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

Author

Listed:
  • Fitim Deari

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

  • Media Deari

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

Abstract

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.

Suggested Citation

  • Fitim Deari & Media Deari, 2009. "The determinants of capital structure: evidence from Macedonian listed and unlisted companies," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 56, pages 91-102, November.
  • Handle: RePEc:aic:journl:y:2009:v:56:p:91-102
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    References listed on IDEAS

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    Cited by:

    1. 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.
    2. Stavros H. Arvanitis & Irakleia S. Tzigkounaki & Theodoros V. Stamatopoulos & Eleftherios I. Thalassinos, 2012. "Dynamic Approach of Capital Structure of European Shipping Companies," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece, vol. 5(3), pages 33-63, December.

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