Capital Structure Choice and Financial Crisis: Evidence from Emerging Capital Markets

Student: Litvinova Anna

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2017

The choice of capital structure is a highly important financial decision that helps to maximize the value of the company. A large number of theoretical and empirical studies, in both developed and emerging financial markets, are dedicated to this problem. Most of them focus on the analysis of the capital structure determinants (i.e. profitability, firm size etc.) and empirical testing of existing theories (trade-off, pecking order, market timing and agency problem). This paper investigates what impact does the Global Financial Crisis 2007-2008 and Russian Financial Crises 2014 have on capital structure decisions in BRICS and Eastern Europe companies.

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