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What factors influence and determine the capital structure of retail companies in the US
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This work project analyses the relationship between financial leverage measures and
the explanatory variables. Based on a sample of US retail companies for the period 2016-2019,
the results show that profitability and liquidity have a negative influence on the total, short term and long-term debt of US retailers. On the contrary, size and growth opportunities affect
positively retailers’ debt. Our main result is that the US retail sector is not debt driven and
aligns with the pecking order theory.
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Capital structure Key factors Retail industry Regression analysis