Factors Associated with the Capital Structure of Polish Companies in the Long and Short Term

Szomko, Natalia

doi:10.33119/gn/116717

Cited by 5 publications

(4 citation statements)

References 68 publications

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“…In the short term, the firms' sizes, tangibility of assets, and the industry median debt ratio positively associate with the debt ratios. At the same time, profitability and the non-debt tax shield are negatively related to debts in firms [31].…”

Section: Literature Reviewmentioning

confidence: 98%

Determinants of Financial Sustainability in Chinese Firms: A Quantile Regression Approach

et al. 2022

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Our research investigates the connection between firm characteristics and leverage based on a sample of firms listed in the Chinese Stock Index 300. We aim to examine the sustainability of the financial structure of Chinese enterprises covering the period 2010–2019. We employ a conditional quantile regression that discloses the behavior of regressions across the leverage distribution and compares its results for different leverage levels with those achieved by the linear regression model. The results confirm the effects of the determinants of capital structure change since the quantile of leverage varies. We find that both the trade-off theory (TOT) and the pecking order theory (POT) confirm the validity of Chinese firms’ financing decisions at different quantiles of leverage. Specifically, the empirical results support the POT more over the TOT at higher levels of the quantile. Furthermore, the relationship between firm size and leverage strongly switches to support the POT at the highest quantile. All empirical results are obtained from quantile regression, consistent with the prediction for an increase in asymmetric information of the POT when Chinese firms employ more debt in their capital structure.

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Section: Literature Reviewmentioning

confidence: 98%

Determinants of Financial Sustainability in Chinese Firms: A Quantile Regression Approach

et al. 2022

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“…As a result, the use of debt is profitable for the company under certain conditions. The strongest correlations have been observed in studies for listed companies (Szomko, 2020;Prędkiewicz & Prędkiewicz, 2015;Mazur, 2007). In general, however, no single universally accepted capital structure theory exists.…”

Section: Literature Reviewmentioning

confidence: 99%

Struktura kapitału a rentowność spółek komunalnych Olsztyna

Skorwider-Namiotko

2023

oej

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Spółki komunalne starają się łączyć realizację celów społecznych i zadań gminy z zakresu użyteczności publicznej z celami komercyjnymi właściciela związanymi ze wzrostem wartości lub maksymalizacją wyników finansowych. W swojej działalności wykorzystują także kapitały obce pozyskane z rynku finansowego. Celem badań jest ocena struktury kapitału w spółkach komunalnych Olsztyna w latach 2017-2022 oraz wpływu przyjętej struktury kapitału na rentowność tych podmiotów. Podmiotami badań było siedem spółek komunalnych funkcjonujących na terenie Olsztyna. W badaniach wykorzystano metody analizy ekonomicznej, tj. analizę porównawczą, wskaźnikową analizę finansową oraz model Du Pont według propozycji Hawawiniego. Wyniki badań wskazują, że spółki te w większości są rentowne, ale ich rentowność jest niska, a ze sprzedaży generują straty. W strukturze kapitału wykorzystują dług, często w znacznym zakresie, ale stosują bezpieczne strategie finansowania. Obserwowane zmiany rentowności najczęściej wynikały ze zmian marży operacyjnej ze sprzedaży, a nie zmiany struktury kapitału.

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“…Also more attention is paid to the influence of a firm's characteristics and institutional differences on financing patterns of firms (Booth et al, 2002;Giannetti, 2003 Szomko, 2020). Giannetti (2003) observes positive nexus between the firm's financing patterns and institutio nal environments.…”

Section: Briefmentioning

confidence: 99%

Transformation of the financing patterns of agricultural enterprises in the conditions of the financial system crisis: a case of Ukraine and the USA

Oliynyk-Dunn¹,

Wasilewski²,

Wasilewska³

et al. 2020

EA-XXI

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The authors study how the financing patterns of agricultural enterprises have changed under the influence of the financial system crisis in Ukraine and the United States (US, USA). The indicators of financing patterns, which are traditionally employed in financial management, were used. However, the main financial indicator which is the financial leverage indicator provides distorted results because agricultural lands are not objects of sale in Ukraine, therefore, they are not considered as assets and are not reflected in the balance sheet of enterprises at fair value. The agricultural lands, which are leased by the agricultural enterprises, were evaluated and the financial leverage indicator was recalculated. After the recalculation, the financial leverage indicator was reduced from 1.081 to 0.128 in 2017 (the latest data available by the beginning of 2020 has been applied). The obtained adjusted value of the financial leverage indicator in Ukraine was even lower than the actual value of 0.149 in the USA in 2017. In addition, the integral indicator of debt capital quality was built to characterize the debt capital of the agricultural enterprises. The analysis showed that the financial system crisis in Ukraine influenced negatively on the financing patterns of the agricultural enterprises. Ukraine lagged far behind in terms of key indicators of the financing patterns of the agricultural enterprises compared with the USA. The study showed the significant statistical relationship between the integral indicator of debt capital quality of the agricultural enterprises and the integral indicator of the banking sector component of the financial system in Ukraine, which allowed building the reliable regression model. It means that the financial crisis influences negatively on the quality of debt capital of the agricultural enterprises. One of the main reasons for improper compensation of the negative effects of the financial system crisis on the agricultural enterprises is the absence of a specialized financial system for agriculture in Ukraine (contrary to the USA), which needs to be confirmed in the course of further research.

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Factors Associated with the Capital Structure of Polish Companies in the Long and Short Term

Cited by 5 publications

References 68 publications

Determinants of Financial Sustainability in Chinese Firms: A Quantile Regression Approach

Determinants of Financial Sustainability in Chinese Firms: A Quantile Regression Approach

Struktura kapitału a rentowność spółek komunalnych Olsztyna

Transformation of the financing patterns of agricultural enterprises in the conditions of the financial system crisis: a case of Ukraine and the USA

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