Determinants of the capital structure of the Bulgarian firms

Dimiter Rafailov

Economic Thought journal, 2003, issue 1, 47-65

Abstract: By means of an analysis of the basic theoretical models from the standpoint of their relevance to the economic situation in Bulgaria, the factors of importance are estimated, determining the correlation of debt against assets of the Bulgarian companies. The empiric estimation is made on the basis of an investigation encompassing the public companies for the period 1998-2000. The results of the classic regressive analysis applied, as well as the panel analysis, evidence the presence of market imperfections found in the basis of the indebtedness of the companies. What is specific about the Bulgarian firms is the great importance of the asymmetric information, while the remaining imperfections - taxation, crisis and intermediary expenses are of secondary importance.

JEL-codes: G32 (search for similar items in EconPapers)
Date: 2003
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