{"id":14672,"date":"2021-01-20T11:00:57","date_gmt":"2021-01-20T09:00:57","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=14672"},"modified":"2021-01-16T20:53:41","modified_gmt":"2021-01-16T18:53:41","slug":"the-influence-of-the-capital","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-influence-of-the-capital\/","title":{"rendered":"Petruk O., Trusova N., Polchanov A., Dovgaliuk V. The Influence of the Capital Structure on the Efficiency of Communal Enterprises of Passenger Transport"},"content":{"rendered":"

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JEL Classification<\/strong>: D24, G31, R49<\/em>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-21<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Petruk O.<\/strong>, Doctor of Economic Sciences, Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-5351-5679<\/a>
\ne-mail:<\/strong> petruk6@gmail.com<\/a><\/p>\n

Trusova N.<\/strong>, Doctor of Economic Sciences, Professor of Department of Finance, Banking and Insurance, Tavriya State Agrotechnological University named after Dmitry Motorny, Melitopol, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-9773-4534<\/a>
\ne-mail:<\/strong> trusova_natalya5@ukr.net<\/a><\/p>\n

Polchanov A.<\/strong>, Doctor of Economic Sciences, Associate Professor, Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-6019-9275<\/a>
\ne-mail:<\/strong> polchanov@gmail.com<\/a><\/p>\n

Dovgaliuk V.<\/strong>, PhD (Economics), Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-2732-8818<\/a>
\ne-mail:<\/strong> vita.dovgaliuk@ukr.net<\/a><\/p>\n

 <\/p>\n

The Influence of the Capital Structure on the Efficiency of Communal Enterprises of Passenger Transport<\/h2>\n

 <\/p>\n

Annotation. Introduction.<\/strong> The article considers the influence of the capital structure on the efficiency of communal enterprises of passenger land transport. It is revealed that the return on assets of municipal transport enterprises of Ukraine is lower in comparison with other transport enterprises. The analysis of profitability of assets of the largest municipal enterprises of passenger land transport of Ukraine is carried out.<\/p>\n

Purpose.<\/strong> It is determined that the activities of enterprises are financed by equity and tend to reduce the share of this item of liabilities in the balance sheet. The dynamics of changes in current and absolute liquidity ratios was estimated and it was found that the average values of current liquidity ratios exceeded the recommended value by 100%. The deterioration of the financial condition of utility companies for passenger land transport has been proved by analyzing the indicators of absolute and rapid liquidity.<\/p>\n

It is substantiated that equity is the main source of financing the activities of municipal enterprises of passenger land transport. The negative impact of the growth of the share of borrowed capital on the return on assets is characterized.<\/p>\n

Results. <\/strong>The usage of a linear regression model is proposed to confirm the assumption about the relationship between the profitability of enterprises with their capital structure. To build the econometric model, return on assets was determined as a dependent value, and as factors \u2014 the share of current liabilities in the balance sheet currency and the share of long-term liabilities in the balance sheet currency.<\/p>\n

Conclusions.<\/strong> Trends in the change of financial condition are revealed and a model of panel data with fixed effects is built. The importance of choosing a model with fixed effects of panel data is substantiated. The regularities of the influence of the capital structure on the efficiency of communal enterprises of passenger land transport of Ukraine are proved.<\/p>\n

Keywords<\/strong>: equity; sources of financing; liquidity, capital structure; public transport.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Dyvinets O.L. (2015) Strategic priorities for the development of urban electric transport enterprises of Ukraine. The European vector of economical development<\/em>, 1(18), 74-81 [in Ukrainian].<\/li>\n
  2. Ilchuk, V. P., Bazyliuk, A. V., Khomenko, I. O. (2015). Organizational and economic principles of reforming urban passenger transport. Problems and prospects of economics and management<\/em>, 1(1), 42\u201349 [in Ukrainian].<\/li>\n
  3. Kostetskyy, V. (2006). Features of the organization of financial support of functioning and development of the enterprises of city electric transport. Formation of market relations in Ukraine<\/em>, 2, 39-42 [in Ukrainian].<\/li>\n
  4. Slobodianyk, Yu. (2018). Features of control of income of the enterprises of urban passenger transport. Scientific bulletin of the Odessa national economic university<\/em>, 9, 162\u2013177 [in Ukrainian].<\/li>\n
  5. Gennaioli, , Martin, A. & Rossi, S. (2018). Banks, government Bonds, and Default: What do the data Say? Journal of Monetary Economics, 98, 98-113. https:\/\/doi.org\/10.1016\/j.jmoneco.2018.04.011 [in English].<\/li>\n
  6. Hilmola, O\u2010P. (2011) Benchmarking efficiency of public passenger transport in larger cities. Benchmarking: An International Journal. 18 (1), 23-41. https:\/\/doi.org\/10.1108\/14635771111109805 [in English].<\/li>\n
  7. Iles, R.(2005), \u00abPublic Transport Revenue and Funding\u00bb,\u00a0Public Transport in Developing Countries, Emerald Group Publishing Limited, 311-336. https:\/\/doi.org\/10.1108\/9780080456812-014 [in English].<\/li>\n
  8. Fowler, J.(2019), Follow the Money: The Investors, Employees and Passengers,\u00a0London Transport: A Hybrid in History 1905\u20131948\u00a0(Frontiers of Management History), Emerald Publishing Limited, pp. 31-60.\u00a0https:\/\/doi.org\/10.1108\/978-1-78973-953-420191004 [in English].<\/li>\n
  9. Temple, J. (1994). The debt\/tax choice in the financing of state and local capital expenditures. Journal of Regional Science, 34 (4), 529-547. https:\/\/doi.org\/10.1111\/j.1467-9787.1994.tb00881.x [in English].<\/li>\n
  10. Narayanaswami, S.\u00a0(2017), Urban transportation: innovations in infrastructure planning and development,\u00a0The International Journal of Logistics Management, Vol. 28 No. 1, pp. 150-171.\u00a0https:\/\/doi.org\/10.1108\/IJLM-08-2015-0135 [in English].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 05 December 2020<\/p>\n

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    Petruk O., Trusova N., Polchanov A., Dovgaliuk V. (2020). The Influence of the Capital Structure on the Efficiency of Communal Enterprises of Passenger Transport. Modern Economics<\/em>, 24(2020), 132-137. DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-21.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: D24, G31, R49 DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-21 [\/vc_column_text][vc_column_text] Petruk O., Doctor of Economic Sciences, Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine ORCID ID: 0000-0002-5351-5679 e-mail: petruk6@gmail.com Trusova N., Doctor of Economic Sciences, Professor of Department of Finance, Banking and Insurance, Tavriya State Agrotechnological University named after Dmitry Motorny,
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