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Kędzior Marcin (Cracow University of Economics, Poland)
An Empirical Examination of Microeconomic Capital Structure Determinants : Evidence from European Publicly Traded Manufacturers
Weryfikacja empiryczna mikroekonomicznych determinantów struktury kapitału : dane z europejskich publicznych przedsiębiorstw produkcyjnych
Argumenta Oeconomica Cracoviensia, 2012, no 8, s. 57-77, tab., bibliogr. 21 poz.
Struktura kapitału, Rentowność przedsiębiorstwa, Przedsiębiorstwo produkcyjne
Capital structure, Enterprise profitability, Production enterprise
Niemcy, Włochy, Wielka Brytania, Holandia, Francja, Polska
Germany, Italy, United Kingdom, Netherlands, France, Poland
W artykule poddano empirycznej wersyfikacji mikroekonomiczne determinanty struktury kapitału dla 736 publicznych spółek produkcyjnych z Francji, Niemiec, Włoch, Holandii, Polski i Wielkiej Brytanii. Struktura kapitału została zdefiniowana jako zadłużenie całkowite i zadłużenie długoterminowe w sumie kapitałów. Wśród istotnych mikroekonomicznych determinantów struktury kapitału wyróżniono: zmienność zysków, wielkość spółki, możliwości wzrostu, zyskowność, strukturę aktywów. Za najistotniejsze czynniki wywierające wpływ na strukturę kapitału uznano rentowność podmiotu gospodarczego i jego wielkość. Przedsiębiorstwa z badanej populacji państw stosują podobne determinanty struktury kapitału, różny może być jednak ich sposób i siła oddziaływania. Za różnice w istotności poszczególnych determinantów dla podmiotów gospodarczych pochodzących z różnych państw odpowiadają czynniki o charakterze makroekonomicznym, instytucjonalnym i kulturowym. (abstrakt autora)

The paper analyses major capital structure determinants on the basis of data obtained from 736 listed production companies. The empirical material applies to the countries of France, Germany, Italy, the Netherlands, Poland and the UK. Research is conducted at the national level, leading to a comparative analysis of the results. The following factors are regarded to be major structural determinants: profitability, asset structure, company size, the business entity's growth potential and risk. (author's abstract)
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