Original scientific paper
Determinants of Capital Structure: Case of Companies Listed on Zagreb Stock Exchange
Fitim Deari
; South East European University, Macedonia
Media Deari
; State University of Tetova, Macedonia
Abstract
In this article we sought to analyze some factors influencing companies’ leverage. To examine such factors, we have selected a sample of companies registered on Zagreb Stock Exchange. The sample is from non-financial companies covering the period of 2002-2006 and comprised 89 listed companies. Tangibility, profitability, size, and growth were confirmed as relevant determinants, and only the non-debt tax shield was confirmed as irrelevant determinant in capital structure decisions. Companies’ features as capital origin structure, business industry, and company age were confirmed to play roles in capital structure composition.
Keywords
capital structure; listed companies; leverage
Hrčak ID:
78712
URI
Publication date:
1.5.2010.
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