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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)

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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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Publisher 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.;

Cited by:
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  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. [Downloadable!]
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This page was last updated on 2009-11-25.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.