A Systems View Across Time and Space
Table 7 Dynamic capital structure of Russian corporations using firm specific factors, macroeconomic variables and stock market development. Full sample 2011–2017
Variables | Model 1 | Model 2 | Model 3 | Model 4 |
|---|---|---|---|---|
GTA | − 0.54992 | − 0.53347 | − 0.54992 | − 0.54321 |
NFATA | 0.46224 | 0.45218 | 0.46224 | 0.44213 |
ROA | 2.80794 | 2.78375 | 2.80794 | 2.84035 |
IPA | − 0.28829 | − 0.25261 | − 0.28829 | − 0.26461 |
CL | − 0.02734 | − 0.02479 | − 0.02734 | − 0.02483 |
FR | − 0.03476 | − 1.58856 | − 1.41454 | − 1.58386 |
GDPG | 0.05136 | 0.05916 | ||
INFL | 0.08648 | − 0.06318 | ||
SMC | − 0.03476 | − 0.02532 |