Naslov
Is Capital Structure Important in Contemporary Finance Relations?

Autori
Učkar, Dean

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
39th International Conference on Organizational Science Development Organizations at Innovation and Digital Tranformation Roundabout / Šprajc, Polona ; Podbregar, Iztok ; Maletič, Damjan ; Tomić, Daniel ; Ziegler, Yvonne ; Uli, Vincenzo ; Arsenijević, Olja - Maribor : University of Maribor, University Press, Faculty of Organizational Sciences, 2020, 845-862

ISBN
978-961-286-388-3

Skup
39th International Conference on Organizational Science Development: Organizations at Innovation and Digital Transformation Roundabout

Mjesto i datum
Online, 23.09.2020. - 24.09.2020

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Capital structure, financial structure, debt ratios, profitability ratios, capital structure theories

Sažetak
The various combinations of sources of financing that a business uses in its operations have multiple impacts on the generation of its cash flow. Such influence can be viewed from the aspect of forming the total cost of financing the company, from the aspect of investments where such an indicators represents the minimum level of required profitability of investment projects, as well as from the aspect of investors in an enterprise where different capital structure carries with it a different level of financial risk. It is therefore not surprising that there is considerable scientific interest in this issue and numerous researches conducted on this topic. Moreover, the relevance of the subject is also evidenced by the fact that there are numerous theories on the formation of capital structure and its consequences on the valuation of the company, that is, the influence on the market value of the company's shares. This paper will determine the average values of the formation of the capital and financial structure of Croatian companies listed on the Zagreb Stock Exchange. The analysis of 30 companies over a ten-year period from 2009 to 2018 will seek to show the impact that the formed capital structure has on profitability. By establishing a negative link between the selected debt indicators and the profitability indicators, the validity of contemporary capital structure theories, which have their starting point in behavioral finance and are specific for developed financial markets, has been rejected.

Izvorni jezik
Hrvatski

Znanstvena područja
Ekonomija

POVEZANOST RADA