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1 Kozgazdasagi Szemle (Economic Review)

1 2006

1 Balla A.

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

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Balla A.

Kozgazdasagi Szemle (Economic Review)

2006

tom 53

nr 7/8

681-700

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.