Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:18
  • preuzimanja u poslednjih 30 dana:11

Sadržaj

članak: 1 od 18  
Back povratak na rezultate
2023, vol. 71, br. 3-4, str. 178-191
Determinante strukture kapitala evropskih telekomunikacionih operatora
Univerzitet Singidunum, Poslovni fakultet, Beograd, Srbija
Ključne reči: telekom; struktura kapitala; zaduženost; dinamička panel regresija; GMM; Evropa
Sažetak
Sektor telekomunikacionih usluga je prethodnih godina pružio značajan doprinos svetskoj ekonomiji, čime je privukao pažnju istraživača. Ovo istraživanje ima za cilj da ispita vezu između ukupne zaduženosti i njenih osnovnih komponenti (kratkoročne i dugoročne zaduženosti), i faktora specifičnih za kompaniju i privredu koji su mogli uticati na strukturu kapitala evropskih telekomunikacionih operatora u periodu 2009-2020. Posmatrani period, koji počinje odmah nakon svetske ekonomske krize 2008. godine, karakteriše privredna stabilnost i ekspanzija mobilnih komunikacija, interneta i multimedijalnih usluga. U dinamičkim panel regresionim modelima koristili smo devet objašnjavajućih i tri zavisne varijable i zaključili da su likvidnost, profitabilnost, rast prodaje, obrt imovine, cena duga i nedužnički poreski štit imali značajan uticaj na strukturu kapitala evropskih telekomunikacionih operatera. Utvrdili smo da ukupna i dugoročna zaduženost značajno zavise od svojih prošlogodišnjih vrednosti. Struktura imovine, veličina kompanije i stopa rasta BDP-a države nisu značajno uticali na strukturu kapitala telekomunikacionih operatera u posmatranom periodu. Nalazi o dominantnom negativnom uticaju likvidnosti i profitabilnosti, kao i pozitivnom uticaju rasta prodaje na zaduženost, konzistentni su sa predviđanjima teorije hijerarhije (peckingorder). Ova studija može koristiti telekom-menadžerima i ostalima koji su zainteresovani za bolje razumevanje faktora koji mogu da utiču na strukturu kapitala telekomunikacionih operatora.
Reference
Acaravci, S.K. (2015) The determinants of capital structure: Evidence from the Turkish manufacturing sector. International Journal of Economics and Financial Issues, 5(1): 158-171
Afza, T., Hussain, A. (2011) Determinants of capital structure: A case study of automobile sector of Pakistan. Interdisciplinary Journal of Contemporary Research in Business, 2(10): 219-230
Alipour, M., Mohammadi, M.F.S., Derakhshan, H. (2015) Determinants of capital structure: An empirical study of firms in Iran. International Journal of Law and Management, 57(1): 53-83
Bauer, P. (2004) Determinants of capital structure: Empirical evidence from the Czech Republic. Czech Journal of Economics and Finance (Finance a uver), 54(1-2), 2-21
Berkman, A.N., Iskenderoglu, O., Karadeniz, E., Ayyildiz, N. (2016) Determinants of capital structure: The evidence from European energy companies. International Journal of Business Administration, 7(6): 96-106
Bevan, A.A., Danbolt, J. (2002) Capital structure and its determinants in the UK: A decompositional analysis. Applied Financial Economics, 12(3): 159-170
Blundell, R., Bond, S. (1998) Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1): 115-143
Booth, L., Aivazian, V., Demirguc-Kunt, A., Maksimovic, V. (2011) Capital structures in developing countries. The Journal of Finance, 56(1): 87-130
Bradley, M., Jarrell, G., Kim, E.H. (1984) On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39(3): 857-878
Carapeto, M., Shah, A. (2005) Optimal capital structure in the telecom industry: Myth or reality?. Journal of Restructuring Finance, 02(02): 189-201
Chen, J.J. (2004) Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12): 1341-1351
Cortez, M.A., Susanto, S. (2012) The determinants of corporate capital structure: Evidence from Japanese manufacturing companies. Journal of International Business Research, 11(3): 121-134
Črnigoj, M., Mramor, D. (2009) Determinants of capital structure in emerging European economies: Evidence from Slovenian firms. Emerging Markets Finance and Trade, 45(1): 72-89
de Jong, A., Kabir, R., Nguyen, T.T. (2008) Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking & Finance, 32(9): 1954-1969
Deesomsak, R., Paudyal, K., Pescetto, G. (2004) The determinants of capital structure: Evidence from the Asia Pacific region. Journal of multinational financial management, 14(4-5): 387-405
Delcoure, N. (2007) The determinants of capital structure in transitional economies. International Review of Economics & Finance, 16(3): 400-415
Feidakis, A., Rovolis, A. (2007) Capital structure choice in European Union: Evidence from the construction industry. Applied Financial Economics, 17(12): 989-1002
Frank, M.Z., Goyal, V.K. (2009) Capital structure decisions: Which factors are reliably important?. Financial Management, 38(1): 1-37
Gaud, P., Jani, E., Hoesli, M., Bender, A. (2005) The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1): 51-69
Getzmann, A., Lang, S. (2010) Determinants of the target capital structure and adjustment speed: Evidence from Asian, European and U.S. capital markets. Working Paper; Retrieved from https://www.efmaefm.org/0efmameetings/efma%20 annual%20meetings/2010-Aarhus%20old/EFMA2010_0413_ fullpaper.pdf
Gill, A., Biger, N., Pai, C., Bhutani, S. (2009) The determinants of capital structure in the service industry: Evidence from United States. Open Business Journal, 2(1): 48-53
