THE CAPITAL STRUCTURE OF CORPORATIONS AS AN ELEMENT OF THE ENTERPRISE RISK MANAGEMENT SYSTEM
DOI:
https://doi.org/10.25806/uu3202226-32Статья поступила в редакцию: 01.03.2022
Статья принята к публикации: 16.03.2022
Статья опубликована: 24.03.2022
Keywords:
Keywords: Enterprise Risk Management, traditional risk management, debt ratio, capital structure, tax shield, yield curve, IFRS, panel dataAbstract
The conceptual ERM framework is traditional risk management. One of the main TRM system elements is the optimization of the ratio between own and borrowed sources of financing to ensure the sustainable development of the company. Based on IFRS financial statements for 50 public companies of the Russian Federation for a period of 6 years (2015-2020), 3 panel data models were built. The dependent variables were indicators of the total, long-term, short-term debt ratio. The independent variables were indicators of company size, tangible assets, profit margin, growth potential, tax shield, yield curve. The impact of profitability, growth potential, yield curve is positively correlated with long-term debt (LTD) and negatively with short-term debt (STD). The study revealed a significant negative relationship between the total debt (TD) and indicators of the tax shield (Tax), the share of non-current assets (Tangibility).
Информация о публикации
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Правообладатель: Издательский дом «Академический».
Лицензия: Статья распространяется на условиях лицензии Creative Commons Attribution 4.0 International (CC BY 4.0).
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