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

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Fitim Deari, MBA and Media Deari Determinants of company leverage We use five explanatory attributes as proxy for the determinants of Macedonian and Slovenian companies’ capital structure and by using them as independent variables in our regression model, we attempt to analyze the reliance of leverage (dependent variable) on these proxies. Following Rajan and Zingales (1995), we calculate leverage of company as the ratio of total liabilities to total assets. The proxy used in this study to measure the company profitability is the ratio of earnings before tax (EBT) scaled by total assets. The proxy used in this study to measure the value of tangible assets of the company is the ratio of fixed assets to total assets. The proxy used in this study as measure to calculate the company size is the natural logarithm of revenues sale. The proxy used in this study to measure the company growth rate is the percent change of total assets. Wald (1999) uses the ratio of depreciation to total assets to measure nondebt tax shield. In this study, we use the same ratio, i.e. depreciation over total assets as proxy to measure non-debt tax shield. We use also qualitative variable (dummy). Hence we give 1 for listed companies on Macedonian Stock Exchange and 0 for listed companies on Ljubljana Stock Exchange. The regression model and methodology Using panel data methodology, we attempt to analyze some factors that supposedly determine the level of leverage of companies. Panel data analysis is performed by regression model for both samples separately. It makes combinations of data in cross section with time series data, for treatment of the variables analyzed in this article. We use the same model for both samples. Generalized form of the regression model is: 74
<strong>SEEU</strong> <strong>Review</strong> Volume 5, No. 2, 2009 LEV it ∑ n = α + β i X it + ε it i (1) Where Lev it is the dependent variable and it is the leverage of company (i) to the period t, respectively to the year 2005, 2006 and 2007. is the intercept of the equation. is the slope coefficient for Xit independent variables. X it represents to five independent variables. represents the error term. We can transfer equation (1) to more detailed equation (2) as below: LEV it = α +β 1 Pr ofitability it + β 5 Non - debt tax shield it + ε it (2) +β 2 Tangibility it +β 3 Size it +β 4 Growth it + Where i = 1, 2, 3, …, 32 for the first sample (Macedonian companies) and i = 1, 2, 3, …, 18 for the second sample (Slovenian companies), and t = 1, 2, 3 for both samples. The analysis uses a data panel originating from annual reports of the 32 companies listed on Macedonian Stock Exchange, respectively 18 companies listed on Ljubljana Stock Exchange. For analyzing data we have used the program Stata 10. It is well known the fact that once regulatory bodies adopt a financial reporting paradigm, it becomes the guiding principle for accounting regulation (Strouhal, 2008). Since, in both countries from listed companies is required to prepare financial statements according to International Accounting Standards, data should not be a problem in our study. Different accounting practices in different countries make it difficult to compare accounting information (Deari, 2008). 75
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