Rozdiely v kapitálovej štruktúre verejne obchodovateľných podnikov Európy a USA
Differences in Capital Structure of Publicly Traded Companies in Europe and USA
Author(s): Peter Krištofík, Lea ŠlampiakováSubject(s): Politics / Political Sciences, Social Sciences, Supranational / Global Economy
Published by: Vysoká škola ekonomická v Praze
Keywords: capital structure puzzle; leverage; long-term debt; factors of influence
Summary/Abstract: Differences in Capital Structure of Publicly Traded Companies in Europe and USA The paper aims at analysing the difference in capital structure and debt maturity choices of firms in Europe and in the USA. Employing logical and comparative study of theoretical knowledge in accordance with analysis of empirical data, the authors define the variations in leverage and long-term debt ratios. Specifically for comparability of studied markets, the analysis was based on financial data of companies that are members of STOXX600, which is considered the primary index for the European market, and S&P 500, which is considered one of the best representations of the US market. Based on the results, we can assume that there exist statistically significant differences. Companies in the USA tend to use more debt, especially long-term debt, than companies in Europe.
Journal: Politická ekonomie
- Issue Year: 69/2021
- Issue No: 3
- Page Range: 322-339
- Page Count: 18
- Language: Slovak