Analysis of Determinants of Capital Structure of Russian Companies

Student: Aseev Nikita

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2016

The current workpaper is devoted to the examination of capital structure determinants of Russian companies and the underlying theories explaining them. Part of the analyzed determinants in the research have not been tested in Russian market before. Sample consists of 72 large-cap companies from the MICEX index for the period 2010-2015. The obtained results enable to conclude that trade-off and pecking order theories accounts for the most contribution in explaining changes in firm's leverage. Market timing theory demonstrates significant results as well but its impact is sufficiently less, while agency cost theory was rejected as being insignificant.

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