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Table 8 Dynamic capital structure of Russian corporations using firm specific factors, macroeconomic variables and stock market development. Pre-crisis sample: 2011–2013

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 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
  1. aThe model 4 is built taking into account the multicollinear variable SMC, without taking into account this variable, model 4 is similar to model 2
  2. Source: Authoring