The financing structure of companies of the Visegrad Group countries in the years 2005-2014

Katarzyna Łach ()
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Katarzyna Łach: Cracow University of Economics, Department of Corporate Finance, ul. Rakowicka 27, 31-510 Kraków, Poland

International Entrepreneurship Review, 2019, vol. 5, issue 4, 163-177

Abstract: Objective: The main aim of the article is to compare the financing structure of companies of the Visegrad Group countries in the years 2005-2014, that is in the period before, during and after the global financial crisis. Research Design & Methods: The paper investigates the structure of financing enterprises operating in the Visegrad Group countries in the years 2005-2014. In the analysis several financial ratios were calculated and analysed, presenting the capital structure and sources of financing companies. Findings: In spite of the fact that the overall level of debt differs in analysed countries, trends in the shaping of the share of debt ratio were similar in individual countries. The strongest relationship between the ratios concerning enterprises in individual countries was observed in the analysis of the share of financial surplus of the firms and the scope of use of trade liabilities. The weakest in the level of financing with bank credits (long-term and short-term). Contribution & Value Added: Research into determinants of the financing structure of companies takes a number of factors into consideration, among which the condition of economy is undoubtedly important. Therefore the research included in the paper follows changes in companies’ financing structure in the aspect of a financial crisis. Additional a detailed comparative analysis was conducted concerning the financing structure of the Visegrad Group countries.

Keywords: capital structure; determinant of capital structure; debt ratio; bank credits; self-financing; financial crisis (search for similar items in EconPapers)
JEL-codes: G01 G32 G38 (search for similar items in EconPapers)
Date: 2019
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