Optimal capital structure and leverage adjustment speed of European public and private firms

Klemen Stegovec (Avtor), Matjaž Črnigoj (Avtor)

Povzetek

In this research paper, the dynamic trade-off theory is tested by applying European public and private firms, since as much of the existing research remains in the US public firm context only. The results of our research show that European firms, both private and public, follow the optimal capital structure path consistent with the dynamic trade-off theory. We find that above optimally levered firms adjust their leverage towards the optimal capital structure faster than the below optimally levered ones. In addition, the results show that public and private firms seem to make similar leverage adjustment decisions and that not only the size but also the public/private status of the firms account for the differences.

Ključne besede

javni sektor;private sector;capital;structure;indebtedness;

Podatki

Jezik:	Angleški jezik
Leto izida:	2020
Tipologija:	1.01 - Izvirni znanstveni članek
Organizacija:	UL EF - Ekonomska fakulteta
UDK:	336.76
COBISS:	35559939
ISSN:	1580-0466
Št. ogledov:	297
Št. prenosov:	99
Ocena:	0 (0 glasov)
Metapodatki:

Ostali podatki

Sekundarni jezik:	Slovenski jezik
Sekundarni naslov:	Optimalna struktura kapitala in hitrost prilagajanja zadolženosti evropskih javnih in zasebnih podjetij
Sekundarne ključne besede:	public sector;privatni sektor;kapital;struktura;zadolženost;
Vrsta dela (COBISS):	Članek v reviji
Strani:	str. 261-288, 318
Letnik:	ǂVol. ǂ22
Zvezek:	ǂno. ǂ2
Čas izdaje:	2020
DOI:	10.15458/ebr103
ID:	12149310