Convergence of non-financial companies’ capital structure in Central and Eastern Europe

Krištofík, Peter, 1971- Convergence of non-financial companies’ capital structure in Central and Eastern Europe / Peter Krištofík, Lea Šlampiaková, Jana Fendeková. -- This paper explores the convergence of financial systems in selected CEE countries, by examining the typical capital structure, and its convergence, of their non financial companies. It examines the sigma convergence of ratios of the most important financial liabilities to total financial liabilities. It focusses on those liabilities that constitute a significant part of total liabilities. These are equity and investment fund shares, bank loans, debt securities and trade credit. Using the Eurostat database, there is strong evidence for sigma convergence of equity and bank loans. This confirms the banking sector's key role in continental Europe. In contrast, debt securities and trade credit show only moderate convergence. The 2008 crisis led to increased variance for debt securities and trade credit.

In Ekonomický časopis : časopis pre ekonomickú teóriu, hospodársku politiku, spoločensko-ekonomické prognózovanie. -- Bratislava : Ekonomický ústav Slovenskej akadémie vied, 2021. -- ISSN 0013-3035. -- ISSN 2729-7470. -- Roč. 69, č. 3 (2021), s. 237-256

1. sigma konvergencia 2. nefinančné spoločnosti 3. kapitálová vybavenosť 4. vlastný kapitál 5. úvery 6. obchodné úvery 7. Európa stredná a východná 8. články

I. Šlampiaková, Lea, 1992-
II. Fendeková, Jana, 1991-
III. Ekonomický časopis : časopis pre ekonomickú teóriu, hospodársku politiku, spoločensko-ekonomické prognózovanie. -- Roč. 69, č. 3 (2021), s. 237-256
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