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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Maksim Premudrov
Motives of Capital Structure Choice in Emerging Markets
Strategic Corporate Finance
(Master’s programme)
2018
This paper presents the results of testing of dynamic trade-off and pecking order theories of the capital structure. The empirical analysis checks the determinants of capital structure of a large sample of quoted firms incorporated in Russia, China, India, Brazil and South Africa. This research uses Arellano-Bond GMM estimator for testing theories of capital structure choice on emerging markets. On the sample of 1 749 companies for the post-crisis period 2009-2017, the applicability of the dynamic trade-off theory and the partial applicability of the pecking order theory as the motivation for selecting the companies' capital structure are revealed.

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