CAPITAL STRUCTURE OF UKRAINIAN NON-FINANCIAL COMPANIES IN HISTORICAL PERSPECTIVE
Journal Title: Вісник Київського національного університету імені Тараса Шевченка. Економіка. - Year 2018, Vol 1, Issue 196
Abstract
This paper examines the dynamics of Ukrainian firms' capital structure within a historica perspective. It begins with stylized facts of the firm leverage and corporate debt levels. Using statistical and survey data, the study shows that firm financing since 1990 was a derivative from economic and institutional changes. Next, the paper delves into historical context of these changes. In the early stages firms raised capital primarily from informal sources or state funding, whereas during economic boom of 2000- 2008 this situation changed dramatically. Nevertheless, since 2008 the role of internal sources has been growing from year to year. In general firms hold levels of leverage, which are lower than ones of their foreign peers. The study ends with a brief discussion on future perspectives Ukrainian firms' financing. Whereas in the short-term we can expect some market recovery, long-term dynamics relies almost exclusively on the success of institutional reforms.
Authors and Affiliations
Demid Chernenko
Keywords
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- EP ID EP395214
- DOI 10.17721/1728-2667.2018/196-1/12
- Views 84
- Downloads 0
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