This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

The Factors of the Capital Structure in Eastern Europe

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Paul Gabriel MICLAUS
Radu LUPU
Stefan UNGUREANU (Academy of Economic Studies)

Additional information is available for the following registered author(s):

Abstract

The paper proposes a test of the extent to which the financial indicators of the companies listed on the stock exchanges in Romania, Poland, Hungary and Czech Republic and representing four sectors of activity - Food, Chemistry, Energy and Farmaceuticals - influence the debt ratios of these companies. We use linear regression and principal components analysis in order to test for the influence of 12 different financial indicators in each of the years from 2002 until 2006. The results show that there is evidence in support of the influence of the proposed factors because the coefficients are significant and maintain their signs in all the years of our analysis.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://feaa.ucv.ro/AUCSSE/0036v1-026.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Annals of Computational Economics.

Volume (Year): 1 (2008)
Issue (Month): 36 (May)
Pages: 432-443
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:aio:aucsse:v:1:y:2008:i:11:p:432-443

Contact details of provider:
Postal: Str. A.I. Cuza nr. 13, Craiova
Phone: 004 0251 411317
Fax: 004 0251 411317
Email:
Web page: http://s132.central.ucv.ro/feaa/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Anca Bandoi).

Related research
Keywords: leverage ratio; principal components analysis; financial indicators; capital markets; Eastern Europe.;

Find related papers by JEL classification:
D00 - Microeconomics - - General - - - General
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
G00 - Financial Economics - - General - - - General
G30 - Financial Economics - - Corporate Finance and Governance - - - General

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March. [Downloadable!] (restricted)
  2. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March. [Downloadable!] (restricted)
  3. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February. [Downloadable!] (restricted)
  4. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March. [Downloadable!] (restricted)
  5. Michael Faulkender & Mitchell A. Petersen, 2006. "Does the Source of Capital Affect Capital Structure?," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 19(1), pages 45-79. [Downloadable!] (restricted)
    Other versions:
  6. Fischer, Edwin O & Heinkel, Robert & Zechner, Josef, 1989. " Dynamic Capital Structure Choice: Theory and Tests," Journal of Finance, American Finance Association, vol. 44(1), pages 19-40, March. [Downloadable!] (restricted)
  7. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May. [Downloadable!] (restricted)
  8. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  9. Shane A. Corwin, 2003. "The Determinants of Underpricing for Seasoned Equity Offers," Journal of Finance, American Finance Association, vol. 58(5), pages 2249-2279, October. [Downloadable!] (restricted)
Full references

Statistics
Access and download statistics

Did you know? Over 1000 institutions contribute their bibliographic data directly to this service.

This page was last updated on 2009-11-22.

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.