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The Determinants of Capital Structure in Mozambique’s Non-financial Firms: 2010-2015

Author

Listed:
  • Valter Tito Manjate
  • Pedro Rino Vieira
  • Matias Jaime Farahane

    (Universidade de Lisboa)

Abstract

This paper aims to examine the determinants of the capital structure of Mozambique’s non-financial firms (NFFs). Our dataset were collected from the National Statistics Institute of Mozambique and covers the period of 2010 to 2015. The results are consistent with the trade-off and pecking order theories, suggesting that these are the most influential theories to explain the financing decisions of Mozambican NFFs. This paper contributes to the literature by extending the discussion on capital structure in developing countries and by strengthening the discussion on the implications for practitioners.

Suggested Citation

  • Valter Tito Manjate & Pedro Rino Vieira & Matias Jaime Farahane, 2023. "The Determinants of Capital Structure in Mozambique’s Non-financial Firms: 2010-2015," The African Finance Journal, Africagrowth Institute, vol. 25(1), pages 26-44.
    • Handle: RePEc:afj:journl:v:25:y:2023:i:1:p:26-44
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-finj_v25_n1_a2
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    More about this item

    Keywords

    Capital structure; Trade-Off Theory; Pecking Order Theory; Mozambique; Developing countries; Determinants of Capital Structure;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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