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首页> 外文期刊>Baltic Journal of Management >Capital structure decisions: research in Estonian non-financial companies
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Capital structure decisions: research in Estonian non-financial companies

机译：资本结构决策：爱沙尼亚非金融公司的研究

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Purpose – To investigate the relations between company-specific financial factors and the capital structure decisions of Estonian non-financial companies and to examine behavioral differences between companies of different sizes. Design/methodology/approach – Totally 260 Estonian non-financial companies are divided into small-, medium- and large-companies, each sample being analysed by correlation-regression method in two aspects – impact of financial factors on static capital structure and capital structure dynamics. Companies' financial statements of 2002/2003 or 2003/2004 are used. Finally, capital structure adjustments in extreme boundaries are analyzed. Findings – Capital structure decisions among Estonian non-financial companies are driven by the pecking order theory, the evidences supporting optimal capital structure choices in long run remain weak. The robustness of the pecking order behavior significantly differs between smaller and bigger companies. Research limitations/implications – Limited number of companies surveyed due to hard manual work required to adjust financial accounts. Implication of findings is somewhat limited as the study covers a single country. Originality/value – The paper helps to identify financial drivers and to understand motivations behind capital structure decisions of emerging market companies and it supplements earlier studies. Quasi-equity debt distorts the observed capital structures. Capital structure is adjusted for operating leases and quasi-equity debt to identify true amount put at risk and its mix between owners and external lenders.
机译：目的–研究特定于公司的财务因素与爱沙尼亚非金融公司的资本结构决策之间的关系，并研究不同规模公司之间的行为差​​异。设计/方法/方法–共有260家爱沙尼亚非金融公司分为小型，中型和大型公司，每个样本都通过相关回归方法从两个方面进行分析：财务因素对静态资本结构和资本结构的影响动力学。使用公司2002/2003或2003/2004的财务报表。最后，分析了极限范围内的资本结构调整。研究结果–爱沙尼亚非金融公司的资本结构决策是由啄序理论驱动的，从长期来看，支持最佳资本结构选择的证据仍然薄弱。规模较大的公司之间的啄食行为的鲁棒性明显不同。研究的局限性/意义–由于调整财务账目需要艰苦的手工工作，被调查的公司数量有限。由于研究覆盖单个国家，结果的含义在一定程度上受到限制。原创性/价值–该论文有助于识别财务驱动因素，并了解新兴市场公司资本结构决策背后的动机，并对先前的研究进行补充。准股权债务扭曲了观察到的资本结构。针对经营租赁和准股权债务对资本结构进行了调整，以识别存在风险的真实金额及其在所有者和外部贷方之间的混合。

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