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Research of the Capital Structure on the Emerging Markets

Student: Sapunova Irina

Supervisor: Varvara Nazarova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2018

This master dissertation focuses on how capital structure firm’s characteristics influence firm growth on emerging markets and using this acquired knowledge for forming recommendations about firm chances maximization for successful development through altering a capital structure. The study also contains the analysis of the emerging market evolvement and their current situation based on the statistical data retrieved from the electronic resources of the global statistics agencies. Findings include the list major competitors and leaders among the emerging economies and the assessed value of their influence. As one of the main competitors Russia market was chosen as the main object of the research, Ukraine and Kazakhstan were picked up for comparison. The practical part of the research is based on the econometric analysis and its interpretation, including comparison between markets, summarizing conclusions. As the result of the work it was proved that the capital structure in Russia, Ukraine and Kazakhstan has the impact on the growth rate of the company as well as firm’s performance factors and surrounding economic and political conditions. The exact power of this influence also was assessed in the built econometric models. Also we formed some general recommendations - the strategy that can be tuned to the case of each country using the created models and specific knowledge about the particular conditions. So, the outcomes of the study contribute to the deeper understanding of capital structure impact on the chosen markets and particular findings can facilitate acquiring the stability for the companies on developing markets by giving them the possible guidelines for building their strategies, this in turn can support the whole market stabilization and will lead to its more sustainable growth.

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