The aim of this study is to review the level of debt and the impact of taxation on the capital structure of companies operating within national and multinational corporate groups in the countries of the Visegrad Group. In the research, financial data was used from 2012–2018 regarding entities forming part of corporate groups, and panel regression models with fixed effects were applied. According to the results of the research, domestic corporations are generally more leveraged and have a lower effective tax rate than multinational corporations. At the same time, the effective tax rate was significant only in six models out of sixteen, and mostly in the case of multinational corporations. The direction of impact was inhomogeneous. Other determinants of the financing structure which most often appeared as significant, in the case of companies operating both within domestic and international capital groups, include sales profitability as well as the tangibility and the age of the company. An additional analysis made for Poland and Slovakia determined that a change in the law on thin capitalization influenced entities’ capital structure determinants, but had no significant impact on the companies’ level of debt.

中文翻译：

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在国家和跨国公司集团内运营的公司的资本结构和税收：来自 VISEGRAD 国家集团的证据

本研究的目的是审查债务水平和税收对在维谢格拉德集团国家的国家和跨国公司集团内运营的公司资本结构的影响。在研究中，使用了 2012-2018 年关于构成企业集团一部分的实体的财务数据，并应用了具有固定效应的面板回归模型。根据研究结果，与跨国公司相比，国内公司的杠杆率普遍较高，有效税率较低。同时，有效税率仅在 16 个模型中的 6 个模型中显着，并且主要是在跨国公司的情况下。冲击方向不均匀。融资结构的其他决定因素，通常看起来很重要，对于在国内和国际资本集团内经营的公司，包括销售盈利能力以及公司的有形性和年龄。对波兰和斯洛伐克进行的另一项分析确定，资本弱化法的变化影响了实体的资本结构决定因素，但对公司的债务水平没有重大影响。