Agris on-line Papers in Economics and Informatics

Faculty of Economics and Management CULS Prague, Kamýcká 129, 165 00 Praha - Suchdol

The international peer-reviewed scientific journal, ISSN 1804-1930

Evaluation of Capital Structure of Agricultural Cooperatives

J. Steklá, M. Gryčová, J. Homolka

Agris on-line Papers in Economics and Informatics, No 3 /2015, September

pp. 37-48

Steklá J., Gryčová M., Homolka J. (2015) "Evaluation of Capital Structure of Agricultural Cooperatives“, AGRIS on-line Papers in Economics and Informatics, Vol. 7, No. 3, pp. 37 – 48. ISSN 1804-1930


One of the major factors, which affect the economic effectiveness, is suitable capital facilities of enterprises. In case of correct adjustment of capital structure, more precisely the ratio of equity capital and foreign capital, it is necessary take into account a number of factors which operate on the structure of capital, for example a variety of funding sources. The main aim of this paper is to analyze the development of the capital structure and capital disparity across the farmers' cooperatives from fourteen regions of the Czech Republic for time series 2009 – 2013. For this analysis is used the debt leverage indicators and method of comparative statics. Data are obtained and processed from the database of enterprises of Albertina. The financial and economic crisis lowered the debt to equity ratio and debt to assets ratio and the profitability ratios as well and the indicators reports V-shaped trend. The disparity of the ratio values among regions at the end of the monitored period seems not to be changed. Usually Prague as the region with the highest GDP per capita during the monitored period reports usually the extreme values in most ratios and higher deviations in debt ratios and lower deviations in profitability ratios. Also the impact of capital structure indicators on the profitability of cooperatives seems to be not significant during the monitored period.


Capital structure, disparity, farmers′ cooperatives, regions.


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