Financial security and capital structure of non-public companies in the domestic economy
Makarov I.N.1, Korenyako E.A.2, Nazarenko V.S.3,4, Chernikova Yu.A.5,2, Volodina A.I.3
1 Липецкий казачий институт технологий и управления (филиал) федерального государственного бюджетного образовательного учреждения высшего образования «Московский государственный университет технологий и управления имени К.Г. Разумовского (Первый казачий университет)»
2 Липецкий филиал РАНХиГС
3 Липецкий филиал Финансового университета при Правительстве РФ
4 Елецкий государственный университет им И.А. Бунина
5 ПАО «НЛМК»
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Journal paper
Creative Economy (РИНЦ, ВАК)
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Volume 18, Number 3 (March 2024)
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=65634957
Abstract:
An effective and balanced mechanism of capital formation, including its attraction and management, allows the company to provide the necessary resources for its operation and to create development potential. At the same time, the main task of the company in the modern economy is the need to find a balance between attracting investments and ensuring security amidst turbulence, i.e. it is the necessity of the formation of a target capital structure. According to the results of the analysis, the authors found out that the capital structure of the company is influenced by the affiliation to the "old" or "new" sectors of the economy, and even more by the affiliation to the "core" of the dominant or emerging technological structure. Companies belonging to intensively developing industries and, moreover, to the "core" of the emerging technological structure have a higher share of debt capital in the total capital structure than companies of "traditional" industries. These companies, in turn, have a higher share of debt capital than companies of "old" and "dying" industries.
Keywords: security, capital structure, firm, transformation, industry
JEL-classification: G32, L26, M21
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