TEFMJ Trends in Economics, Finance, and Management Journal TEFMJ 2671-3357 2671-3365 Balkan University Press 101 Research Article A Study of the Determinants of Capital Structure of Selected Cement Companies in India Singh Netra Pal Babbar Alka School of Business Management & Commerce, MVN University, Palwal-121105, Haryana, India School of Business Management & Commerce, MVN University, Palwal, India, Assistant Professor, DAV Institute of Management, Faridabad, Haryana 23 12 2025 7 2 57 81 CC BY-NC-ND 4.0

Capital structure poses many challenges for companies. An appropriate mix of equity and debt is one of the most premeditated decisions for any organization. A wrong decision may hamper the growth of the company. There are many factors that must be taken into cognizance in determining the right mix of equity and debt. The Indian cement industry consists of a large number of small and big firms; however, 23 listed prominent cement companies are selected to identify relevant determinants of capital structure in the present study. Based on the analysis, it was found that factors such as growth, asset tangibility, tax rate, profitability, liquidity, size, cost of debt, and interest coverage ratio have a significant impact on the capital structure of the selected cement companies.

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