DETERMINANTS OF CAPITAL STRUCTURE AND THE 2015 FINANCIAL CRISIS: EVIDENCE FROM KAZAKHSTAN

Abstract

This study aims to investigate the determinants of capital structure in Kazakhstan and to analyze the e ects of the 2015 nancial crisis in Kazakhstan on the determinants of the capital structure of large rms. The sample used for This study aims to investigate the determinants of capital structure in Kazakhstan and to analyze the e ects of the 2015 nancial crisis in Kazakhstan on the determinants of the capital structure of large rms. The sample used for the following study includes 4000 to 7000 rms from 2009 to 2017. Results obtained show signi cance of tangibility, growth, size and liquidity variables on the leverage and increase in the signi cance of pro tability in the post-crisis period. the following study includes 4000 to 7000 rms from 2009 to 2017. Results obtained show signi cance of tangibility, growth, size and liquidity variables on the leverage and increase in the signi cance of pro tability in the post-crisis period.