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The determinants of capital structure: evidence from Macedonian listed and unlisted companies

  • Fitim Deari

    ()

    (Faculty of Business Administration, South East European University, Tetovo, Republic of Macedonia)

  • Media Deari

    ()

    (State University of Tetova, Tetovo, Republic of Macedonia)

Registered author(s):

    In this article we analyze factors influencing companies’ leverage. We selected two samples. The first one is from Macedonian non-financial companies registered on Macedonian Stock Exchange covering the period of 2005-2007 and comprised 32 listed companies. The second one is from Mace-donian small and medium businesses covering the period of 2005-2007 and comprised 30 companies. The data used for the empirical analysis were derived from companies’ annual reports. We analyze whether the decision of the companies concerning the leverage is in conformity with the theoretical expectations proclaimed in previous studies and is there any disparity between listed and unlisted companies. Profitability, Tangibility, Size, Growth rate and Non-debt tax shield are used as independ-ent variables, while Leverage is the dependent variable.

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    Article provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi.

    Volume (Year): 56 (2009)
    Issue (Month): (November)
    Pages: 91-102

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    Handle: RePEc:aic:journl:y:2009:v:56:p:91-102
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    1. Wald, John K, 1999. "How Firm Characteristics Affect Capital Structure: An International Comparison," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 22(2), pages 161-87, Summer.
    2. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, vol. 50(5), pages 1421-60, December.
    3. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
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    6. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
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    8. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
    9. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    10. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
    11. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    12. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    13. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March.
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