Impact of Selected Determinants on the Choice of Sources of Financing in the Energy Companies of the Visegrád Group
Journal Title: Socialiniai tyrimai - Year 2018, Vol 41, Issue 2
Abstract
Decision-making about capital structure is one of the basic decisions in each company, and therefore its analysis is the subject of this article. The importance of this theme corresponds to countless literature. This article aims to assess the impact of four determinants, selected by a review of earlier studies, on the choice of funding sources. The examined sample contains the energy companies of the Visegrád Group during the period 2009–2017. The data was obtained from Orbis and Eurostat database. The main research methods are correlation analyses and Generalized Method of Moments that are performed using EViews. The debt-equity ratio is used as the dependent variable. The independent variables are the growth rate of GDP, profitability, asset structure, and liquidity. For all countries, the influence of profitability on indebtedness was found. For Hungary, this relationship was negative, for remaining countries positive.
Authors and Affiliations
Nicole Škuláňová
Keywords
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