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A Systems View Across Time and Space

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