SMEs Capital Structure Determinants: Empirical Evidence from Kazakhstan

• Autorzy: Samal Kokeyeva

Warianty tytułu

Uwarunkowania struktury kapitału MŚP na przykładzie spółek z Kazachstanu

• Języki publikacji: EN

Abstrakty

EN

Celem artykułu jest określenie czynników mających wpływ na strukturę kapitału małych i średnich przedsiębiorstw (MŚP). Analizie poddano funkcjonujące w Kazachstanie małe i średnie firmy ze wszystkich branż. Do badań wykorzystano metody panelowe. Zbadano wpływ takich kluczowych czynników, jak: rzeczowe środki trwałe, wielkość spółki i jej zmiany, rentowność, stawka podatku dochodowego. Badania przeprowadzono w kontekście teorii kompromisu oraz teorii hierarchii struktury kapitału. Wyniki pokazują, iż mimo pewnych różnic w oddziaływaniu wybranych czynników, wiele z nich wywiera istotny wpływ na stan kazachskiego sektora MŚP.(original abstract)

The purpose of this paper is to study the standard firm-factor determinants on capital structure of small and medium-sized enterprises (SMEs). To this end, we analyzed small and medium sized firms in Kazakhstan, where all sectors were considered. We use panel data methods to investigate the determinants of capital structure for non-financial SMEs in Kazakhstan. This study examines the impact of key determinants such as asset tangibility, size, growth, profitability and tax rate of SMEs. The trade-off theory and the pecking order theory of capital structure guided this study. The results suggest that despite some differences in the influence of factors on the capital structure, most of the determinants presented by the theory of finance appear indeed to be relevant for the Kazakhstan small and medium business sector.(abstrakt oryginalny)

Słowa kluczowe

EN

Capital structure; Panel data; Small business

PL

Struktura kapitału; Dane panelowe; Małe i średnie przedsiębiorstwa

• Czasopismo: Nauki o Finansach / Uniwersytet Ekonomiczny we Wrocławiu
• Rocznik: 2019
• Tom: 24
• Numer: nr 3
• Strony: 13--22

Twórcy

autor

Samal Kokeyeva

• Narxoz University, Almaty, Kazakhstan

Bibliografia

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Identyfikatory

DOI

10.15611/fins.2019.3.02