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SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

SEEU Review vol. 5 Nr. 2 (pdf) - South East European University

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<strong>SEEU</strong> <strong>Review</strong> Volume 5, No. 2, 2009<br />

An Empirical Investigation into the<br />

Capital Structure Determinants of<br />

Macedonian and Slovenian listed<br />

companies<br />

Fitim Deari, MBA 1<br />

<strong>South</strong> <strong>East</strong> <strong>European</strong> <strong>University</strong>,<br />

Lecture Assistant at Business Administration Faculty<br />

Ilindenska nn, 1200 Tetova-Macedonia<br />

E-mail: f.deari@seeu.edu.mk<br />

Media Deari 2<br />

State <strong>University</strong> of Tetova,<br />

Faculty of Mathematical and Natural Sciences,<br />

Lecture Assistant at Department of Mathematic<br />

Ilindenska nn, 1200 Tetova-Macedonia<br />

E-mail: mediadeari@yahoo.com<br />

Abstract<br />

In this article we sought to analyze some factors influencing companies’<br />

leverage. We have selected two samples. The first one is from Macedonian<br />

non-financial companies registered on Macedonian Stock Exchange<br />

covering the period of 2005-2007 and comprised 32 listed companies. The<br />

second one is from Slovenian non-financial companies registered on<br />

Ljubljana Stock Exchange covering the period of 2005-2007 and comprised<br />

18 companies. The data used for the empirical analysis were derived from<br />

companies’ annual reports. We analyze whether decisions of companies<br />

concerning the leverage are in conformity with the theoretical expectations<br />

proclaimed in previous studies. Profitability, tangibility, size, growth rate<br />

and non-debt tax shield are used as independent variables, while leverage is<br />

the dependent variable.<br />

69

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