Title: Capital structure determinants: a literature review

Authors: Asheesh Pandey; Madan Singh

Addresses: Fortune Institute of International Business, Rao Tula Ram Marg, Basant Gaon, Vasant Vihar, New Delhi, DL 110057, India ' Department of Management, Faculty of Management and Commerce, Mewar University, India

Abstract: In this paper, we present the literature review on determinants of capital structure of the research being done, both in India as well as internationally, in the last one and a half decade. We divide our study in two ways: one review for international research and second from Indian research. We further subdivide the research (both Indian as well as international) in two parts. In first part we review articles on determinants of capital structure being done at economy level and in the second part we provide literature review of papers on determinants of capital structure done at sector level. Finally, on the basis of our literature review, we provide a list of eleven common capital structure determinants found out of various studies.

Keywords: capital structure; debt; equity; leverage; determinants; literature review.

DOI: 10.1504/AJAAF.2015.072226

African Journal of Accounting, Auditing and Finance, 2015 Vol.4 No.2, pp.163 - 176

Received: 24 Jul 2015
Accepted: 25 Jul 2015
Published online: 05 Oct 2015 *

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