This paper aims to analyze the influencing factors on the financial structure of 51 companies listed on the New York Stock Exchange, in the technology industry, from 2005–2018. The objective is to see the impact of independent company-specific variables such as company size, tangibility of assets, growth opportunity, effective tax rate, current liquidity, depreciation, stock rotation, financial return, working capital, price to book value, price to earnings ratio, as well as the impact of governance variables and macroeconomic variables such as inflation rate, interest rate, market size, gross domestic product per capita. Using panel data and multiple linear regressions, we analyze the relationship between the independent variables listed above and the dependent variables, namely the total debt ratio, the long-term debt ratio and the short-term debt ratio. The results of the analysis showed that variables such as size, tangibility, liquidity, profitability have a significant influence on the dependent variables in accordance with the theories regarding the capital structure.
This paper aims to investigate the determinants of capital structure in developing countries, like Romania, Bulgaria and Hungary. This research adopts the unbalanced panel data of 152 listed companies, over the period 1996-2020, estimated by two-stage least squares.
This paper explores the microeconomic and macroeconomic drivers of financial structure, through a sample of 30 technology companies listed on the New York Stock Exchange, over the period 2005-2018. The financial structure was assessed via long-term debt rate, short-term debt rate and total debt rate, whereas the size of the company, tangibility of assets, growth opportunity, effective tax rate and financial return were selected as microeconomic factors, alongside macroeconomic indicators concerning interest rate, inflation rate and gross domestic product per capita.
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