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Zhodnotenie vplyvu determinantov kapitálovej štruktúry na vzorke podnikov
Business Administration and Management
Zhodnotenie vplyvu determinantov kapitálovej štruktúry na vzorke podnikov
Name and surname of author:
Mária Kanderová
Year:
2003
Issue:
3
Keywords:
kapitálová štruktúra, determinaty, latentné (nemerateľné) premenné, indikátory, lineárny štrukturálny model
DOI (& full text):
Anotation:
Valuation of the Influence of Capital Structure Determinants on a Sample of Slovak Corporations
Setting of an optimal capital structure is consequently influenced by wide range of objective and subjective factors. These factors can not be fully described and covered. The paper analyses main determinants of capital structure: risk, size of the firm, profitability, asset structure, non-debt tax shields, growth opportunities, uniqueness and industry. In the first part various determinants of capital structure as explained in the theory are presented. In the second part we are testing the influence of these determinants on the capital structure in Slovak corporations. Since some of these theories have different empirical implications with regards to different types of debt instruments, we analyze separate measures of sort term debt and long-term debt. The study uses technique, which is an extends of factor-analytic approach to measuring unobserved or latent variables, is known as linear structural modelling. This technique mitigates the measurement problems encontered when working with proxy variables.
Valuation of the Influence of Capital Structure Determinants on a Sample of Slovak Corporations
Setting of an optimal capital structure is consequently influenced by wide range of objective and subjective factors. These factors can not be fully described and covered. The paper analyses main determinants of capital structure: risk, size of the firm, profitability, asset structure, non-debt tax shields, growth opportunities, uniqueness and industry. In the first part various determinants of capital structure as explained in the theory are presented. In the second part we are testing the influence of these determinants on the capital structure in Slovak corporations. Since some of these theories have different empirical implications with regards to different types of debt instruments, we analyze separate measures of sort term debt and long-term debt. The study uses technique, which is an extends of factor-analytic approach to measuring unobserved or latent variables, is known as linear structural modelling. This technique mitigates the measurement problems encontered when working with proxy variables.
Setting of an optimal capital structure is consequently influenced by wide range of objective and subjective factors. These factors can not be fully described and covered. The paper analyses main determinants of capital structure: risk, size of the firm, profitability, asset structure, non-debt tax shields, growth opportunities, uniqueness and industry. In the first part various determinants of capital structure as explained in the theory are presented. In the second part we are testing the influence of these determinants on the capital structure in Slovak corporations. Since some of these theories have different empirical implications with regards to different types of debt instruments, we analyze separate measures of sort term debt and long-term debt. The study uses technique, which is an extends of factor-analytic approach to measuring unobserved or latent variables, is known as linear structural modelling. This technique mitigates the measurement problems encontered when working with proxy variables.
Section:
Business Administration and Management
Economics and Management
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