Insuring the assets financing was a permanent concern in the companies. The aim of the financing policy was to identify the most profitable financing sources for the company, at the lowest cost possible and correlated in time with the need of resources. The modelling of the cost of capital, as well as that of the optimal combination of various financing sources in order to obtain a cost of capital able to lead to maximizing the companies value, especially in the conditions of a durable financing are permanent challenges for scientific research. The capital structure of the companies is determined by a wide range of quantitative and qualitative factors, which can be divided in two classes: on one side, factors independents on companies decisions (the stability of the economy, the fiscal system, the monetary and capital markets), and on the other side internal factors (the size of the company, the profitability, the percent of tangible assets in total assets etc.). The accessibility of the financing sources is in present influenced by the characteristics of the credit and capital markets are characterized in present by complex phenomena such as the globalization and the adhesion of certain countries to European Union.
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Article provided by University of Craiova, Faculty of Economics and Business Administration in its journal Annals of Computational Economics.
Volume (Year): 3 (2008) Issue (Month): 36 (May) Pages: 1253-1259 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: L00 - Industrial Organization - - General - - - General L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure E00 - Macroeconomics and Monetary Economics - - General - - - General E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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