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Patterns of a Company's Capital Structure Choice

Student: Emke Vera

Supervisor: Marina A. Zavertiaeva

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

CEO makes important financial decisions, including the determination of company’s capital structure. The optimal ratio of own and borrowed funds provides the greatest value of the company and maintains a sufficient level of solvency ratio. Therefore, it is important for the company to know the factors that determine this ratio. The peculiarity of this study is the inclusion in the analysis not only the traditional factors of capital structure, but also the personal characteristics of the CEO. In this regard, the main purpose of this study is to determine the traditional and behavioral factors of the capital structure of Russian companies. As a database we used the results of a survey of the CEO in the framework of the project "Russian firms in the global economy" conducted by the HSE IIMS in 2014. Using regression analysis, we found that male CEOs tend to use lower levels of debt, and the impact of the CEO's age and experience is ambiguous and depends on the maturity of the debt.

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