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Statements

Subject Item
n2:RIV%2F27266150%3A_____%2F13%3A%230000078%21RIV14-MSM-27266150
rdf:type
skos:Concept n15:Vysledek
dcterms:description
In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capital structure. According to the pecking order theory changes in the level of debt are not motivated by the need to reach a given debt target, but instead are motivated by the need for external financing. In trade of theory companies identify their optimal capital structure and weigh up the advantages and disadvantages of an additional monetary unit of debt. Panel data methodology is used to test the empirical hypotheses over the sample of 260 Czech SMEs during the years 2004–2011 using annual data. To test pecking order theory and trade-off theory we use total debt ratio as a dependent variable and independent/explanatory variables depending on previous literature that that correspond to specific company characteristics. The results suggest that both theoretical approaches contribute to explain capital structure in Czech SMEs andidentify major forces that lie behind their indebtedness. In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capital structure. According to the pecking order theory changes in the level of debt are not motivated by the need to reach a given debt target, but instead are motivated by the need for external financing. In trade of theory companies identify their optimal capital structure and weigh up the advantages and disadvantages of an additional monetary unit of debt. Panel data methodology is used to test the empirical hypotheses over the sample of 260 Czech SMEs during the years 2004–2011 using annual data. To test pecking order theory and trade-off theory we use total debt ratio as a dependent variable and independent/explanatory variables depending on previous literature that that correspond to specific company characteristics. The results suggest that both theoretical approaches contribute to explain capital structure in Czech SMEs andidentify major forces that lie behind their indebtedness.
dcterms:title
Changes in Capital Structure of Czech SMEs: A Dynamic Panel Data Approach Changes in Capital Structure of Czech SMEs: A Dynamic Panel Data Approach
skos:prefLabel
Changes in Capital Structure of Czech SMEs: A Dynamic Panel Data Approach Changes in Capital Structure of Czech SMEs: A Dynamic Panel Data Approach
skos:notation
RIV/27266150:_____/13:#0000078!RIV14-MSM-27266150
n15:predkladatel
n16:ico%3A27266150
n3:aktivita
n14:N
n3:aktivity
N
n3:dodaniDat
n13:2014
n3:domaciTvurceVysledku
n12:5973430
n3:druhVysledku
n8:O
n3:duvernostUdaju
n10:S
n3:entitaPredkladatele
n6:predkladatel
n3:idSjednocenehoVysledku
64912
n3:idVysledku
RIV/27266150:_____/13:#0000078
n3:jazykVysledku
n11:eng
n3:klicovaSlova
Capital structure, trade-off theory, pecking order theory, small and medium sized enterprises, transitional economy
n3:klicoveSlovo
n4:trade-off%20theory n4:pecking%20order%20theory n4:transitional%20economy n4:small%20and%20medium%20sized%20enterprises n4:Capital%20structure
n3:kontrolniKodProRIV
[2F114D5F7842]
n3:obor
n5:AE
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
3
n3:rokUplatneniVysledku
n13:2013
n3:tvurceVysledku
Jindřichovská, Irena Ugurlu, Erginbay Kubíčková, Dana