The Determinants of Capital Structure in Mozambique’s Non-financial Firms: 2010-2015

Valter Tito Manjate, Pedro Rino Vieira and Matias Jaime Farahane ()
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Matias Jaime Farahane: Universidade de Lisboa

The African Finance Journal, 2023, vol. 25, issue 1, 26-44

Abstract: This paper aims to examine the determinants of the capital structure of Mozambique’s non-financial firms (NFFs). Our dataset were collected from the National Statistics Institute of Mozambique and covers the period of 2010 to 2015. The results are consistent with the trade-off and pecking order theories, suggesting that these are the most influential theories to explain the financing decisions of Mozambican NFFs. This paper contributes to the literature by extending the discussion on capital structure in developing countries and by strengthening the discussion on the implications for practitioners.

Keywords: Capital structure; Trade-Off Theory; Pecking Order Theory; Mozambique; Developing countries; Determinants of Capital Structure (search for similar items in EconPapers)
JEL-codes: G3 L20 L25 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:afj:journl:v:25:y:2023:i:1:p:26-44

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