The process of capital structure formation is one of the main issues of corporate finance, since the optimal proportion of equity capital and debt capital will allow a company to use its resources in the most efficient way. The main objective of this article is to test the hypothesis of the existence of determinants that may affect capital structure of Russian companies in the period from 2014 to 2018. This paper uses a systematic approach, including methods of statistical analysis. The work includes review of empirical researches on the subject. The article represents proposed hypotheses and carries out the results of the correlation analysis of selected factors for Russian companies. The results showed no relations between the selected variables (company age, company size, EBIT, ROE, ROA, MOEX index Russia, key rate, GDP, inflation, taxes) and the capital structure of Russian companies in the period from 2014 to 2018.
Subject. In the uncertain market environment, the optimal structure of capital is getting more important because it influences the competitiveness of a firm, its financial sustainability and solvency and, consequently, a success. Herein we dwell upon the hypothesis presuming the existence of capital structure determinants. Objectives. We review empirical studies on the subject, analyze determinants of the Russian companies’ capital structure. Methods. The study is based on the systems approach and methods of statistical analysis. Results. It is necessary to monitor how capital is shaped and formed. We investigated proceedings on factors influencing the capital structure and discovered relevant hypotheses, carrying out the correlation analysis of such factors. Conclusions and Relevance. It is especially important to examine factors influencing the capital structure, and find the appropriate format for the economy struggling through the crisis. The coronavirus pandemic unavoidably reshapes the global economic landscape, which has already been under the pressure of deglobalization processes (trade wars, repudiation of oil contracts). The correlation analysis did not reveal any relationship of the variables in question (the company’s age, ROE, ROA, MOEX, key rate, GDP, PPI) and the capital structure. Further research should be devoted to other factors and consider the unreasonableness and psychological background of managers’ behavior who make decisions concerning the capital structure.
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