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The Determinants of the Financing Decision of Listed Companies on the Bucharest Stock Exchange

Vasile Ilie, Florina-Adriana Stanica and Nicoleta Bărbuţă-Mişu
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Florina-Adriana Stanica: Bucharest University of Economic Studies, Bucharest, Romania

Economics and Applied Informatics, 2019, issue 2, 48-62

Abstract: The previous literature attempted to provide explanations for the differences identified in the capital structure of companies, with a set of more or less practically applicable theories. This paper aims to capture the influence of the main factors identified in the relevant literature on the capital structure of a sample of listed companies on the main market of the Bucharest Stock Exchange (BVB) and, in particular, to validate or invalidate some of the theories that attempted to explain the differences in the capital structure in the literature. The results show that the capital structure of the Romanian listed companies is positively correlated with the existence of growth opportunities and negatively with the profitability, liquidity, asset tangibility and volatility coefficient.

Keywords: Capital structure theories; Listed companies; Profitability; Growth opportunities; Liquidity; Tangibility (search for similar items in EconPapers)
Date: 2019
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DOI: 10.35219/eai1584040931

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Handle: RePEc:ddj:fseeai:y:2019:i:2:p:48-62