The selection of appropriate financial sources by enterprises is one of the key tasks faced by the management board. In the presented article, the Authors decided to verify the capital structure of companies from selected European economies and to compare this capital structure between developed and advanced developing markets. The research was conducted on 18 European economies, taking into consideration data for 2017 and five variables defining the structure of financing. The results of the analysis show that the economies in the basket of developed countries are characterised by a higher level of indebtedness, with the major difference in taking on interest-bearing liabilities.

The choice of financing sources made by coal mining companies reflects a number of macro- and microeconomic factors. The paper attempts to present only those that play the most important role in mining companies’ market activities. The structure of sources of financing mining companies’ operations is presented by computing the share of equity in liabilities and shareholders’ equity, the golden balance sheet rule showing the degree of financing of non-current assets through shareholders’ equity and the silver balance sheet rule which shows the ratio of long-term capital to non-current assets. Only a few mining companies can satisfy those two rules as they finance their economic activity through equity and short-term liabilities. Mining companies are not indebted. Their caution in incurring long- -term debt results from the implementation of high volatility of financial results, which are prone to the effects of the economic situation. The basic determinants of the choice of financing sources include the structure of assets, the rate of return on assets and companies’ ability to service debt. The high capital intensity of the mining sector is reflected in the large share of non-current assets in total assets, which in some mining companies exceeds 80% of total assets. The rates of return on assets vary widely and are influenced by fluctuations in coal prices at different phases of the market situation. They also have a significant impact on companies’ ability to service debt. Empirical research conducted by the author revealed that the structure of financing sources in Polish coal mining companies is like that of global mining corporations, as are the economic relations shaping this structure.

This article aims to identify and assess the impact of capital structure factors on financing strategies of mining industry enterprises in Central and E astern E uropean (CEE ) countries in comparison to W estern E uropean (WE ) Union countries. T he research contributes to determining which of the main theories of capital structure best describes the financial strategies employed in the examined sector. T he analysis encompasses mining companies from eight WE and four CEE countries, utilising panel data models with information spanning from 2000 to 2020. T he study covers various firm-specific variables commonly employed in similar research, along with the effects of country and year.
The main findings indicate a significant similarity in both the capital structure and the influence of the analysed factors on leverage across the two regions. This homogeneity is attributed to the industrial specificity of the mining sector, which appears to supersede country-specific or firm-size specific features. Moreover, examining the impact of variables on capital structure considering different debt maturity terms reveals that the financial strategies of the analysed companies align with the pecking order and agency theory of capital structure. T his suggests that mining companies predominantly rely on internal financing, viewing debt primarily as a tool to discipline managers. Due to data limitations in the employed BACH database, the study does not encompass all EU countries, highlighting the potential for further research incorporating other regions. T he identified similarities in capital structure, along with the impact of various factors, provide insights for financial decision-makers in mining firms, and investors operating in both CEE and WE EU countries. Str