterprises of different size? International Journal of Monetary Economics and Finance. 2020, vol. 13, No 2, p. 163-176. ISSN 1752-0479. doi:10.1504/IJMEF.2020.107698.
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Basic information
Original name Are there differences in the use of debt capital in enterprises of different size?
Authors RŮČKOVÁ, Petra (203 Czech Republic, guarantor, belonging to the institution) and Daniel STAVÁREK (203 Czech Republic, belonging to the institution).
Edition International Journal of Monetary Economics and Finance, 2020, 1752-0479.
Other information
Original language English
Type of outcome Article in a journal
Field of Study 50206 Finance
Country of publisher Switzerland
Confidentiality degree is not subject to a state or trade secret
WWW URL
RIV identification code RIV/47813059:19520/20:A0000143
Organization unit School of Business Administration in Karvina
Doi http://dx.doi.org/10.1504/IJMEF.2020.107698
Keywords in English financial sources; capital structure; enterprise size; capital price; ROA; return on assets; fixed assets; GMM method
Tags International impact, Reviewed
Changed by Changed by: prof. Ing. Daniel Stavárek, Ph.D., učo 20180. Changed: 6/10/2020 08:44.
Abstract
The paper deals with the influence of selected determinants on the rate of external financing sources use. The reason for issuing this topic is the fact that the literature declares different opportunities for funds being drawn from the financial market by enterprises of different size. The aim of this paper is, based on the chosen determinants, to assess whether there exist differences in debt capital usage as it comes to chosen enterprises of different size in CEE countries. Emphasis is placed on the differences between medium-sized and large-sized enterprises. The analysis involves an impact of capital price, total rate of return and fixed assets ratio on debt usage expressed by debt/equity ratio. As for methodology, the panel regression by GMM method is used. The results of the analysis show the preference of the pecking order theory for large enterprises. For medium-sized enterprises, the results were not clear.
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