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A Dynamic Analysis of Capital Structure Determinants. Empirical Results for Romanian Capital Market

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Author Info

  • Mihaela Dragota

    (Academy of Economic Studies, Bucharest)

  • Andreea Semenescu

    (Academy of Economic Studies, Bucharest)

Abstract

The analysis of capital structure and its determinants represents an useful approach for the Romanian and foreign investors and for the companies, at the same time. The main conclusion for capital structure analysis was that Romanian listed companies sustained their assets, in this order, on equity, commercial debt and, finally, on financial debt. The four variables used in the regression model are significant. The pecking order theory seemed to be more appropriate for the Romanian capital market, but the signalling theory was not entirely rejected.

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Bibliographic Info

Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

Volume (Year): 4(521) (2008)
Issue (Month): 4(521) (April)
Pages: 65-80

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Handle: RePEc:agr:journl:v:4(521):y:2008:i:4(521):p:65-80

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Related research

Keywords: leverage; determinants for capital structure; signalling theory; pecking order theory; information asymmetry.;

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Cited by:
  1. Dragota, Mihaela & Dragota, Victor & Tatu, Lucian & Tatu, Delia, 2009. "Income Taxation Regulation And Companies’ Behaviour: Is The Romanian Companies’ Dividend Policy Influenced By The Changes In Income Taxation?," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(1), pages 76-93, March.
  2. Ramachandran Azhagaiah & Candasamy Gavoury, 2011. "The Impact of Capital Structure on Profitability with Special Reference to IT Industry in India vs. Domestic Products," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 9(4 (Winter), pages 371-392.
  3. Khaled Ba-Abbad & Nurwati Ashikkin Ahmad-Zaluki, 2012. "The Determinants of Capital Structure of Qatari Listed Companies," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 2(2), pages 93-108, April.
  4. Simonovska, Ana & Gjosevski, Dragan & Campos, Monica, 2012. "Capital Structure And Financial Performance Of Agricultural Companies – Evidences From The Macedonian Agricultural Sector In Transition," 132nd Seminar, October 25-27, 2012, Skopje, Republic of Macedonia 139501, European Association of Agricultural Economists.

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