financial managers of Czech firms. The theoretical section provides an overview of prominent contemporary theories on capital … managers perceive particular instruments of internal and external financing. We find, that firms follow pecking order theory …. Firms prefer retained earnings among internal financing instruments and bank loans and leasing among external financing …

, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the … information and communications technology (ICT) sector. We relate the finding to the R&D projects that small ICT firms pursue …

principal owner’s equity, trade credit provided by non-financial firms and debt provided by financial institutions (FIs). These … large SMEs. The debt ratio also varies non-monotonically with the age of firms. Overall, the capital structure of the … innovative and R&D-intensive SMEs differs in several aspects from that of other SMEs. The data shows that innovative firms, firms …

structure, managerial incentives, and firms' ability to sustain collusive agreements. It shows that shareholders' commitments …

Empirical studies examining the financing decisions of the firm focus exclusively on publicly held firms, not family …-controlled firms despite their economic importance. This study investigates the external financing behavior of family-controlled firms …, using a comprehensive sample of 777 large European firms during the period 1998 to 2008. We document that, unlike nonfamily …

. Like non-financial firms, banks appear to have stable capital structures at levels that are specific to each individual …

,000 firms from 35 European countries and 126 NACE 3-digit industries. In line with previous research, we find that a firm's debt … ratio increases with the corporate tax rate. Further, we observe that older firms exhibit smaller debt ratios than their …

firm age. Further, we predict that the tax-induced advantage of debt is more important for older than for younger firms. To … test these hypotheses empirically, we use a cross-section of 405,000 firms from 35 European countries and 126 NACE 3-digit … observe that older firms exhibit smaller debt ratios than their younger counterparts. Finally, consistent with our theoretical …

structure. Our sample comprises 706 European firms from France, Germany, Italy and the U.K. over the period from 1983 to 2002 …We use a dynamic framework and panel methodology to investigate the determinants of a firms' time-varying capital …. If capital structure adjustment is costly, firms may deviate temporarily from their target debt ratios. Therefore, we …