Influence of the selected factors on the capital structure of enterprises in the construction industry

Abstract

These are the issues related to shaping the capital structure of enterprises that are fundamental problems of corporate finances. Capital structure has been of interest to the researchers in the field of finance theory for over 60 years. However, the studies of the literature indicate that there was relatively little research on the capital structure and the factors shaping it in Poland. The purpose of this article is to identify and to examine the strength and the direction of the influence of the selected microeconomic factors on the capital structure of the enterprises belonging to the construction industry and quoted on the NewConnect share market. It is in order to accomplish this objective that the correlation analysis and the linear regression methods were applied. The enterprises being the object of the analysis are companies quoted on the NewConnect share market. At the very moment, there are 32 companies belonging to the construction industry quoted on this market. Out of this group, there were 15 companies selected for the needs of this study, because they met the selection criterion, which was the publication of the financial data for the period 2009-2012.