THE DETERMINANTS OF CAPITAL STRUCTURE: A STUDY OF OIL AND GAS INDUSTRY IN KAZAKHSTAN
Abstract
Purpose – to test the impact of capital structure changes on value of the company and how different factors may influence, directly or inversely, the debt and equity components of capital structure and to test the validity of the trade-off and pecking order theories of capital structure for Oil and Gas sector industry in Kazakhstan.
Methodology – synthesis, statistic and correlation-regression analysis of data.
Originality/value – optimization of capital structure allows to find the place in the competitive market. One of the conditions for creating a financial stability is to create an optimal capital structure. Therefore, the volume of effective management of the company, making the right decision about the amount of the loan.
Findings – in Kazakhstan, Oil and Gas sector companies make new investment and capital structure decisions according to Pecking Order Theory.
About the Authors
A. A. Adambekova
Narxoz University
Kazakhstan
Kazakhstan
Doctor of Economic science, Professor
S. Kokeyeva
Narxoz University
Kazakhstan
Kazakhstan
PhD student
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Review
For citations:
Adambekova A.A., Kokeyeva S. THE DETERMINANTS OF CAPITAL STRUCTURE: A STUDY OF OIL AND GAS INDUSTRY IN KAZAKHSTAN. Central Asian Economic Review. 2018;(4):46-56. (In Kazakh)
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