The determinants of capital structure: evidence from Macedonian listed and unlisted companies

Fitim Deari () and Media Deari ()
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Fitim Deari: Faculty of Business Administration, South East European University, Tetovo, Republic of Macedonia
Media Deari: State University of Tetova, Tetovo, Republic of Macedonia

Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), 2009, vol. 56, 91-102

Abstract: In this article we analyze factors influencing companies’ leverage. We selected two samples. The first one is from Macedonian non-financial companies registered on Macedonian Stock Exchange covering the period of 2005-2007 and comprised 32 listed companies. The second one is from Mace-donian small and medium businesses covering the period of 2005-2007 and comprised 30 companies. The data used for the empirical analysis were derived from companies’ annual reports. We analyze whether the decision of the companies concerning the leverage is in conformity with the theoretical expectations proclaimed in previous studies and is there any disparity between listed and unlisted companies. Profitability, Tangibility, Size, Growth rate and Non-debt tax shield are used as independ-ent variables, while Leverage is the dependent variable.

Keywords: capital structure; listed companies; unlisted companies (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:aic:journl:y:2009:v:56:p:91-102

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