UTJECAJ STRUKTURE KAPITALA NA PROFITABILNOST POSLOVANJA: ANALIZA SLUČAJA HRVATSKIH, SLOVENSKIH I ČEŠKIH DIONIČKIH DRUŠTAVA

Eleonora Kontuš ()
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Eleonora Kontuš: Grad Kastav, Kastav, Hrvatska

Poslovna izvrsnost-Business Excellence, 2021, vol. 15, issue 1, 41-62

Abstract: The main purpose of the study was to investigate the impact of capital structure on the profitability of listed companies in the members of European Union. The empirical research was based on a sample of Croatian, Slovenian and Czech listed companies and multiple linear regression on cross sectional data was used for research data analysis. The research findings indicate that the retained earnings to capital ratio has a positive and significant impact on the profitability of listed companies in the Republic of Croatia as well as long-term debt to capital and short-term debt to capital ratios have a negative impact on the profitability of listed companies. The empirical results show that the retained earnings to capital ratio has a positive impact on the profitability of listed companies in the Republic of Slovenia while long-term debt to capital and short-term debt to capital ratios have a negative impact on the profitability of listed companies. The results indicate that the capital structure affects the profitability of listed companies differently in the Czech Republic. This study makes several contributions to the field: the impact of capital structure components on corporate profitability is determined as well as the capital structure decisions affect corporate profitability of listed companies in the members of European Union. The capital structure of listed companies in the members of European Union is relevant for the profitability because the retained earnings to capital ratio has a statistically significant impact on the profitability of listed companies.

Keywords: capital structure; equity; retained earnings; long-term debt; profitability (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:zag:busexc:v:15:y:2021:i:1:p:41-62

DOI: 10.22598/pi-be/2021.15.1.41

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