Determinanty struktury kapitału według wybranych działów klasyfikacji NAICS – ujęcie modelowe dla spółek kapitałowych
Determinants of the capital structure according to NAICS classification - a model approach for listed companies

Summary/Abstract: Purpose – The purpose of the study was to assess the direction and the strength of an impact of specific microeconomic factors on the capital structure of listed companies within the selected four divisions of the NACE classification. Design/Methodology/approach – The research was carried by using the data from the financial statements of the EMIS Intelligence database. A total of 330 companies were qualified to the study sample in the period 2012-2016. Both the significance of the diversification of a capital structure and its determinants due to their affiliation to a particular NACE classification was assessed. In the research, the parameters of the panel model were estimated for each of the distinguished NAICS classification group. Findings – During the period considered, the return on assets was the most important factor in terms of capital structure changes. This dependence indicated the decrease in the level of property profitability along with an increase in the share of debt in total liabilities. Both the share of fixed assets in total assets and the size were characterized by a varied impact due to the assessment of the share of short- and long-term debt. Originality/value – The conducted research allows identifying the significance of selected determinants in shaping the capital structure, taking into account characteristics of businesses. The research covered companies listed on the stock exchange with similar financing conditions.

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