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Factors Affecting Innovative Firms’ Capital Structure:Cross-country Analysis

Student: Dodonov Nikita

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2020

The paper reviews current works on capital structure determinants, particularly for innovative enterprises. Using panel data on the time period of years 2010-2019, panel regression with fixed effects was used. During exploring the dataset, two main clusters – transnationals and SMEs – were found, thus two models were built. Obtained results suggest us that significant determinants differ for two subsets: For small enterprise subset determinants are return on equity, absolute value of total debt, country’s place in ranking representing capital flow restriction, inflation rate and country’s place in ranking representing religion importance. For transnational subset net income margin, absolute value of total debt, inflation rate, GDP per capita, interest rate and country’s place in ranking representing availability of financing sources are significant determinants. As both models together with all their determinants are significant, we can claim that enterprises having offices in many countries and operating on multiple markets follow different patterns of choosing capital structure than SMEs and companies operating mainly on one national market.

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