Acta academica karviniensia 2019, 19(2):55-67 | DOI: 10.25142/aak.2019.014

COMPETITIVENESS OF COMPANIES EXPRESSED BY THE RELATIONSHIP BETWEEN THE STRUCTURE OF FUNDING SOURCES AND THE LIQUIDITY OF COMPANIES IN THE VISEGRAD GROUP COUNTRIES

Markéta Šeligová
Slezská univerzita, Obchodně podnikatelská fakulta, Univerzitní nám. 1934/3,733 40 Karviná

The aim of this paper is to determine the effect of the structure of funding sources on liquidity of companies in energy sector in the Visegrad group from 2006 to 2015. With the purpose to fulfill the aim, we examine existence and character of relationship between the structure of funding sources (debt equity ratio, equity ratio, return on equity, return on assets and fixed assets to total assets) and liquidity of the companies in energy sector in Visegrad group. The existence of relationship between the structure of funding sources and liquidity of companies is tested by correlation analysis and generalized method of moments (GMM). The results show that there is the negative impact of return on assets on liquidity of companies in the Visegrad group. The liquidity of companies was positively influenced by the return on equity and negatively influenced by debt equity ratio in energy sector in the Visegrad group.

Keywords: correlation, debt equity ratio, equity ratio, fixed assets, liquidity of companies, GMM, return on ekvity.
JEL classification: G32

Received: October 18, 2018; Revised: October 29, 2018; Accepted: June 19, 2019; Published: July 1, 2019  Show citation

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Šeligová M. COMPETITIVENESS OF COMPANIES EXPRESSED BY THE RELATIONSHIP BETWEEN THE STRUCTURE OF FUNDING SOURCES AND THE LIQUIDITY OF COMPANIES IN THE VISEGRAD GROUP COUNTRIES. Acta academica karviniensia. 2019;19(2):55-67. doi: 10.25142/aak.2019.014.
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