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Table 7 Dynamic capital structure of Russian corporations using firm specific factors, macroeconomic variables and stock market development. Full sample 2011–2017

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

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
  1. Source: Authoring