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Capital structure in construction sector: what does it depend on?

Construction is one of the basic branches of national economy creating the material basis for the most of economic and social activities, as well as of the personal welfare and being of the people. Construction sector consists of enterprises including large, medium and small businesses. The interaction of different types of construction business allows ensuring the proper volume of construction and providing flexible and quick response to demand changes, trends, and challenges. Construction companies need capital to support their performance and they create capital structure combining the available sources of equity and debt. There are two well-known theoretical provisions used in analysis of the capital structure of the companies: a) demand for capital significantly changes within the life cycle of the company; b) opportunities to use different capital sources vary in accordance with the life cycle and the size of the company. The objective of the current research is to identify the difference in the capital structure of construction companies of different age and size. The object under consideration is the capital structure of Russian construction companies. The methods of financial and economic analysis and statistical methods are used for investigation. The results and conclusions of the research can be useful to the heads and financial managers of construction companies and to the governing bodies of the construction sector.