Determinants of S.M.E.s capital structure in the Visegrad group

Long Hoang Pham and Milan Hrdý

Economic Research-Ekonomska Istraživanja, 2023, vol. 36, issue 1, 2166969

Abstract: In this article, we investigate the capital structure determinants of the Visegrad group, namely the Czech Republic, Slovakia, Hungary, and Poland for small- and medium-sized enterprises (S.M.E.s) from 2011 to 2018. We compare the capital structures of S.M.E.s across all mentioned countries and define how these may impact capital structure choices. The results show S.M.E.s in these countries determine their capital structure in similar ways and all the factors analysed in this study (except for growth opportunity) provide robust explanatory power for companies across all four countries. We find that profitability, liquidity, firm size, assets structure, and non-debt tax (depreciation of total assets) have a significant negative impact on capital structure for all four countries. Our study should be of interest to policymakers and companies who want to optimise their capital structure in order to improve company performance.

Date: 2023
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DOI: 10.1080/1331677X.2023.2166969

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