ANALYSIS OF FACTORS IN THE CAPITAL STRUCTURE OF SCIENCE-INTENSIVE COMPANIES

Abstract

Based on the theories of capital structure, the article clarifies the factors of capital structure and formulates hypotheses of their influence on the capital structure of high technology companies. To confirm the hypotheses, an analysis was made of the impact on the level of financial leverage of such factors as internal and external innovations, liquidity and return on capital. The sample for analysis included data on the performance of Russian aircraft manufacturing companies for 2016-2020. The results of the study contribute to a deeper understanding of the factors affecting the level of financial leverage, and are recommended for use not only by the companies in the sample, but also by other knowledge-intensive and high-tech companies in emerging markets.