I. V. Ivashkovskaya, M. S. Solntseva. The Determinants of Corporate Strategic Financing Decisions in Emerging Capital Markets: The Experience of Russian, Brazilian and Chinese Companies

V.7, N1, 2009

The article presents key determinants of capital structure which is the most important strategic parameter for corporate fi nancing policies in any company. The analysis is based on the samples of 74 large-scale Russian companies in comparison with the samples made of 84 large-scale companies from Brazil and 246 large-scale companies from China, which are supposed to be the most attractive emerging capital markets within 2001–2006. The results are developed within long term research project in the Center for corporate fi nance of Higher school of economics.

Keywords: capital structure, financial leverage, financial management, emerging markets, BRIC countries.