IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE
This paper aims to identify the types of financing structures of the economy that exist in European Union countries highlighting the features of each structure. For each type of financing system of the economy identified we observe the financial resources available to companies. Depending on these w...
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| Format: | Article |
| Language: | deu |
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University of Oradea
2013-07-01
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| Series: | Annals of the University of Oradea: Economic Science |
| Subjects: | |
| Online Access: | http://anale.steconomiceuoradea.ro/volume/2013/n1/109.pdf |
| _version_ | 1811199921920933888 |
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| author | Toderascu (Sandu) Carmen Rusu Valentina Diana |
| author_facet | Toderascu (Sandu) Carmen Rusu Valentina Diana |
| author_sort | Toderascu (Sandu) Carmen |
| collection | DOAJ |
| description | This paper aims to identify the types of financing structures of the economy that exist in European Union countries highlighting the features of each structure. For each type of financing system of the economy identified we observe the financial resources available to companies. Depending on these we identify how there are financed the companies in each market, more exactly what capital structure do they have, and moreover what is the optimal capital structure in each case. So, by this analysis, we want to see if the financing system of an economy influences the optimal structure of the companies operating in the capital market from that country. In various stages of development of the financial system, the company financing depends on the general characteristics of the environment in which the enterprise operates. The financing system existing in a country plays an important role on the capital structure of an enterprise because according to the specific of each country the
enterprises have access to more or fewer financial resources. We also analyze the supply of financial resources within each system, exactly the actual money that businesses can have on those markets and key management decisions on enterprises financing. In this paper we combine the theoretical analysis with the empirical results obtained by the studies realized by European Commission. It is important to keep in mind that the results obtained by the analysis realized in the last years may be influenced by the manifestation of the global financial crisis. An important result of this analyze is that the external environment and the disturbances in the external environment have a significant influence on the financing of businesses operating in a country. This was proved again by the impact of the current financial crisis on the activities of the enterprises on each market from European Union. |
| first_indexed | 2024-04-12T01:56:08Z |
| format | Article |
| id | doaj.art-acaa9d61134c47dd99850eff13eb4833 |
| institution | Directory Open Access Journal |
| issn | 1222-569X 1582-5450 |
| language | deu |
| last_indexed | 2024-04-12T01:56:08Z |
| publishDate | 2013-07-01 |
| publisher | University of Oradea |
| record_format | Article |
| series | Annals of the University of Oradea: Economic Science |
| spelling | doaj.art-acaa9d61134c47dd99850eff13eb48332022-12-22T03:52:48ZdeuUniversity of OradeaAnnals of the University of Oradea: Economic Science1222-569X1582-54502013-07-0122110341043IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISEToderascu (Sandu) Carmen0Rusu Valentina Diana1 2 3Universitatea „Alexandru Ioan Cuza” din Iasi,Universitatea „Alexandru Ioan Cuza” din IasiUniversitatea „Alexandru Ioan Cuza” din Iasi,Universitatea „Alexandru Ioan Cuza” din Iasi,,This paper aims to identify the types of financing structures of the economy that exist in European Union countries highlighting the features of each structure. For each type of financing system of the economy identified we observe the financial resources available to companies. Depending on these we identify how there are financed the companies in each market, more exactly what capital structure do they have, and moreover what is the optimal capital structure in each case. So, by this analysis, we want to see if the financing system of an economy influences the optimal structure of the companies operating in the capital market from that country. In various stages of development of the financial system, the company financing depends on the general characteristics of the environment in which the enterprise operates. The financing system existing in a country plays an important role on the capital structure of an enterprise because according to the specific of each country the enterprises have access to more or fewer financial resources. We also analyze the supply of financial resources within each system, exactly the actual money that businesses can have on those markets and key management decisions on enterprises financing. In this paper we combine the theoretical analysis with the empirical results obtained by the studies realized by European Commission. It is important to keep in mind that the results obtained by the analysis realized in the last years may be influenced by the manifestation of the global financial crisis. An important result of this analyze is that the external environment and the disturbances in the external environment have a significant influence on the financing of businesses operating in a country. This was proved again by the impact of the current financial crisis on the activities of the enterprises on each market from European Union.http://anale.steconomiceuoradea.ro/volume/2013/n1/109.pdffinancing system, capital structure, incipient financial system, economy of financial intermediation, financial crisis |
| spellingShingle | Toderascu (Sandu) Carmen Rusu Valentina Diana IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE Annals of the University of Oradea: Economic Science financing system, capital structure, incipient financial system, economy of financial intermediation, financial crisis |
| title | IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE |
| title_full | IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE |
| title_fullStr | IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE |
| title_full_unstemmed | IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE |
| title_short | IMPLICATIONS OF THE FINANCIAL SYSTEM ON THE CAPITAL STRUCTURE OF THE ENTERPRISE |
| title_sort | implications of the financial system on the capital structure of the enterprise |
| topic | financing system, capital structure, incipient financial system, economy of financial intermediation, financial crisis |
| url | http://anale.steconomiceuoradea.ro/volume/2013/n1/109.pdf |
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