Исследование факторов, влияющих на формирование структуры капитала российских финансовых организаций

This paper is an empirical study of the capital structure determinants for the banking organizations operating in the Russian Federation. The goal of this study is to determine the factors that influence the capital structure decisions made by the management of the Russian banks and to check if there are special features that differs from the results of the previously developed theories tested on the developed markets behavior. The study will examine the relationships of nine factors with the leverage level of banking organizations (listed and not listed). The analysis is built on a sample of 413 companies observed for the six years (2013 – 2018). The study employs a multivariable dynamic panel regression model (GMM) constructed on the classical variables obtained from the theoretical research on the capital structure as well as market imperfections and a set of the country-specific factors. The results obtained after testing a sample of the six-year period of historical data for the 413 Russian banks reveal that there are significant differences in the key factors influencing the capital structure and their magnitudes from the results of the studies conducted on samples of non-financial organizations or on samples of companies, operating in the developed countries.