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Firm specific determinants of capital structure in European advanced developing countries

Maciej Stradomski () and Katarzyna Schmidt ()
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Maciej Stradomski: Poznań University of Economics and Business, Department of Investment and Capital Markets
Katarzyna Schmidt: Poznań University of Economics and Business, Department of Investment and Capital Markets

Bank i Kredyt, 2020, vol. 51, issue 3, 263-292

Abstract: The problem of the determinants of the firm financing structure has been researched in literature for years. Still, there is a lot of ambiguity and difference of opinion in that area. Consequently, in this study the authors have decided to analyse firm specific determinants of capital structure in selected advanced developing economies. The research was conducted on companies from four European markets: Polish, Czech, Greek, and Hungarian. The analysed data covered the period 2009–2017. The applied research method was panel data regression with fixed effects. The outcome shows that company decisions concerning the source of financing from the Greek and Hungarian markets are better explained by the pecking order theory, while in the case of the Czech market the trade-off theory works better. For the Polish market neither the pecking order theory nor the trade-off theory has been proved convincingly.

Keywords: financing structure; indebtedness; pecking order theory; trade-off theory (search for similar items in EconPapers)
JEL-codes: G32 O57 (search for similar items in EconPapers)
Date: 2020
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