• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site
For visually-impairedUser profile (HSE staff only)Search

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

Student: Nikita Dodonov

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.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses