CAPITAL STRUCTURE OF UKRAINIAN NON-FINANCIAL COMPANIES IN HISTORICAL PERSPECTIVE

Abstract

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