Are corporate financing policies different in old and new EU member states?

Julia Koralun-Bereźnicka


The research aim is to verify whether and how corporate capital structure and its determinants vary between the old and new EU member states. The empirical research based on the BACH-ESD database provided by the European Commission covers private firms from 12 countries in the period 2000-2017. Apart from considering the length of EU membership, a number of firm-specific determinants and industry features are captured in order to identify the main differences in corporate financing patterns. The methods employed include analysis of variance as well as panel data modelling performed on the two subgroups of countries. Findings reveal that although corporate financing patterns differ significantly across the compared groups, with companies in old member countries more heavily dependent on debt, the determinants of corporate financing choices are less varied and provide more support for the pecking order theory. The results also indicate that the relevant importance of the country, industry, and firm size effects depends on the length of EU membership.
Author Julia Koralun-Bereźnicka (FM/DCF)
Julia Koralun-Bereźnicka,,
- Department of Corporate Finance
Publication size in sheets0.50
Book Jajuga Krzysztof, Locarek-Junge Hermann, Orłowski Lucjan T., Staehr Karsten (eds.): Contemporary Trends and Challenges in Finance: proceedings from the 5th Wroclaw International Conference in Finance, Springer Proceedings in Business and Economics, 2020, Springer, ISBN 978-3-030-43077-1, [978-3-030-43078-8], 259 p., DOI:10.1007/978-3-030-43078-8
Keywords in Polishstruktura kapitału, kraje członkowskie UE, długość okresu członkostwa
Keywords in Englishcapital structure, EU member states, length of EU membership period
Languageen angielski
Koralun_Bereznicka_Julia_Are_corporate_2020.pdf 179,88 KB
Score (nominal)20
Score sourcepublisherList
ScoreMinisterial score = 20.0, 05-06-2020, ChapterFromConference
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