Katarína Valašková|Tomáš Klieštik|Dominika Gajdosikova
Distinctive determinants of financial indebtedness: evidence from Slovak and Czech enterprises
University of Žilina|University of Žilina|University of Žilina
research background indebtedness indicators used monitor structure corporate financial resources companys share foreign resources affects financial stability company high share resources makes company stable independent low share contrary company unstable market fluctuations credit uncertainty serious consequences however foreign capital cheaper high indebtedness ratios jeopardize existence enterprisesx0d purpose article general economic recession worsens capital structure enterprises especially debt management thus paper aims apply set 13 indebtedness ratios sample 779 slovak czech enterprises construction sector determine key microeconomic determinants may influence level indebtednessx0d methods nonparametric oneway analysis variance kruskalwallis test used determine whether set indebtedness ratios across countries districts sizes analyzing specific sample pair stochastic dominance pairwise comparison realized using dunnstest bonferonni correction mannwhitney test used compare differences set indebtedness ratios two independent groups enterprises based legal form countryx0d findings amp value added level total indebtedness ratio selffinancing ratio depends region well size enterprise legal form case credit indebtedness debttocashflow indebtedness dependence size enterprise legal form obvious importance region legal form enterprises vice versa affect level financial independence ratio outputs relevant authorities policy makers financial institutions identify financial constraints construction enterprises face result make longterm contribution theory field