Issue 1, 2010

Berezinets I. V., Razmochaev A. V., Volkov D. L. Financing Decisions of Russian Companies: An Empirical Investigation.

The article presents results of empirical analysis of two most developed theories of capital structure, static tradeoff and pecking order, using a sample of that covers 2000–2006 period and includes 33 Russian public firms. The authors develop and test a hypothesis that firms make financing decisions in accordance with pecking order theory. This hypothesis is supported in further econometric tests. Keywords: Capital Structure, Static Tradeoff Theory, Pecking Order Theory.

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