Transformations  in
Business & Economics

INVESTIGATING THE DIFFERENCES BETWEEN THE FACTORS DETERMINING FINANCIAL STRUCTURE OF ENTERPRISES ACROSS INDUSTRY SECTORS
Lenka Kalusova, Elena Fetisovova

ABSTRACT. Financial structure of enterprises is under constant attention of financial sciences and financial practices. It is affected by many factors. However, their intensity in enterprises is varying. On the basis of inner logical connections, these factors could be generally divided into the internal and external factors of business environment in which those enterprises operate. In case of external environmental factors, it is possible to discuss the impact of macro and sectoral environment on the financial structure. In this article, the authors focus on the analysis and assessment of the impact of internal business factors on the financial structure of Slovak enterprises. The aim of this study is to determine whether there are differences between the impact of internal business factors (i.e. different direction and intensity of their impact) on enterprises across different industry sectors. The authors use the multiple research analysis as the main research method. The research findings point to the fact that the industry sector where they operate largely affects their financial structure decisions.

KEYWORDS: financial structure, factors determining financial structure, manufacturing, sectoral differences, Slovakia.

JEL classification: G32, E22, D22.