| Abstract [eng] |
Capital, its structure and management principles are considered the driving force of business, ensuring not only the continuity of operations, but also the achievement of desired results (Sharma, 2017; Alipour et al., 2015). According to traditional theories, securing the need for capital is carried out primarily by seeking credit and only in last case scenarios alternative sources of financing are used (Wang et al., 2018), thus aiming to maintain the lowest possible cost of capital. In the current business environment, with the expansion of technologies in all branches and the application of more and more innovations in businesses, there are numerous opportunities to apply alternative solutions when necessary financing from traditional institutions is not obtained, e.g. financing provided by angel investors or venture capitalists, private loans or crowdfunding. Observing the great interest of researchers, which took off in the middle of the 20th century, in the capital structure, its management and dependence on internal and external factors (Nunkoo and Boateng, 2010), there is a high need to continue its studies. Furthermore, noting the development of the availability and relevance of alternative financing for business entities and the growing interest of researchers in the topic of alternative financing, it is relevant to analyze companies that use not only traditional operational financing models. |
