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

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  • Carmen Corduneanu
  • Laura Raisa MiloÅŸ

Abstract

The stakeholder theory is a new approach linked with the capital structure of the company. According to this theory, the companies must assume their financial decisions not 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 the company in developing its activities. This paper aims at bringing an empirical support at the research made so far at the international level in this respect. Having in consideration 35 Romanian non-financial listed companies from 4 sectors of activity (energetical, quemical, equipments and materials), the authors analyse, through a set of econometrical models, the influence of stakeholder theory upon the capital structure of the considered sample.

Suggested Citation

  • Carmen Corduneanu & Laura Raisa MiloÅŸ, 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
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    References listed on IDEAS

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    5. Srinivasan Balakrishnan & Isaac Fox, 1993. "Abstract," Strategic Management Journal, Wiley Blackwell, vol. 14(1), pages 3-16, January.
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    More about this item

    Keywords

    capital structure; stakeholder theory; Romanian listed companies;
    All these keywords.

    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

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