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Table 9 Dynamic capital structure of Russian corporations using firm specific factors, macroeconomic variables and stock market development. Post-crisis 2015–2017

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 2a Model 3 Model 4 Model 4b
GTA − 0.39013 − 0.36317 − 0.36820 − 0.38092 − 0.2300 − 0.36893
NFATA 0.03829 − 0.14941 0.01914 0.00752 1.5626 0.01278
ROA 4.19059 4.16440 4.16790 4.31112 0.0810 4.20871
IPA − 0.20862 − 0.24121 − 0.20669 − 0.19005 1.1950 − 0.20128
CL − 0.05992 − 0.05747 − 0.06010 − 0.06072 − 0.0040 − 0.06032
FR − 2.60885 3.55110 − 2.63739 − 2.69713 12.3947 − 2.65994
GDPG   0.76037    9.9779  
INFL   0.41087 0.04978   5.5896 0.04169
SMC     − 0.04764 1.4529 − 0.01467
  1. aThe model 2 is constructed without the multicollinear variable GDPG
  2. bThe model 4 is constructed without the multicollinear variable GDPG
  3. Source: Authoring