| Abstract [eng] |
In the conditions of the global market economy, the formation of the capital structure of companies, increasing the business value, is one of the most important tasks of financial management. In the formation of the capital structure, certain specifics are encountered in the maritime sector companies, whose business value increase has a positive meaning both nationally and internationally. After conducting a theoretical analysis of scientific sources related to the formation of the capital structure and increasing the business value, a conceptual model for assessing the impact of the capital structure of the maritime sector companies on the business value was created, based on which a methodology for the research of the impact of the capital structure on the business value was developed, adapted to the maritime sector companies. The dissertation’s empirical research assesses the impact of capital structure and its factors on business value in the maritime sector, in order to determine the ratio of capital structure, up to which the business value increases with increasing debts, and from which it starts to decrease with further increase. In addition to other microenvironmental and macroenvironmental factors used in the research, the dissertation research includes factors that reveal the specifics of the maritime sector, confirmed by the results of a survey of maritime sector experts. Empirical research has established that when forming the capital structure of maritime sector companies, microenvironmental factors are more significant than macroenvironmental factors for the level of borrowed capital, and the marginal impact of capital structure on business value in the maritime sector companies is positive, but decreasing, under the significant influence of capital structure factors. |
