Decisions affecting capital structure - an empirical analysis of Hungarian manufacturing firms in 1992-2001

• Autorzy: Balla A.
• Języki publikacji: HU

Abstrakty

EN

The study concerns the capital-structure characteristics of Hungarian manufacturing firms in the 1992-2001 period. The first part presents briefly the trade-off, agency and pecking-order theories of capital structure and the empirical findings to do with the factors affecting capital-structure decisions. The second part explores indicators that also explain capital-structure decisions in the period of transition to a market economy. The third part uses empirical analysis to seek the most general attributes of decisions relating to capital structure taken by Hungarian manufacturing firms. The author concludes that a decisive proportion of the capital structure of such firms consisted of short-term sources, with an extremely low weight for long-term capital sources. The main conclusion of the study is that the capital structure-related decisions of the firms cannot be explained by a single theoretical approach. The trade-off, agency and pecking-order models complement each other in explaining the various attributes of capital-structure decisions in manufacturing firms, so that no model alone can be applied comprehensively.

Słowa kluczowe

EN

CAPITAL STRUCTURE (HUNGARIAN FIRMS); FINANCIAL DECISIONS

• Wydawca: Committee for Economic Sciences of the Hungarian Academy of Sciences
• Czasopismo: Kozgazdasagi Szemle (Economic Review)
• Rocznik: 2006
• Tom: 53
• Numer: 7/8
• Strony: 681-700
• Rodzaj publikacji: ARTICLE

Twórcy

autor

Balla A.

• A. Balla, no address given, contact the journal editor

Identyfikatory

CEJSH db identifier

07HUAAAA02986078