Determinants of the capital structure of Slovak companies
2001
Bostyn, F. (University of Antwerp - RUCA (Belgium)) | Polavkova, J. (Economic Univ., Bratislava (Slovakia))
Capital structure and its determinats have been the subject of a relatively large number of empirical studies. Most of them, however, analyse only companies in the developed market economies. Only a few similar studies focus on companies operating under the conditions of a transition economy. The analysis provides a picture of the patterns of leverage of Slovak corporations involved in industrial production with regard to the company size, return on assets and the ratio of fixed assets to total assets. The direction of correlation of leverage to company size and return on assets is the same as it is found in the G7 countries and in the other transition economies like Hungary and Poland. However, the correlation coefficient between leverage and the ratio of fixed assets in Slovakia, Hungary and Poland has the opposite sign as in the G7 countries.
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