How does the firm size affect the relative importance of country and industry effect in capital structure? Empirical evidence from Europe

Julia Koralun-Bereźnicka


The purpose of this study is to determine the relative importance of the country and industry factors in the capital structure depending on the firm size. The analysis includes three size groups of firms in thirteen industries of nine EU countries and covers the period 2000-2009. The applied methods include multivariate statistical analysis, mainly the k-means cluster analysis. Findings reveal the prevalence of the country factors, although not homogeneously across all size groups.
Author Julia Koralun-Bereźnicka (FM/DCF)
Julia Koralun-Bereźnicka,,
- Department of Corporate Finance
Journal seriesArgumenta Oeconomica, ISSN 1233-5835, (A 15 pkt)
Issue year2017
No1 (38)
Publication size in sheets1.00
Keywords in Englishcapital structure, country effect, industry effect, firm size
ASJC Classification1408 Strategy and Management; 2002 Economics and Econometrics
Languageen angielski
LicenseOther; published final; Other open licence; with publication
Score (nominal)15
Score sourcejournalList
ScoreMinisterial score = 15.0, 11-02-2020, ArticleFromJournal
Publication indicators WoS Citations = 0.000; Scopus SNIP (Source Normalised Impact per Paper): 2017 = 0.084; WoS Impact Factor: 2017 = 0.178 (2) - 2017=0.222 (5)
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