In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. The theoretical section provides an overview of contemporary theories of capital structure. According to the pecking order...

This article aims to compare and contrast the available empirical evidence concerning the capital structure of Polish, Czech and Russian companies. This is an intriguing research area due to the fact that the Czech and Polish economies began their transition to the market economy...