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Decisions affecting capital structure - an empirical analysis of Hungarian manufacturing firms in 1992-2001

100%
Balla A.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 7/8
681-700
EN
The study concerns the capital-structure characteristics of Hungarian manufacturing firms in the 1992-2001 period. The first part presents briefly the trade-off, agency and pecking-order theories of capital structure and the empirical findings to do with the factors affecting capital-structure decisions. The second part explores indicators that also explain capital-structure decisions in the period of transition to a market economy. The third part uses empirical analysis to seek the most general attributes of decisions relating to capital structure taken by Hungarian manufacturing firms. The author concludes that a decisive proportion of the capital structure of such firms consisted of short-term sources, with an extremely low weight for long-term capital sources. The main conclusion of the study is that the capital structure-related decisions of the firms cannot be explained by a single theoretical approach. The trade-off, agency and pecking-order models complement each other in explaining the various attributes of capital-structure decisions in manufacturing firms, so that no model alone can be applied comprehensively.
2

POCIŤOVANÁ A SKUTOČNÁ FINANČNÁ GRAMOTNOSŤ

80%
Baláž V.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 7
681 – 697
EN
Perceived and actual financial literacy in Slovakia was examined via standard questions used in the international surveys. The levels of perceived competence were well-related to actual knowledge of basic financial concepts, such as inflation, compound interest, time value of money and investment costs and socio-demographic variables (education, gender). Psychological variables (risk tolerance levels) impacted perceived financial knowledge indirectly, via willingness to invest in risky classes of financial products.
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