Určující znaky rozhodování v korporátním finančnictví: poznatky z průzkumu v českých podnicích
Autor: | Ing. Irena Jindřichovská CSc., PhDr. Pavel Körner Ph.D., |
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Typ: | IES Working Papers |
Rok: | 2008 |
Číslo: | 1 |
ISSN / ISBN: | |
Publikováno v: | IES Working Papers 2008/1 |
Místo vydání: | Prague |
Klíčová slova: | korporátní finance, kapitálová struktura, trade-off teorie, pecking order teorie, transitní ekonomiky, průzkum |
JEL kódy: | G32 |
Citace: | Jindrichovska, J.,Körner, P. (2008). “ Determinants of corporate financing decisions: a survey evidence from Czech firms ” IES Working Paper 1/2008. IES FSV. Charles University. |
Granty: | 402/05/2123 (2005-2007) Efektivnost na finančních trzích a nová basilejská dohoda (NBCA) |
Abstrakt: | This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital structure. Employing Chi-square Sign Test and Logit regression the empirical analysis provides the evidence how the financial managers perceive particular instruments of internal and external financing. We find, that firms follow pecking order theory for working capital financing, however the arguments for pecking order theory in investment financing are not that strong. Firms prefer retained earnings among internal financing instruments and bank loans and leasing among external financing instruments. Finally, the paper discusses the links with practice and some limitations of the results. |
Ke stažení: |
WP 2008_1_Jindrichovska, Korner |