engleski

Applied panel data analysis in the field of corporate finance – analysis of stock returns and capital structure of Croatian companies

The purpose of this paper is to analyse the possibility of applying panel data analysis in the field of corporate finance. Two different areas of financial analysis that are of great interest for both researchers and practitioners were chosen: stock returns and capital structure decisions. One of the main purposes of the stock return analysis is identification of systematic risk factors that affect stock market. The focus was on 34 stocks listed on the Zagreb Stock Exchange in the 2007- 2014 period. Second research is focused on simultaneous testing of the two predominant capital structure theories, the Trade-off and the Pecking Order Theory. Using a sample of nearly 3, 000 companies for the 2004-2015 period, the performance of these theories is investigated on Croatian companies. More specifically, the applicability of one-way time fixed and random effects panel model as a most suitable method for statistical analysis and economic interpretation is examined.

capital structure theories ; fixed and random effects model ; panel data analysis ; stock returns

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