|
|
|
|
||||
|
||||
Capital Structure Around the World: The Roles of Firm- and Country-Specific DeterminantsAbe De JongErasmus University - Rotterdam School of Management Thuy Thu NguyenErasmus University Rotterdam (EUR) - Rotterdam School of Management, Department of Finance; Business Administration Faculty, Foreign Trade University Rezaul KabirUniversity of Twente - Department of Business Administration September 1, 2008 Journal of Banking and Finance, Vol. 32, No. 9, 2008 Abstract: We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly assume equal impact of these determinants. Second, although we concur with the conventional direct impact of country-specific factors on the capital structure of firms, we show that there is an indirect impact because country-specific factors also influence the roles of firm-specific determinants of leverage.
Number of Pages in PDF File: 41 Keywords: Capital structure, leverage, firm-specific factors, country-specific factors, international evidence JEL Classification: F30, G10, G32 working papers seriesDate posted: September 7, 2006 ; Last revised: March 14, 2011Suggested CitationContact Information
|
|
|||||||||||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo6 in 0.672 seconds
