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Corporate capital structure: the case of large Croatian companies

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  • Sandra Pepur
  • Marijana Ćurak
  • Klime Poposki

Abstract

A growing body of research literature deals with the debt policy decisions of companies. Although the subject of corporate capital structure has been intriguing scientists for a number of years, very little research has been conducted on the sample of companies in an emerging market environment such as Croatia. The objective of this article is to identify the main determinants of capital structure in case of large companies in Croatia during the period from 2001–2010. The chosen set of explanatory variables is driven by firm-specific (internal) characteristics and is additionally extended by macroeconomic (external) features. The results obtained by dynamic panel data methodology reveal that neither of the two competing theories exclusively and completely explain the financing behaviour of the analysed companies, and that inflation and development of the banking sector are important factors that affect the corporate leverage level.

Suggested Citation

  • Sandra Pepur & Marijana Ćurak & Klime Poposki, 2016. "Corporate capital structure: the case of large Croatian companies," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 29(1), pages 498-514, January.
    • Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:498-514
    DOI: 10.1080/1331677X.2016.1175726
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    Cited by:

    1. Tharinee Pongsupatt & Apichat Pongsupatt, 0000. "Determinants Of Capital Structure On Banking Sector Case Study: Listed Company In Thailand Stock Exchange," Proceedings of Economics and Finance Conferences 14115977, International Institute of Social and Economic Sciences.

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