Capital Structure and Firm Performance: The Case of Central and Eastern European Economies

被引：4

作者：

Brendea, Gabriela ^{[1
]}

Pop, Fanuta ^{[2
]}

Mihalca, Loredana ^{[1
]}

机构：

[1] Babes Bolyai Univ, Dept Econ & Business Adm German, Teodor Mihali 58-60, Cluj Napoca 400591, Romania

[2] Babes Bolyai Univ, Dept Finance, Teodor Mihali 58-60, Cluj Napoca 400591, Romania

来源：

EKONOMICKY CASOPIS | 2022年 / 70卷 / 05期

关键词：

capital structure; debt ratio; franchise-value hypothesis; efficiency-risk hypothesis; firm performance; agency costs; CEE countries; CORPORATE GOVERNANCE; AGENCY COSTS; DETERMINANTS; OWNERSHIP; DECISIONS; BEHAVIOR; FINANCE; CHOICE;

D O I：

10.31577/ekoncas.2022.05.03

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The current study examines the relationship between capital structure and firm performance for a sample of non-financial firms from eight Central and Eastern European countries in the period 2008 - 2017. Based on the agency costs hypothesis, we investigate whether debt ratio as a proxy for capital struc-ture has a positive relationship with firm performance for the countries included in the sample. The results indicate a negative relationship between these varia-bles and, thus, they did not support the agency costs hypothesis. In addition, we test the reverse causality from performance to capital structure based on two opposite hypotheses, that is, the efficiency-risk and the franchise-value hypo-thesis. The results support the franchise-value hypothesis, indicating a negative relationship between debt ratio and firm performance.

引用

页码：430 / 449

页数：20

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