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

  • Mihaela Dragota

    (Academy of Economic Studies, Bucharest)

  • Andreea Semenescu

    (Academy of Economic Studies, Bucharest)

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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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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