What Drives Capital Financing in Europe? Evidence from Listed Firms in Germany

A tétel rövid nézete
dc.contributor.authorSalih, Kaiwan Hasan
dc.contributor.authorSangawi, Shakhawan Saeed
dc.contributor.authorSalih, Rebwar Hussein
dc.date.accessioned2026-01-15T09:26:25Z
dc.date.available2026-01-15T09:26:25Z
dc.date.issued2025-05-15
dc.description.abstractThis article analyzed the factors that affect the capital financing of German non-financial corporations listed on the German Stock Exchange from 2017 to 2021. By applying a panel data regression model and the Generalized Least Squares (GLS) approach, the results show that the debt-to-assets ratio, equity multiplier, and long-term debt ratio are significantly impacted negatively by profitability as determined by the assets return. Firm size is positively correlated with both the equity multiplier and the long-term debt ratio, suggesting that larger companies use more long-term debt. Growth has a significant positive impact on the equity multiplier and long-term debt ratio but has little influence on the debt-to-assets ratio. Long-term debt is unaffected by liquidity, although the debt-to-assets ratio and equity multiplier are adversely impacted. The GMM method is used during the robustness check, and the findings are consistent with the major GLS  findings. These results highlight how important firm-specific factors are in influencing choices about financial structure. The results of this research may be used as a guide for companies operating in Europe and offer valuable information about how to optimize capital structures in various financial contexts. Policymakers could also use the results of this investigation as a reference for creating financial laws and regulations that facilitate non-financial enterprises' access to financing and effective capital allocation.en
dc.formatapplication/pdf
dc.identifier.citationInternational Journal of Engineering and Management Sciences, Vol. 10 No. 2 (2025) , 14-31
dc.identifier.doihttps://doi.org/10.21791/JEMS.2025.07.
dc.identifier.eissn2498-700X
dc.identifier.issue2
dc.identifier.jtitleInternational Journal of Engineering and Management Sciences
dc.identifier.urihttps://hdl.handle.net/2437/402466
dc.identifier.volume10
dc.languageen
dc.relationhttps://ojs.lib.unideb.hu/IJEMS/article/view/15510
dc.rights.accessOpen Access
dc.rights.ownerKaiwan Hasan Salih, Shakhawan Saeed Sangawi, Rebwar Hussein Salihl
dc.subjectCapital Financingen
dc.subjectProfitabilityen
dc.subjectFirm Sizeen
dc.subjectGrowthen
dc.subjectLiquidityen
dc.titleWhat Drives Capital Financing in Europe? Evidence from Listed Firms in Germanyen
dc.typefolyóiratcikkhu
dc.typearticleen
dc.type.detailedidegen nyelvű folyóiratközlemény hazai lapbanhu
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International Journal of Engineering and Management Sciences (DE-journals)