**Georgeta Vintilă, ¸Stefan Cristian Gherghina \* and Diana Alexandra Toader**

Department of Finance, The Bucharest University of Economic Studies, 6 Piata Romana, 010374 Bucharest, Romania; vintilageorgeta@yahoo.fr (G.V.); diana.tda29@gmail.com (D.A.T.) **\*** Correspondence: stefan.gherghina@fin.ase.ro; Tel.: +40-741-140-737

Received: 10 September 2019; Accepted: 20 October 2019; Published: 22 October 2019

**Abstract:** This paper aims to analyze the influencing factors on the financial structure of 51 companies listed on the New York Stock Exchange, in the technology industry, from 2005–2018. The objective is to see the impact of independent company-specific variables such as company size, tangibility of assets, growth opportunity, effective tax rate, current liquidity, depreciation, stock rotation, financial return, working capital, price to book value, price to earnings ratio, as well as the impact of governance variables and macroeconomic variables such as inflation rate, interest rate, market size, gross domestic product per capita. Using panel data and multiple linear regressions, we analyze the relationship between the independent variables listed above and the dependent variables, namely the total debt ratio, the long-term debt ratio and the short-term debt ratio. The results of the analysis showed that variables such as size, tangibility, liquidity, profitability have a significant influence on the dependent variables in accordance with the theories regarding the capital structure.

**Keywords:** financial structure; panel data; regression analysis
