Capital Structure and Its Determinants—A Comparison of European Top-Rated CSR and Other Companies

Krištofík, Peter; Medzihorský, Juraj; Musa, Hussam

doi:10.3390/jrfm15080325

Cited by 6 publications

(3 citation statements)

References 42 publications

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“…Behavioural economics has led to a new way of looking at economics and finance [73]. Thus, the unusual assessment of profitability ratios by time series was used.…”

Section: Disclosure Of a Shiftmentioning

confidence: 99%

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Industry 4.0: Marvels in Profitability in the Transport Sector

Bugaj,

Durana,

Blazek

et al. 2023

Mathematics

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Despite the COVID-19 pandemic, the current era offers the ultimate possibility for prosperous corporate life, especially in the transport sector. Industry 4.0 covers artificial intelligence, big data, or industrial IoT, and thus spatial cognition algorithms, traffic flow prediction, autonomous vehicles, and smart sustainable mobility are not far away. The mentioned tools have already been implemented by enterprises in emerging countries. This exploration focused on transportation within the V4 region from 2016–2021. This article aims to confirm the positive sequel of applying Industry 4.0 to chosen indicators of profitability. The positive, negative, or no shift in the development of 534 businesses was based on Pettitt’s test. The Pearson chi-square test disclosed the significant dependency between Industry 4.0 and shifts in profitability ratios. Then, more than 25% of enterprises involved in Industry 4.0 had positive shifts in ROA, ROC, ROS, and ROR. The research proved not only its balanced effect but also its augmented force through the z-test of proportion. This investigation may provide multiple proofs for connected sectors with transportation to adapt the tools of Industry 4.0 and deliver the call for the governments in the V4 region to make this tool more achievable.

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“…Behavioural economics has led to a new way of looking at economics and finance [73]. Thus, the unusual assessment of profitability ratios by time series was used.…”

Section: Disclosure Of a Shiftmentioning

confidence: 99%

“…Stefko et al [70] Return on wages ROW ROW = EBT Wage costs Barkai [71] Vojinovic et al [72] 4. Disclosure of a shift Behavioural economics has led to a new way of looking at economics and finance [73]. Thus, the unusual assessment of profitability ratios by time series was used.…”

Section: Miskufova Et Al [69]mentioning

confidence: 99%

Industry 4.0: Marvels in Profitability in the Transport Sector

Bugaj,

Durana,

Blazek

et al. 2023

Mathematics

View full text Add to dashboard Cite

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“…More recently, other factors, such as the corporate social responsibility (CSR), ethics, and sustainability are also worth considering as potential determinants of the capital structure. Krištofík et al (2022) examine the mediating role of CSR in the relations between capital structure and its determinants (effective corporate tax rate, depreciation and amortization, asset tangibility and available cash). The sample consists of european CSR companies and non-CSR companies.…”

Section: Introductionmentioning

confidence: 99%

Impact of the Global Financial Crisis and the Tunisia’s Jasmine Revolution on the Corporate Capital Structure: Evidence from Four Arab Countries

Hamouda,

Jilani

2023

IJEFI

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This paper provides new evidence on capital structure determinants in the Arab world with special focus on the impact of the 2008 global financial crisis and the Jasmine Revolution on four different corporate leverage ratios. The sample consists of 440 non-financial listed companies from four Arab- Mediterranean countries (Egypt, Jordan Morocco and Tunisia) and the panel data are analyzed from the period 2003–2019. Statistical analysis of results are carried out by using the ordinary least squares ; three dummy variables are included (time, country and industry). The results indicate cross-country variations in four different leverage ratios. Moroccan firms, contrary to those in Tunisia and Jordan, show lower leverage ratios. By contrast, they report higher levels of « size », « profitability » and « growth opportunities ». The results also show that the Jasmine Revolution as well as the 2008 global financial crisis affects the impact of firm-specific determinants : After crisis and Jasmine Revolution, the positive and the negative effects of « size » and « profitability », respectively, become more important. Profitability is the most significant explanatory factor of corporate capital structure in Arab countries. During the two sub-periods, the growth opportunities and their negative impact on the corporate financial decisions depend on the choice of the leverage ratio (total debt versus long term debt – book values versus market values). Asset tangibility is the most critical factor : its positive effect on capital structure is more important before the Jasmine revolution and/or the global financial crisis. The effect is initially positive but becomes negative when leverage ratio is calculated using total values of debt (book and market values of debt). Results on capital structure determinants in the Arabic context not depend only on the choice of the leverage ratio, but also on the period considered.

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