The Capital Structure of Firms in Central and Eastern Europe

Francesca Cornelli · Richard D. Portes · Mark E. Schaffer

57 citations0/0 files storedRePEc: Research Papers in Economics

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Corporate Finance and Governance Financial Analysis and Corporate Governance Finance, Markets, and Regulation

Abstract

According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms’ investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland.

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1999Determinants of Enterprise Performance During Transition 1997The Capital Structure of Listed Companies in Poland 2002The Effects of Ownership Forms and Concentration on Firm Performance after Large-Scale Privatization 1999Investment and Finance in De Novo Private Firms: Empirical Results from the Czech Republic, Hungary, and Poland 2007Financing Choices of Firms in EU Accession Countries 2001Company financing, capital structure and ownership: a survey and implications for developing countries 1997The Real Exchange Rate in Transition Economies 2016Corporate capital structure: the case of large Croatian companies

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