Factors affecting the financial structure of Slovak and Czech enterprises in the Manufacture of machinery and equipment industry

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Lenka Kalusová
Peter Badura
Mariana Sedliačiková
Katarína Vavrová


The financial structure of enterprises is influenced by many factors. The aim of this paper is to analyze, evaluate and assess the effect of selected internal corporate factors and external macro-environment factors on the financial structure of enterprises. All the studied enterprises were operating in the Manufacture of machinery and equipment industry. We have also analyzed whether there were any differences in the action of these factors between enterprises operating in various countries - Slovakia and Czech Republic (i.e. what was the impact of the environment on the corporate financial structure). The analysis has been done for the years 2009 - 2014. In addition to the standard scientific methods, the methods of multiple regression and correlation analysis have been used as well. The research results pointed to the fact that although the influence of some macro-environment factors has been proved, that were the internal corporate factors which had dominant position in shaping the financial structure of Slovak and Czech enterprises (concerning the Manufacture of machinery and equipment industry).© 2016 The Authors. Published by Elsevier B.V. Peer-review under responsibility of Academic World Research and Education Center.

Keywords: Financial structure; internal corporate factors; external factors of macroenvironment.


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