The Factors of the Capital Structure in Eastern Europe

Paul Gabriel MICLAUS, Radu Lupu () and Stefan N M Ungureanu

Annals of University of Craiova - Economic Sciences Series, 2008, vol. 1, issue 36, pages 432-443

Abstract: The paper proposes a test of the extent to which the financial indicators of the companies listed on the stock exchanges in Romania, Poland, Hungary and Czech Republic and representing four sectors of activity - Food, Chemistry, Energy and Farmaceuticals - influence the debt ratios of these companies. We use linear regression and principal components analysis in order to test for the influence of 12 different financial indicators in each of the years from 2002 until 2006. The results show that there is evidence in support of the influence of the proposed factors because the coefficients are significant and maintain their signs in all the years of our analysis.

Keywords: leverage ratio; principal components analysis; financial indicators; capital markets; Eastern Europe. (search for similar items in EconPapers)
JEL-codes: D00 D24 G00 G30 (search for similar items in EconPapers)
Date: 2008
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Persistent link: http://EconPapers.repec.org/RePEc:aio:aucsse:v:1:y:2008:i:11:p:432-443

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