Capital structure and its determinants in companies originating from two opposite sides of the European Union: Poland and Portugal

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-04-01 DOI:10.18559/ebr.2022.1.3

L. Czerwonka, J. Jaworski

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引用次数: 2

Abstract

Abstract The aim of the paper is to identify differences in enterprises’ capital structure and its determinants in Poland and Portugal. The research applies statistical methods to the financial data of 22,775 Polish enterprises and 36,625 Portuguese enterprises for the years 2010–2017. The research results show that: (i) despite several years of ongoing economic integration in the EU differences in enterprises’ capital structure in old and new countries of the community still exist, (ii) in Portugal representing the old EU enterprises are more likely to use debt than in Poland being an emerging EU economy, (iii) in Polish enterprises, tangibility, profitability, liquidity and non-debt tax shield exert a negative impact on debt; while growth and size have a positive impact; in Portugal tangibility and a non-debt tax shield show the opposite, (iv) in both countries industry growth decreases indebtedness of enterprises while financial risk results in higher debt; in addition, in Portugal the capital intensity of industry increases the share of debt in capital structure.

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资本结构及其决定因素的公司来自欧盟的两个对立的一边:波兰和葡萄牙

摘要本文的目的是确定波兰和葡萄牙企业资本结构及其决定因素的差异。本研究采用统计方法对2010-2017年22775家波兰企业和36625家葡萄牙企业的财务数据进行分析。研究结果表明:(1)尽管欧盟经济一体化已持续数年，但新老共同体国家企业资本结构的差异仍然存在;(2)与作为新兴欧盟经济体的波兰相比，代表欧盟老企业的葡萄牙更有可能使用债务;(3)在波兰企业中，有形资产、盈利能力、流动性和非债务税盾对债务产生负面影响;虽然增长和规模有积极影响;在葡萄牙，有形资产和非债务税盾显示相反，(iv)在这两个国家，行业增长降低了企业负债，而金融风险导致更高的债务;此外，在葡萄牙，工业的资本密集度增加了债务在资本结构中的份额。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.