Correlation-and-regression analysis of the influence of macroeconomic factors on capital structure of Russian corporations under crisis conditions

Journal of Innovation and Entrepreneurship

A Systems View Across Time and Space

Table 1 Review of capital structure factors in the framework of the main theories of capital structure

Trade-off theory		Factor affecting leverage	Pecking order theory
Research	Communication value	Factor affecting leverage	Communication value	Research
Jensen & Meckling, 1976 Myers, 1977 Scott & Bruce, 1987	Negative	GTA	Positive	Myers & Majluf, 1984; Frank & Goyal, 2009 Hall et al., 2000
Titman & Wessels, 1988; Rajan & Zingales, 1995; Frank & Goyal, 2009	Positive	NFATA	Negative	Frank & Goyal, 2009
Grossman Sanford & Hart, 1982; Titman & Wessels, 1988	Negative
Fama & French, 2002	Positive	ROA	Negative	Myers & Majluf, 1984 Cassar & Holmes, 2003
Warner, 1977; Ang et al., 1982; Titman & Wessels, 1988; Chkir & Cosset, 2001; Bevan & Danbolt, 2002 Marsh (1982), Bennett and Donnelly (1993)	Positive	IPA	Negative (large companies) Positive (small and medium companies)	Fama & Jensen, 1983; Rajan & Zingales, 1995 Cassar & Holmes, 2003; Esperanca & Mohamed, 2003; Hall et al., 2000
Harris & Raviv, 1991; Bancel & Mittoo, 2004; Brierly & Bunn, 2005; Frank & Goyal, 2009	Negative	FR	Positive	Frank & Goyal, 2009
Singhania & Seth, 2010	Negative	CL	Negative
Frank & Goyal, 2009; Köksal et al., 2013; Kuhnhausen & Stieber, 2014; Sett & Sarkhel, 2010; Hanousek et al., 2011	Positive	INFL	Negative No connection connection is in part	Gajurel, 2006 Bastos et al. (2009) Frank & Goyal, 2009 Camara, 2012
Gajurel, 2006	Negative and positive	GDPG	Negative	Bastos et al., 2009; Bokpin, 2009; Dincergok & Yalciner, 2011; Camara, 2012
Bokpin, 2009 Sett & Sarkhel, 2010 Duan et al., 2012	No connection Negative	SMC	Positive	Dincergok & Yalciner, 2011 Gajurel, 2006