Соломатина Анастасия Владимировна
The Capital Structure Choice of Pharmaceutical Industry Companies in Developed and Emerging Capital Markets
In this research the impact of the important indicators on the capital structure and financing policies is presented. The project is divided into three chapters. The first chapter provides an overview of the literature review, which presents the main variables that affect the capital structure in developed and emerging markets, as well as the description of the pecking order theory. In the second chapter it is described the basic hypotheses and indicators and models to be tested. And finally, the third chapter presents main conclusions.The 2008 crisis has had no impact on the level of debt in the pharmaceutical companies; the pecking order theory was not confirmed, but has a right to exist. In addition, key indicators, which have an impact on developed countries are the following: the profitability of the business and the risk have a positive impact on the level of debt, while the company's size, level of growth and R&D expenditures have a negative impact. As for emerging markets, the same results are presented, except the size of the company, which has a positive influence, as well as R&D expenses practically does not have any impact on the level of debt. In conclusion, it should be added that this impact is stronger in developed countries than in emerging ones.