Podrobný výpis o publikaci

Current paper has focused on the capital structure management theories. Theoretical part of the study firstly highlights differences between trade-off theories and pecking order theories. In the empirical part there is then proved some significant relationships between financial indicators of homogenous data sample from the Czech branch of building area. The aim of the paper is to prove the existing differences in development of the capital structure of Czech companies in the selected industry area of NACE and to point out some other particularities. The contribution of the paper is a comparison the theory as well as practice of this issue in the Czech Republic. For pooled sample it is used selected financial indicators of 57 building companies, all with turnover more than 1.5 billion CZK. It is obtained annual data from 2004 to 2011. Due to such short estimation period, but the width of pooled sample on the other hand, it is used generalized method of moments (GMM) panel regression. There are also arguments of motivation to analyze business branch of building specifically. Moreover, analyzes is split according to ownership of companies into two categories, for the Czech and foreign owners. On the recent literature it has been made and tested three hypotheses. Results of the article have clearly proved the separation of manager from owner's positions. On the top of that, domestic companies are not pushed to distribute the realized profit so much as foreign owners that prefer the return of their means invested into business. There is also a suggestion of future interests in research focused on other Czech business branches, too.