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Theoretical and Applied Economics
No. 4 / 2008 (521)

A Dynamic Analysis of Capital Structure Determinants. Empirical Results for Romanian Capital Market

Mihaela Dragota
Andreea Semenescu
Academia de Studii Economice, Bucuresti

Abstract. The analysis of capital structure and its determinants represents an useful approach for the Romanian and foreign investors and for the companies, at the same time. The main conclusion for capital structure analysis was that Romanian listed companies sustained their assets, in this order, on equity, commercial debt and, finally, on financial debt. The four variables used in the regression model are significant. The pecking order theory seemed to be more appropriate for the Romanian capital market, but the signalling theory was not entirely rejected.

Keywords: leverage; determinants for capital structure; signalling theory; pecking order theory; information asymmetry.

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