D. Chernenko, PhD Student Kyiv National Economics University named after Vadym Hetman, Kyiv, Ukraine CAPITAL STRUCTURE OF UKRAINIAN NON-FINANCIAL COMPANIES IN HISTORICAL PERSPECTIVE

This paper examines the dynamics of Ukrainian non-financial firms’ capital structure within a historical perspective. It shows that firm financing since 1990 was a derivative from economic and institutional changes, and current levels of leverage are lower than ones of foreign peers. Whereas in the short-term we can expect some market recovery, long-term dynamics relies almost exclusively on the successof institutional reforms.

Keywords: firm financing; capital structure; financial structure; company capital; financing sources; non-financial companies.

Received: 04/09/2017

1st Revision: 11/10/2017

Accepted: 13/11/2017

DOI: https://doi.org/10.17721/1728-2667.2018/196-1/12

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