• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ekaterina Anoshkina
Capital Structure Determinants: the Case of Russian Oil and Gas Companies
Economics
(Bachelor’s programme)
9
2017
The Bachelor’s thesis is dedicated to the analysis of the capital structure determinants by the case for Russian Oil and Gas companies. The company’s capital structure influences its value and, thus, its stakeholders, which determines the significance of thesis’ theme. The thesis objective is to determine, which common patterns the decision on the capital structure incorporates on the basis of the case for Russian Oil and Gas companies; to determine the theories that explain such patterns. The determination of present patterns that influence the decision on capital structure and the theoretical explanation of such patterns would help start-ups to determine their own decision system on capital structure. This reveals thesis practical application.

The thesis structure is based on the problem list that was determined by the objective. In the first chapter the theories and empirical studies on capital structure were analyzed. In the second chapter the analysis of Russian Oil and Gas sector and the financial state of the companies chosen for the model were addressed. The analyses of 2 chapters let the capital structure factors and the whole methodology of the model to be formed in the third chapter. The theories’ and our hypotheses on influence of the factors on capital structure were formulated. Then the data used for the econometrical model was described; 2 capital structure models with companies fixed effects with 2 different dependent variables were built; results were analyzed.

The results include the following. The common patterns of the decision on capital structure cannot be fully described by one theory and there are cases when none of the theories describes the reality. Some of our hypotheses were confirmed while others were not. The important result is the conclusion that the companies’ individual effects are critical to the capital structure decision. The comparison of the models with different dependent variables’ proxies confirmed this conclusion.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses