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Article

Оценка влияния институциональных факторов на структуру капитала корпорации

Рябова Е. В., Романов С. В.

Importance. Experience of foreign and Russian empirical studies devoted to the corporation capital structure proves that one of the main drawbacks of the models suggested by different authors is their relatively weak explaining characteristics. Some of the authors associate this with high impact of uncertainty in the process of the company selection of funding sources. In our opinion, this is due to the fact that institutional factors able to influence the process of funding sources selection are insufficiently taken into account or neglected.

Purpose. The present research is devoted to assessment of institutional factors impact on the industry and Company leverage. Efforts will be made to develop a dynamic model for assessment of the Company leverage based on the identified relevant dynamic factors and a complex of specific determinants.

Results. The present study proves, firstly, impact of institutional determinants on the industry leverage through the example of the Russian companies. Secondly, a model is suggested, taking into account the mechanism of dynamic adaptation of Companies leverage level, assuming simultaneous consideration of both institutional and specific factors.

Sphere of application. For practical purposes, the obtained models allow not only describing the Companies behavior when making financial decisions, but also can be used for predicting of their capital structure.