{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T15:45:25Z","timestamp":1780328725479,"version":"3.54.1"},"reference-count":56,"publisher":"MDPI AG","issue":"5","license":[{"start":{"date-parts":[[2022,5,12]],"date-time":"2022-05-12T00:00:00Z","timestamp":1652313600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Slovak Research and Development Agency","award":["APVV-18-0520"],"award-info":[{"award-number":["APVV-18-0520"]}]},{"name":"Slovak Research and Development Agency","award":["APVV-18-0378"],"award-info":[{"award-number":["APVV-18-0378"]}]},{"name":"Slovak Research and Development Agency","award":["APVV-17-0456"],"award-info":[{"award-number":["APVV-17-0456"]}]},{"name":"Slovak Research and Development Agency","award":["APVV-17-0583"],"award-info":[{"award-number":["APVV-17-0583"]}]},{"name":"Slovak Research and Development Agency","award":["APVV-20-0004"],"award-info":[{"award-number":["APVV-20-0004"]}]},{"name":"Slovak Research and Development Agency","award":["APVV-16-0297"],"award-info":[{"award-number":["APVV-16-0297"]}]},{"name":"Slovak Research and Development Agency","award":["KEGA 048\u017dU-4\/2022"],"award-info":[{"award-number":["KEGA 048\u017dU-4\/2022"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Forests"],"abstract":"<jats:p>At present, forest enterprises face many challenges in adopting innovative bio-based approaches considering global changes. Due to the specifics of forestry, the choice of financing sources is a complex issue. The aim of this study is to estimate the capital structure determinants of forest enterprises in the Czech Republic, Slovakia, and Bulgaria in the context of the relationship between leverage and the factors of its appearance. The evaluation of capital structure determinants was carried out using selected indicators for 18 forest enterprises, with 6 enterprises per country. Data were processed for the period of 2015\u20132019. The study methodology was based on a Panel Data Analysis with Fixed Effects and Random Effect models and Ordinary Least Squares estimation. The following specific variables were included: liquidity, leverage, return on assets, size of the enterprises, and gross domestic product. The results revealed that the forest enterprises in these three countries can be differentiated by size and form individual functional relationships with the positive influence of enterprise size on liability share. The next significant determinant was found to be liquidity, which has a negative relationship with enterprise leverage. These results will be useful for managers of forest enterprises in decision-making processes to determine the amount of debt and planning investment programme strategies.<\/jats:p>","DOI":"10.3390\/f13050749","type":"journal-article","created":{"date-parts":[[2022,5,12]],"date-time":"2022-05-12T21:46:53Z","timestamp":1652392013000},"page":"749","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":10,"title":["Capital Structure Determinants of Forest Enterprises: Empirical Study Based on Panel Data Analysis from the Czech Republic, Slovakia, and Bulgaria"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8602-5254","authenticated-orcid":false,"given":"Nikolay","family":"Neykov","sequence":"first","affiliation":[{"name":"Faculty of Business Management, University of Forestry, 1797 Sofia, Bulgaria"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Stanislava","family":"Kri\u0161\u0165\u00e1kov\u00e1","sequence":"additional","affiliation":[{"name":"Faculty of Forestry, Technical University in Zvolen, 96001 Zvolen, Slovakia"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3837-5380","authenticated-orcid":false,"given":"Petar","family":"Antov","sequence":"additional","affiliation":[{"name":"Faculty of Forest Industry, University of Forestry, 1797 Sofia, Bulgaria"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1015-0753","authenticated-orcid":false,"given":"Aureliu-Florin","family":"Halalisan","sequence":"additional","affiliation":[{"name":"Faculty of Silviculture and Forest Engineering, Transilvania University of Brasov, 500036 Brasov, Romania"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Iveta","family":"Hajd\u00fachov\u00e1","sequence":"additional","affiliation":[{"name":"Faculty of Forestry, Technical University in Zvolen, 96001 Zvolen, Slovakia"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4460-2818","authenticated-orcid":false,"given":"Mariana","family":"Sedlia\u010dikov\u00e1","sequence":"additional","affiliation":[{"name":"Faculty of Wood Sciences and Technology, Technical University in Zvolen, 96001 Zvolen, Slovakia"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Roman","family":"Sloup","sequence":"additional","affiliation":[{"name":"Faculty of Forestry and Wood Science, Czech University of Life Sciences Prague, 16500 Prague, Czech Republic"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Lud\u011bk","family":"\u0160i\u0161\u00e1k","sequence":"additional","affiliation":[{"name":"Faculty of Forestry and Wood Science, Czech University of Life Sciences Prague, 16500 Prague, Czech Republic"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2022,5,12]]},"reference":[{"key":"ref_1","first-page":"1051","article-title":"Risk Management for Forestry Planning under Uncertainty in Demand","volume":"3","author":"Escudero","year":"2018","journal-title":"Eur. 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