BUSINESS INFORM №7-2017

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Section: Economics of Enterprise
UDC 330.43+14
Mastiuk D. O.
Determinants of the Effectiveness of Capital Structure Management at Ukrainian Listed Power-Producing Companies (p. 186 - 195)
This article is concerned with a theoretical and practical study on determinants of the effectiveness of capital structure management. The basic theories on the formation and management of the capital structure were allocated; other researches related to studying the capital structure of enterprises was considered. The author considers 19 independent variables of diverse effect level (micro, meso and macro levels) and one dependent variable – economically added value, which was selected as an indicator of the effectiveness of capital structure management. The studied period is 14 years from 2003 to 2016 and is based on five listed power-producing companies. Eight key determinants of the effectiveness of capital management were defined. The highest positive impact among certain factors is the rate by the National Bank of Ukraine and profitability, while the strongest negative influences are the levels of competition in the market and of inflation. On results of the study, a series of recommendations for selected power-producing equity companies in Ukraine have been proposed, with the aim of reducing negative influences and enhancing positive effects through the development and selection of financial strategies.
Keywords: effectiveness, capital structure, value added, power generation, management, determinants, equity companies, Ukraine.
Tabl.: 8. Formulae: 2. Bibl.: 38.

Mastiuk Dmytro O. – Postgraduate Student, Department of Economics and Entrepreneurship, National Technical University of Ukraine «Igor Sikorsky Kyiv Polytechnic Institute» (37 Beresteiskyi Ave., Kyiv, 03056, Ukraine)
Email: [email protected]

Article is written in English
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Reference to this article:
Mastiuk, Dmytro O. (2017) “Determinants of the Effectiveness of Capital Structure Management at Ukrainian Listed Power-Producing Companies.” Business Inform 7:186–195.

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