Issue 3, 2008

Ivashkovskaya I. V., Solntseva M. S. Capital Structure of Russian Companies as Strategic Decision.

The article presents methodology and results of the research conducted by Corporate Finance Center (SU–HSE). The project is devoted to the analysis of capital structure choice of Russian large companies. The article demonstrates findings of capital structure determinants as well as the conclusions of trade-off and pecking order hypotheses empirical tests. The sample includes 74 Russian companies of 8 industries within 2001–2006 financial years. Keywords: Capital Structure, Static Trade-off Theory, Pecking Order Theory, Financial Leverage, Emerging Markets.

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