IDEAS home Printed from https://ideas.repec.org/a/alu/journl/v1y2009i11p39.html
   My bibliography  Save this article

Empirical Evidence On The Influence Of Stakeholder Theory Upon The Capital Structure Of Romanian Companies

Author

Listed:
  • Carmen Corduneanu

    (West University of Timisoara)

  • Laura Raisa Milos

    (Eftimie Murgu University Resita)

Abstract

The stakeholder theory is a new approach linked with the capital structure ofthe company. According to this theory, the companies must assume their financial decisionsnot only in front of the equity holders, but also in front of the other stakeholders (suppliers,customers, competition, managers and employees being only a part of them), that support thecompany in developing its activities. This paper aims at bringing an empirical support at theresearch made so far at the international level in this respect. Having in consideration 35Romanian non-financial listed companies from 4 sectors of activity (energetical, quemical,equipments and materials), the authors analyse, through a set of econometrical models, theinfluence of stakeholder theory upon the capital structure of the considered sample.

Suggested Citation

  • Carmen Corduneanu & Laura Raisa Milos, 2009. "Empirical Evidence On The Influence Of Stakeholder Theory Upon The Capital Structure Of Romanian Companies," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(11), pages 1-39.
  • Handle: RePEc:alu:journl:v:1:y:2009:i:11:p:39
    as

    Download full text from publisher

    File URL: http://oeconomica.uab.ro/upload/lucrari/1120091/39.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
    2. Hossein Asgharian, 2003. "Are highly leveraged firms more sensitive to an economic downturn?," The European Journal of Finance, Taylor & Francis Journals, vol. 9(3), pages 219-241.
    3. Sharpe, Steven A, 1994. "Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment," American Economic Review, American Economic Association, vol. 84(4), pages 1060-1074, September.
    4. A. A. Bevan & J. Danbolt, 2004. "Testing for inconsistencies in the estimation of UK capital structure determinants," Applied Financial Economics, Taylor & Francis Journals, vol. 14(1), pages 55-66.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Key-words: capital structure; stakeholder theory; Romanian listed companies;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:alu:journl:v:1:y:2009:i:11:p:39. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dan-Constantin Danuletiu). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.