Capital structure determinants in transitional economies
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Dosyalar
Tarih
2019
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İstanbul Ticaret Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Most of the empirical studies about capital structure tend to focus either on overall developed markets or on emerging countries. This paper aims to analyze the determinants of the capital structure of the companies in the Western Balkans (WBs) using a panel of 30 non-financial firms listed in Zagreb Stock Exchange, Belgrade Stock Exchange, and Macedonian Stock Exchange over the period of 2012–2017. The leverage ratio is modeled as a function of firm-specific characteristics. The study shows that firms in the WBs tend to rely more on short-term debt rather than long-term debt. There is a significant negative impact of liquidity, profitability and tax on both leverage level and short-term debt ratio. The long-term debt ratio is significantly positively affected by the growth opportunities of these companies and by its past level. theory. The results obtained from this empirical research indicate that companies in the WBs follow the pecking order. These findings appear to be similar to the results of previous studies of this nature done about emerging and transitional economies.
Açıklama
Anahtar Kelimeler
Capital Structure, Western Balkans, Transitional Economies, Leverage
Kaynak
International Journal of Commerce and Finance
WoS Q Değeri
Scopus Q Değeri
Cilt
5
Sayı
1
