Vol.1, No 9, 2001 pp. 85 - 100
UDC 658.1(438+439)

---

COMPARATIBLE ANALYSYS OF THE CAPITAL STRUCTURE DETERMINANTS IN POLISH AND HUNGARIAN ENTERPRISES
- EMPIRICAL STUDY -
Aleksandar Dević*, Bojan Krstić**
*Faculty of Economics, University of Belgrade, Kamenička 6, 11000 Belgrade, Yugoslavia
**Faculty of Economics, University of Niš, 18000 Niš, Yugoslavia

---

Abstract. Changes in corporate financing policies are among the most striking features of the economic transition. The aim of this paper is to explore the determinants of corporate capital structure in Poland and Hungary. The previous empirical research of corporate capital structure, which has been mainly focused on G7 countries, has found the following variables as being most consistently related to corporate capital structure: tangibility, size, profitability and growth opportunities. In order to assess the correlation between the four proposed determinants of corporate capital structure and leverage, this study performs a multiple linear regression model using the samples of companies listed in Hungary and Poland.

---

KOMPARATIVNA ANALIZA DETERMINANTI STRUKTURE KAPITALA PREDUZEĆA U MAĐARSKOJ I POLJSKOJ
-EMPIRIJSKO ISTRAŽIVANJE- Promene u politici finansiranja preduzeća predstavljaju jednu od glanih odlika procesa tranzicije. Cilj ovog rada je da istraži determinante strukture kapitala preduzeća u Poljskoj i Mađarskoj. Prethodno sprovedeno empirijsko istraživanje strukture kapitala preduzeća na koje se fokusirala G7, je istražilo određene varijable koje su vezane za strukturu kapitala preduzeća, kao što su: opipljiva imovina, veličina, profitabilnost i mogućnosti za rast. Da bi se procenila korelativna veza između četiri navedene determinante strukture kapitala i leveridža, ovo istraživanje koristi regresioni model na osnovu određenog uzorka Mađarskih i Poljskih kompanija.