Güner, A. (2016) The determinants of capital structure decisions: New evidence from Turkish companies. Procedia Economics and Finance, 38: 84-89
Handoo, A., Sharma, K. (2014) A study on determinants of capital structure in India. IIMB Management Review, 26(3): 170-182
Harris, M., Raviv, A. (1991) The theory of capital structure. The Journal of Finance, 46(1): 297-355
Hernádi, P., Ormos, M. (2012) Capital structure and its choice in Central and Eastern Europe. Acta Oeconomica, 62(2): 229-263
Jõeveer, K. (2013) Firm, country and macroeconomic determinants of capital structure: Evidence from transition economies. Journal of Comparative Economics, 41(1): 294-308
Karadeniz, E., Kandir, S.Y., Balcilar, M., Onal, Y.B. (2009) Determinants of capital structure: Evidence from Turkish lodging companies. International Journal of Contemporary Hospitality Management, 21(5): 594-609
Khan, M.A., Rehan, R., Chhapra, I.U., Sohail, A.B. (2021) Capital structure theories: A comprehensive review. Revista Gestão Inovação e Tecnologias, 11(3): 1562-1574
Kumar, S., Colombage, S., Rao, P. (2017) Research on capital structure determinants: A review and future directions. International Journal of Managerial Finance, 13(2): 106-132
Li, H., Stathis, P. (2017) Determinants of capital structure in Australia: An analysis of important factors. Managerial Finance, 43(8): 881-897
Mateev, M., Poutziouris, P., Ivanov, K. (2013) On the determinants of SME capital structure in Central and Eastern Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1): 28-51
Mazur, K. (2007) The determinants of capital structure choice: Evidence from Polish companies. International Advances in Economic Research, 13(4): 495-514
Modigliani, F., Miller, M. (1958) The cost of capital corporation finance, and the theory of investment. American Economic Review, 48: 261-297
Modigliani, F., Miller, M. (1963) Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3): 433-443
Mohanraj, D.V. (2011) Determinants of capital structure decision in Indian manufacturing industries: An empirical analysis. International Journal of Research in Computer Application and Management, 1(8): 139-142
Mokhova, N., Zinecker, M. (2013) The determinants of capital structure: The evidence from the European Union. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 61(7): 2533-2546
Moradi, A., Paulet, E. (2019) The firm-specific determinants of capital structure: An empirical analysis of firms before and during the Euro crisis. Research in International Business and Finance, 47: 150-161
Myers, S.C., Majluf, N.S. (1984) Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2): 187-221
Ozkan, A. (2001) Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance and Accounting, 28(1-2): 175-198
Pandey, A., Singh, M. (2015) Capital structure determinants: A literature review. African Journal of Accounting, Auditing and Finance, 4(2), 163-176
Pinková, P. (2012) Determinants of capital structure: Evidence from the Czech automotive industry. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(7): 217-224
Psillaki, M., Daskalakis, N. (2009) Are the determinants of capital structure country or firm specific?. Small Business Economics, 33(3): 319-333
Rahmatillah, I., Prasetyo, A.D. (2016) Determinants of capital structure analysis: Empirical study of telecommunication industry in Indonesia 2008-2015. Journal of Business and Manaagement, 5(3): 424-435
Rajan, R.G., Zingales, L. (1995) What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5): 1421-1460
Rehman, Z.U., Ahmed, M.A., Rahman, A., Khan, S.A. (2020) Determinants of capital structure: A case of listed pharmaceutical and chemical firms of Pakistan. Journal of International Management, 11(8): 1785-1796
Serghiescu, L., Văidean, V.L. (2014) Determinant factors of the capital structure of a firm: An empirical analysis. Procedia Economics and Finance, 15: 1447-1457
Shambor, A.Y. (2017) The determinants of capital structure: Empirical analysis of oil and gas firms during 2000-2015. Asian Journal of Finance & Accounting, 9(1), 1-34
Tamulyte, J. (2012) The determinants of capital structure in the Baltic States and Russia. u: Electronic Publications of Pan-European Institute, 1; Retrieved from https://www.utu.fi/sites/ default/files/media/Tamulyte_final.pdf
Teixeira, N.M., Melo, P.J.F. (2015) Determinants of capital structure of the information technology industry. The International Journal of Management Science and Information Technology, (15): 114-132
Titman, S. (1984) The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13(1), 137-151
Titman, S., Wessels, R. (1988) The determinants of capital structure choice. Journal of Finance, 43(1), 1-19
Viviani, J.L. (2008) Capital structure determinants: An empirical study of French companies in the wine industry. International Journal of Wine Business Research, 20(2): 171-194
Vo, X.V. (2017) Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance, 40, 105-113
World Bank (2022) GDP growth (annual %): World Bank Data. Retrieved from https://data.worldbank.org/indicator/ NY.GDP.MKTP.KD.ZG
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/EKOPRE2303178S
primljen: 31.10.2022.
objavljen u SCIndeksu: 07.07.2023.

Povezani članci

Nema povezanih članaka