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Correlation-and-regression Analysis of the Influence of Macroeconomic Factors on Capital Structure of Russian Corporations Under Crisis Conditions
Valeria Valeryevna Metelskaya
Corresponding Author
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The study reveals the influence of macroeconomic factors on decisions about the optimal capital structure formation under financial globalization, in view of ever-changing factors of the external economic and geopolitical environment. The study is aimed at empirical testing of hypotheses on how the level of financial leverage of corporations depends on traditional determinants during and after the financial crisis under the emerging market conditions in Russia. The study deals with a large data set of 49 public joint stock companies from 7 leading Russian economic sectors for the period from 2011 to 2017. According to the correlation-and-regression analysis results, (1) the use of traditional theories of capital structure under the conditions of current financial globalization in a country with a developing economy proves to be ineffective for the optimal capital structure formation (2) the corporate capital structure formation is strongly influenced by macroeconomic factors, which is most evidently manifested during and after the crisis, (3) the financial crisis exerts a strong influence on the corporate capital structure, (4) the determinant of stock market development has a significant influence on leverage and plays a prominent role in making financial decisions after the financial crisis.
JEL classification: E22, E44, F6, F15
Keywords
leverage, capital structure, trade-off theory, pecking order theory, stock market development, macroeconomic factors
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Peer Review Timeline
CURRENT STATUS: Under Revision
Version 2
Posted 18 Dec, 2020
No community comments so far
Editorial decision: Minor Revision
On 17 Jan, 2021
Review #2 received
Received 09 Jan, 2021
Review #1 received
Received 07 Jan, 2021
Reviewer #2 agreed
On 25 Dec, 2020
Reviewer #1 agreed
On 21 Dec, 2020
Reviewers invited
Invitations sent on 18 Dec, 2020
Editor assigned
On 30 Nov, 2020
Submission checks complete
On 30 Nov, 2020
Editor invited
On 30 Nov, 2020
No comments provided
Editorial decision: Major Revision
On 26 Oct, 2020
Review #2 received
Received 03 Oct, 2020
Reviewer #2 agreed
On 08 Sep, 2020
Review #1 received
Received 02 Aug, 2020
Reviewers invited
Invitations sent on 07 Jul, 2020
Reviewer #1 agreed
On 07 Jul, 2020
First submitted
On 04 May, 2020
Editor assigned
On 04 May, 2020
Submission checks complete
On 03 May, 2020
Editor invited
On 03 May, 2020
Metrics
Comments: 0
PDF Downloads: ...
HTML Views: ...
Subject Areas
Other Economics
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This preprint is under consideration at Journal of Innovation and Entrepreneurship. A preprint is a preliminary version of a manuscript that has not completed peer review at a journal. Research Square does not conduct peer review prior to posting preprints. The posting of a preprint on this server should not be interpreted as an endorsement of its validity or suitability for dissemination as established information or for guiding clinical practice.
Learn more about In Review
Research
Correlation-and-regression Analysis of the Influence of Macroeconomic Factors on Capital Structure of Russian Corporations Under Crisis Conditions
Valeria Valeryevna Metelskaya
Corresponding Author
Badges
Prescreen
This manuscript passed our Prescreen assessment
Complete author information
Appropriate declaration statements
Potential risks to human health
Prescreen
Peer Review Timeline
CURRENT STATUS: Under Revision
Version 2
Posted 18 Dec, 2020
No community comments so far
Editorial decision: Minor Revision
On 17 Jan, 2021
Review #2 received
Received 09 Jan, 2021
Review #1 received
Received 07 Jan, 2021
Reviewer #2 agreed
On 25 Dec, 2020
Reviewer #1 agreed
On 21 Dec, 2020
Reviewers invited
Invitations sent on 18 Dec, 2020
Editor assigned
On 30 Nov, 2020
Submission checks complete
On 30 Nov, 2020
Editor invited
On 30 Nov, 2020
No comments provided
Editorial decision: Major Revision
On 26 Oct, 2020
Review #2 received
Received 03 Oct, 2020
Reviewer #2 agreed
On 08 Sep, 2020
Review #1 received
Received 02 Aug, 2020
Reviewers invited
Invitations sent on 07 Jul, 2020
Reviewer #1 agreed
On 07 Jul, 2020
First submitted
On 04 May, 2020
Editor assigned
On 04 May, 2020
Submission checks complete
On 03 May, 2020
Editor invited
On 03 May, 2020
Metrics
Comments: 0
PDF Downloads: ...
HTML Views: ...
Subject Areas
Other Economics
License:
This work is licensed under a CC BY 4.0 License. Read Full License
The study reveals the influence of macroeconomic factors on decisions about the optimal capital structure formation under financial globalization, in view of ever-changing factors of the external economic and geopolitical environment. The study is aimed at empirical testing of hypotheses on how the level of financial leverage of corporations depends on traditional determinants during and after the financial crisis under the emerging market conditions in Russia. The study deals with a large data set of 49 public joint stock companies from 7 leading Russian economic sectors for the period from 2011 to 2017. According to the correlation-and-regression analysis results, (1) the use of traditional theories of capital structure under the conditions of current financial globalization in a country with a developing economy proves to be ineffective for the optimal capital structure formation (2) the corporate capital structure formation is strongly influenced by macroeconomic factors, which is most evidently manifested during and after the crisis, (3) the financial crisis exerts a strong influence on the corporate capital structure, (4) the determinant of stock market development has a significant influence on leverage and plays a prominent role in making financial decisions after the financial crisis.
JEL classification: E22, E44, F6, F15