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Article

ЭМПИРИЧЕСКИЙ АНАЛИЗ ОСОБЕННОСТЕЙ СТРУКТУРЫ КАПИТАЛА РОССИЙСКИХ КОМПАНИЙ НЕФТЕГАЗОВОГО СЕКТОРА

Экономическая политика. 2018. Т. 13. № 5. С. 80-109.
Марковская Е. И., Аношкина Е. С.

The article is dedicated to the analysis of the capital structure determinants by the case for Russian oil and gas companies. The main objective is to determine, which common patterns the decision on the capital structure incorporates on the basis of the case for Russian oil and gas companies; to determine the theories that explain such patterns. The determination of present patterns that influence the decision on capital structure and the theoretical explanation of such patterns would help corporations to determine their own decision system on capital structure. The results include the following. The common patterns of the decision on capital structure cannot be fully described by one theory and there are cases when none of the theories describes the reality. Some author’s hypotheses were confirmed while others were not. The important result is the conclusion that the companies’ individual effects are critical to the capital structure decision. The comparison of the models with different dependent variables also confirmed this conclusion.