Determinanty struktury kapitału na poziomie państwa na podstawie przeglądu literatury
Country-specific capital structure determinants. Review of the literature

Summary/Abstract: The aim of this paper is to overview research on corporate financing, which considers the country-level factors as determinants of capital structure. The author examines selected papers published in the last twenty years in international scientific journals. Conclusions from a number of empirical studies show that the country-level factors (e.g. GDP growth, inflation rate) significantly impact corporate leverage. At the same time there is lack of consensus among authors of individual studies, to which extent the companies’ capital structure is dependent on the country-level factors.

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