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Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Ekaterina Gracheva
Determinants of the Capital Structure of Russian and European Enterprises of Chemical Sector: Comparative Empirical Analysis
Applied Economics
(Master’s programme)
2018
For our research we have chosen one of the resource-dependent industry sectors - chemistry sector. This industry is one of the leading in the economy of Russia, also our country is one of the top-ranking countries in chemical sector in the world. Some kinds of chemical production have potential for development under the policy of imports phase-out. Many companies require long-term borrowings, because they have faced the problem of equipment’s heavy wear and the necessity of replacement the old equipment by the new one.

Our research is aimed at comparison of the factors which have impact at leverage of European and Russian enterprises. Specific feature of our study is consideration of leverage as a nominal variable of 4 categories. This approach permitted to estimate factors influencing the probability to end up in a particular category of leverage.

The analysis of 800 largest firms from 8 countries was made with the help of linear panel models. Price-Winsten model for foreign European companies allowed us to confirm expectations of negative relation between non-debt tax shield, ROA, ROS, FAR and leverage, and our suggestion of positive relation between leverage and the company’s size. For Russian enterprises this model confirmed only the expectation of negative influence of ROA on leverage.

For the analysis of probability to end up in one of 4 categories of leverage population of countries was broadened to 11, the number of companies also was increased to 3175 firms from Europe and 459 from Russia. Ologit-model with random effects helped us to confirm the hypothesis of negative impact of factors such as ROA, ROS, NDTS, product export on leverage; positive influence is made by firm’s size. During the analysis of Russian firms it was found out that supposal of positive relation between FAR and leverage was not confirmed. There were not enough data for the investigation of influence of ROS and NDTS on leverage of Russian companies.

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