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Leverage of Non-financial Firms and Its Determinants in the Pre-pandemic and Pandemic Period—Some Evidence from CEE Countries

In: Advances in Empirical Economic Research

Author

Listed:
  • Peter Krištofík

    (Faculty of Economics Matej Bel University in Banská Bystrica, Department of Finance and Accounting)

  • Hussam Musa

    (Faculty of Economics Matej Bel University in Banská Bystrica, Department of Finance and Accounting)

  • Juraj Medzihorský

    (Faculty of Economics Matej Bel University in Banská Bystrica, Department of Finance and Accounting)

Abstract

Capital structure of firms, including its development during crises, has been widely discussed by economists. However, how has capital structure changed during the specific crisis related to the pandemic? Focusing on CEE, we confirmed that corporate leverage decreased significantly in 2020 in most of the examined countries. Regarding capital structure determinants, we confirmed significant negative correlations between leverage and profitability, cash, respectively, among the examined countries that support especially pecking-order theory. These associations were not affected by the pandemic, while, e.g., correlations of leverage and growth opportunities changed in the pre-pandemic period, as well as, in the pandemic period, depending on an examined country.

Suggested Citation

  • Peter Krištofík & Hussam Musa & Juraj Medzihorský, 2023. "Leverage of Non-financial Firms and Its Determinants in the Pre-pandemic and Pandemic Period—Some Evidence from CEE Countries," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Empirical Economic Research, chapter 0, pages 857-869, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-22749-3_53
    DOI: 10.1007/978-3-031-22749-3_53
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