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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Viktoriia Kliablina
"Financial and Non-financial Factors Influencing on Russian Companies' Capital Structure "
Corporate Finance
(Master’s programme)
2017
Present work investigates the correlation between factor showing debt ratio in company’s capital structure and financial and non-financial factors, showing company’s performance. Using data series of 102 Russian companies for the period from 2004 to 2015, it was exploratorily confirmed, that some financial and non-financial factors have an influence on company’s capital structure. ROA, asset tangibility, firm size and inflation rate were confirmed as relevant factors; tax payments and Market-Book ratio as non-relevant. Moreover, non-financial factors’ influence was also examined. The influence of Board’s of Directors size was confirmed, but the internal structure of the Board of Directors turned as non-relevant factor. While studying, factors were divided in three main groups: internal financial factors, macroeconomic factors and internal non-financial factors. Partially the results received were also confirmed by other researchers on different data series, but the results are still considered to be unstable and they highly depend on data used, region, country and period selected.

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