Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Capital Structure Determinants of Forest Enterprises: Empirical Study Based on Panel Data Analysis from the Czech Republic, Slovakia, and Bulgaria
At present, forest enterprises face many challenges in adopting innovative bio-based approaches considering global changes. Due to the specifics of forestry, the choice of financing sources is a complex issue. The aim of this study is to estimate the capital structure determinants of forest enterprises in the Czech Republic, Slovakia, and Bulgaria in the context of the relationship between leverage and the factors of its appearance. The evaluation of capital structure determinants was carried out using selected indicators for 18 forest enterprises, with 6 enterprises per country. Data were processed for the period of 2015–2019. The study methodology was based on a Panel Data Analysis with Fixed Effects and Random Effect models and Ordinary Least Squares estimation. The following specific variables were included: liquidity, leverage, return on assets, size of the enterprises, and gross domestic product. The results revealed that the forest enterprises in these three countries can be differentiated by size and form individual functional relationships with the positive influence of enterprise size on liability share. The next significant determinant was found to be liquidity, which has a negative relationship with enterprise leverage. These results will be useful for managers of forest enterprises in decision-making processes to determine the amount of debt and planning investment programme strategies.
Capital Structure Determinants of Forest Enterprises: Empirical Study Based on Panel Data Analysis from the Czech Republic, Slovakia, and Bulgaria
At present, forest enterprises face many challenges in adopting innovative bio-based approaches considering global changes. Due to the specifics of forestry, the choice of financing sources is a complex issue. The aim of this study is to estimate the capital structure determinants of forest enterprises in the Czech Republic, Slovakia, and Bulgaria in the context of the relationship between leverage and the factors of its appearance. The evaluation of capital structure determinants was carried out using selected indicators for 18 forest enterprises, with 6 enterprises per country. Data were processed for the period of 2015–2019. The study methodology was based on a Panel Data Analysis with Fixed Effects and Random Effect models and Ordinary Least Squares estimation. The following specific variables were included: liquidity, leverage, return on assets, size of the enterprises, and gross domestic product. The results revealed that the forest enterprises in these three countries can be differentiated by size and form individual functional relationships with the positive influence of enterprise size on liability share. The next significant determinant was found to be liquidity, which has a negative relationship with enterprise leverage. These results will be useful for managers of forest enterprises in decision-making processes to determine the amount of debt and planning investment programme strategies.
Capital Structure Determinants of Forest Enterprises: Empirical Study Based on Panel Data Analysis from the Czech Republic, Slovakia, and Bulgaria
Nikolay Neykov (Autor:in) / Stanislava Krišťáková (Autor:in) / Petar Antov (Autor:in) / Aureliu-Florin Halalisan (Autor:in) / Iveta Hajdúchová (Autor:in) / Mariana Sedliačiková (Autor:in) / Roman Sloup (Autor:in) / Luděk Šišák (Autor:in)
2022
Aufsatz (Zeitschrift)
Elektronische Ressource
Unbekannt
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