Zróżnicowanie struktury kapitału oraz jej determinant w spółkach kapitałowych według wybranych działów klasyfikacji NAICS
Diversification of the capital structure and its determinants among listed companies divided according to NAICS classification

Summary/Abstract: Purpose – The purpose of the study was to assess the significance of differences in microeconomic factors of the capital structure across and the structure of financing sources of listed companies within four selected divisions of the NAICS 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 NAICS classification was assessed. Findings – The enterprises were the most strongly differed due to the level of total indebtedness. Within the examined divisions, manufacturing enterprises differed the most significantly compared to other enterprises. Among the distinguished determinants of the capital structure, the most important thing in terms of differences between entities was the return on assets, and then the return on equity. The companies were not differed due to their size. This was due to the fact that the research covered companies listed on the stock exchange, mainly medium and large companies. Originality/value – The conducted research allowed to identify the significance of the varied impact of capital structure determinants of listed companies according to NAICS classification.

• Details
• Contents