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

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

Trade-off theory Factor affecting leverage Pecking order theory
Research Communication value 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
  1. Source: Authoring