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DC poleHodnotaJazyk
dc.contributor.authorPrášilová, Pavlína
dc.date.accessioned2016-01-15T10:46:30Z
dc.date.available2016-01-15T10:46:30Z
dc.date.issued2012
dc.identifier.citationE+M. Ekonomie a Management = Economics and Management. 2012, č. 1, s. 89-104.cs
dc.identifier.issn1212-3609 (Print)
dc.identifier.issn2336-5604 (Online)
dc.identifier.urihttp://www.ekonomie-management.cz/download/1379590469_1a44/2012_01+Determinanty+kapitalove+struktury+ceskych+podniku.pdf
dc.identifier.urihttp://hdl.handle.net/11025/17431
dc.format16 s.cs
dc.format.mimetypeapplication/pdf
dc.language.isocscs
dc.publisherTechnická univerzita v Libercics
dc.relation.ispartofseriesE+M. Ekonomie a Management = Economics and Managementcs
dc.rights© Technická univerzita v Libercics
dc.rightsCC BY-NC 4.0cs
dc.subjectkapitálová strukturacs
dc.subjectfinanční rozhodnutícs
dc.subjectkompromisní teoriecs
dc.subjectteorie hierarchiecs
dc.subjectregresní analýzacs
dc.titleDeterminanty kapitálové struktury českých podnikůcs
dc.title.alternativeDeterminants of capital structure with czech companiesen
dc.typečlánekcs
dc.typearticleen
dc.rights.accessopenAccessen
dc.type.versionpublishedVersionen
dc.description.abstract-translatedDeterminants of capital structure of companies have been studied since Miller’s and Modigliani’s work was published in 1958. There was researched impact of various determinants as taxes, asymmetric information, return on assets and others on capital structure. With this issue are associated theories of capital structure which validity has been tested. There are two basic theories, the trade-off theory and the pecking order theory. Interesting is, that results often differ in various researches. This paper deals with determinants of capital structure within czech companies and also tries to verify the validity of capital structure theories. Specifity is, that this paper is also industry- oriented, there were researched 299 companies from 6 industries. First, there was performed a background research among works of economists who are related with this topic. The research of czech companies was performed by means of multiple regression. There was surveyd impact of proportion of fixed assets, retained earnings, interest rate, return on assets, size of company, proportion of tangible assets and company age on capital structure or on long-term debt and on total debt of company, and level of cross-sectional impact of these determinants. Relevant results were found for one industry: the Information and communication activities. There was found a negative impact of company size and a positive impact of retained earnings on total debt. This acknowledges the trade-off theory, which was stressed by studying of standard deviations. But when is accepted a cross-sectional negative impact of return on assets on total debt, it highlights the validity of the pecking order theory. With consideration of all results and their relevance, there could be declared that both theories explain something of capital structure decisions. There could be stated the impossibility of searching any unified rule for financial decisions of companies.en
dc.subject.translatedcapital structureen
dc.subject.translatedfinancial decisionsen
dc.subject.translatedtrade-off theoryen
dc.subject.translatedpecking order theoryen
dc.subject.translatedregression analysisen
dc.type.statusPeer-revieweden
Vyskytuje se v kolekcích:Číslo 1 (2012)
Číslo 1 (2012)

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  1. DSpace at University of West Bohemia
  2. Publikace ZČU / UWB Publications
  3. Časopisy ZČU / UWB Journals
  4. Ekonomie a management
  5. 2012
  6. Číslo 1 (2012)