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Analyzing The Leverage Effect By Means Of Regression For Companies Listed At The Bucharest Stock Exchange – Bse Exchange Segment

Author

Listed:
  • Andrei Stănculescu

    (Bucharest Academy of Economic Studies)

  • Petre Brezeanu

    (Bucharest Academy of Economic Studies)

Abstract

The financial theory admits that levered firms record a value surplus compared to unlevered firms, at least because of the tax savings, related to interest. However, incurred debt, especially the long term debt, has a more consistent influence on performance, as stated by the Modigliani-Miller model. To this respect, the paper proposes the empirical testing of this model, using financial-accounting data of firms listed on the Romanian capital market. In particular, the statistical significance of the leverage effect will be analyzed, on a sample of companies listed on the Bucharest Stock Exchange, from the BSE exchange segment. This study is an extension of our previous research concerns.

Suggested Citation

  • Andrei Stănculescu & Petre Brezeanu, 2011. "Analyzing The Leverage Effect By Means Of Regression For Companies Listed At The Bucharest Stock Exchange – Bse Exchange Segment," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 5(5(558)(su), pages 331-335, July.
    • Handle: RePEc:agr:journl:v:5(558)(supplement):y:2011:i:5(558)(supplement):p:331-335
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