Determinants of the Speed of Adjustment to Target Leverage: Evidence from Russian Firms

Student: Ramazanov Shakhmurad

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Final Grade: 7

Year of Graduation: 2020

This paper investigates the relationship between firm-specific and macroeconomic variables with the speed of adjustment to the target leverage, using data on 95 Russian public companies for period 2015. The main goal of this work is to verify the previous results as well as to test a new method for evaluating models. The results of the estimation models are consistent with theoretical results and previous empirical works. As a result of this paper, a new approach to assessing regression of the target leverage is proposed and a new significant factor of the target leverage is presented.

Full text (added June 11, 2020)

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