| Abstract [eng] |
The capital structure decisions are essential and very important to any business company as they affect the ability of the company to operate in a competitive environment. According to many scientific empirical studies, one of the main factors that influence the performance of a company is its capital structure. The companies strive to establish a level of capital structure that is less risky, less costly and as beneficial to investors (shareholders and creditors) as possible. Based on financial scientific literature and previous empirical studies, capital structure is influenced by external and internal factors. External factors can be attributed to macroeconomic indicators such as GDP, inflation rate, loan interest rate, etc. In the empirical studies carried out by scientists from different countries, the tangibility, the growth factor of the company, profitability, size of the company, tax shield, liquidity and other factors are attributed to the internal factors of capital structure. In the most scientific empirical studies the indicators of capital structure refer to financial ratios such as debt equity ratio, debt to asset, long-term debt to asset, short-term debt to asset and others, while firms’ performance is measured by return on equity, return on assets, earning per share, operating margin, gross margin, Tobin’s Q and so on. The maritime sector is the vital one to the maritime country and it is therefore necessary to monitor the financial situation of these companies. After all, the capital structure affects not only the company's profitability, stability, but also growth, development or bankruptcy. The research has been performed using data of listed maritime shipping companies in Eastern and Western Europe over the period from 2006-2018. The survey sought to find out what factors influence the capital structure and what the effect of capital structure is on the firm's performance. The study highlighted the differences in financial situation between Eastern European companies and Western European companies during three periods: economic pre-crisis period, economic crisis period and economic post crisis period. Thus, capital structure researches provide valuable insights into how strategic investment decisions will impact the value of companies, which is important for gaining a foothold in the market. The analysis of scientific literature, comparison, grouping, methods of systematization and generalization were used in the research. During the empirical research, the financial statements of the companies were analysed, relative financial indicators were calculated, and correlation analysis and regression analysis were performed. The program of Statistical Package for the Social Sciences was used for statistical data processing and analysis. A graphical method was used to represent the results obtained. |
