Financing Policy at the Mature Stage of the Company's Life Cycle. Common Features and Industry Specific

Student: Busygina Evgeniia

Educational Programme: Economics (Bachelor)

Year of Graduation: 2016

The capital structure is traditionally studied in the section of the corporate finance, because it is one of the key indicators of the company. In this diploma paper we examined the determinants of capital structure at the mature stage of the life cycle on the example of large companies in Russia and the United States. The testing confirmed the importance of such determinants of the capital structure as a non-debt tax shield, the effective tax rate, the structure of the company's assets, its profitability and size. Also, two main theories of capital structure have been reviewed and tested: trade-off theory and pecking order theory. The study showed that companies on the mature stage of the life cycle are more likely to follow the trade-off theory.

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