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Impact of selected characteristics of SMEs on the capital structure

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dc.title Impact of selected characteristics of SMEs on the capital structure en
dc.contributor.author Belás, Jaroslav
dc.contributor.author Gavurová, Beata
dc.contributor.author Tóth, Peter
dc.relation.ispartof Journal of Business Economics and Management
dc.identifier.issn 1611-1699 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2018
utb.relation.volume 19
utb.relation.issue 4
dc.citation.spage 592
dc.citation.epage 608
dc.type article
dc.language.iso en
dc.publisher Vilnius Gediminas Technical University
dc.identifier.doi 10.3846/jbem.2018.6583
dc.relation.uri https://journals.vgtu.lt/index.php/JBEM/article/view/6583
dc.subject capital structure en
dc.subject SMEs en
dc.subject company indebtedness en
dc.subject credit risk en
dc.subject loan availability en
dc.subject company prosperity en
dc.subject optimal capital structure en
dc.subject ordinal logistic en
dc.description.abstract The optimal capital structure is a key precondition for business, even though defining the optimal capital structure is difficult. The available studies present many different and mutually contradictory factors that need to be taken into account in the strategic financial decisions of managers. Their importance and intensity are different for individual business entities. Given the specificities of companies in the SME segment, achieving an optimal capital structure is a challenging task as there is no model of an optimal capital structure that can be universally applied in corporate practice. For this reason, we decided to realize our research. The main aim of the paper is to identify determinants of the SME's capital structure. We studied the impact of four determinants: region, business area, number of employees and business duration, on the manager's decisions about capital structure in the enterprise. Our research is based on the database 'Albertina', which consist of all SME in the Czech Republic. We applied ordinal logistic regression and estimated five models. These models were used to predict attitude of SME to the capital structure. Analysis was done in R Software. The main finding is that the size of the company measured by the number of employees effects its attitude to volume of foreign and own capital used to finance its activities. Analysis also showed that entrepreneurs with longer duration of taking their business prefer more foreign capital than their own capital. Business area and region where enterprise is located do not significantly affect capital structure. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1008416
utb.identifier.obdid 43878450
utb.identifier.scopus 2-s2.0-85062273785
utb.identifier.wok 000453042900002
utb.source j-wok
dc.date.accessioned 2019-01-31T08:59:00Z
dc.date.available 2019-01-31T08:59:00Z
dc.rights Attribution 4.0 International
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.rights.access openAccess
utb.contributor.internalauthor Belás, Jaroslav
utb.fulltext.affiliation Jaroslav BELAS 1, Beata GAVUROVA 2*, Peter TOTH 3 1 Tomas Bata University in Zlín, Faculty of Management and Economics, Zlín, Czech Republic 2 Department of Banking and Investment, Faculty of Economics, Technical University of Košice, Košice, Slovak Republic 3 Department of Finance, Faculty of Economics, Technical University of Košice, Košice, Slovak Republic
utb.fulltext.dates Received 26 July 2018 accepted 14 October 2018
utb.wos.affiliation [Belas, Jaroslav] Tomas Bata Univ Zlin, Fac Management & Econ, Zlin, Czech Republic; [Gavurova, Beata] Tech Univ Kosice, Fac Econ, Dept Banking & Investment, Kosice, Slovakia; [Toth, Peter] Tech Univ Kosice, Fac Econ, Dept Finance, Kosice, Slovakia
utb.scopus.affiliation Tomas Bata University in Zlín, Faculty of Management and Economics, Zlín, Czech Republic; Department of Banking and Investment, Faculty of Economics, Technical University of Košice, Košice, Slovakia; Department of Finance, Faculty of Economics, Technical University of Košice, Košice, Slovakia
utb.fulltext.faculty Faculty of Management and Economics
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Attribution 4.0 International Kromě případů, kde je uvedeno jinak, licence tohoto záznamu je Attribution 4.0 International