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The Impact of Financial Markets Globalization on Companies Capital Structure

Ingrid Dragota (), Andreea Semenescu () and Cristina Badarau ()

Annals of University of Craiova - Economic Sciences Series, 2008, vol. 3, issue 36, 1253-1259

Abstract: Insuring the assets financing was a permanent concern in the companies. The aim of the financing policy was to identify the most profitable financing sources for the company, at the lowest cost possible and correlated in time with the need of resources. The modelling of the cost of capital, as well as that of the optimal combination of various financing sources in order to obtain a cost of capital able to lead to maximizing the companies value, especially in the conditions of a durable financing are permanent challenges for scientific research. The capital structure of the companies is determined by a wide range of quantitative and qualitative factors, which can be divided in two classes: on one side, factors independents on companies decisions (the stability of the economy, the fiscal system, the monetary and capital markets), and on the other side internal factors (the size of the company, the profitability, the percent of tangible assets in total assets etc.). The accessibility of the financing sources is in present influenced by the characteristics of the credit and capital markets are characterized in present by complex phenomena such as the globalization and the adhesion of certain countries to European Union.

Keywords: globalization; capital structure; financial markets; fiscal system; cost of capital. (search for similar items in EconPapers)
JEL-codes: L00 L16 E00 E44 (search for similar items in EconPapers)
Date: 2008
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