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

Author

Listed:
  • 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.

Suggested Citation

  • Mihaela Dragota & Andreea Semenescu, 2008. "A Dynamic Analysis of Capital Structure Determinants. Empirical Results for Romanian Capital Market," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 4(4(521)), pages 65-80, April.
  • Handle: RePEc:agr:journl:v:4(521):y:2008:i:4(521):p:65-80
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    Citations

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    Cited by:

    1. Georgiana Sterea & Nicoleta Barbuta-Misu, 2016. "The Determinants Factors of the Capital Cost – Evidence from 5 EU Countries," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 359-368.
    2. 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.
    3. 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.
    4. repec:blg:reveco:v:69:y:2017:i:3:p:123-132 is not listed on IDEAS
    5. 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.
    6. Erick Lusekelo Mwambuli, 2016. "Does Corporate Capital Structure influence Corporate Financial Performance in Developing Economies? Evidence from East African Stock Markets," International Finance and Banking, Macrothink Institute, vol. 3(1), pages 97-123, June.
    7. Dejan Malinić & Ksenija Denčić-Mihajlov & Ema Ljubenović, 2013. "The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 98-119.
    8. 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.

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