A Systems View Across Time and Space
Table 8 Dynamic capital structure of Russian corporations using firm specific factors, macroeconomic variables and stock market development. Pre-crisis sample: 2011–2013
Variables | Model 1 | Model 2 | Model 3 | Model 4a |
|---|---|---|---|---|
GTA | − 0.87164 | − 0.7630 | − 0.88524 | − 0.556 |
NFATA | 0.75272 | 0.4239 | 0.72061 | − 0.530 |
ROA | 3.99632 | 2.8034 | 4.07282 | − 1.726 |
IPA | − 0.72615 | − 0.9756 | − 0.77580 | − 1.248 |
CL | 0.07380 | 0.0564 | 0.07563 | − 0.029 |
FR | − 2.26044 | − 4.1540 | − 2.22174 | − 13.086 |
GDPG | 0.1258 | − 2.448 | ||
INFL | 3.6634 | 21.183 | ||
SMC | − 0.03667 | 0.952 |