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http://ssrn.com/abstract=890525
 
 

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Capital Structure Around the World: The Roles of Firm- and Country-Specific Determinants


Abe De Jong


Erasmus University - Rotterdam School of Management

Thuy Thu Nguyen


Erasmus University Rotterdam (EUR) - Rotterdam School of Management, Department of Finance; Business Administration Faculty, Foreign Trade University

Rezaul Kabir


University 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

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Date posted: September 7, 2006 ; Last revised: March 14, 2011

Suggested Citation

de Jong, Abe and Nguyen, Thuy Thu and Kabir, Rezaul, Capital Structure Around the World: The Roles of Firm- and Country-Specific Determinants (September 1, 2008). Journal of Banking and Finance, Vol. 32, No. 9, 2008. Available at SSRN: http://ssrn.com/abstract=890525 or http://dx.doi.org/10.2139/ssrn.890525

Contact Information

Abe De Jong
Erasmus University - Rotterdam School of Management ( email )
P.O. Box 1738
Room T09-53
3000 DR Rotterdam
Netherlands
+31 10 408 1022 (Phone)
HOME PAGE: http://web.eur.nl/fbk/dep/dep5/faculty/ajong
Thuy Thu Nguyen
Erasmus University Rotterdam (EUR) - Rotterdam School of Management, Department of Finance ( email )
P.O. Box 1738
Room T08-21
3000 DR Rotterdam, 3000 DR
Netherlands
0031 1048 2792 (Phone)
Business Administration Faculty, Foreign Trade University ( email )
91 Chua Lang
Hanoi
Vietnam
Rezaul Kabir (Contact Author)
University of Twente - Department of Business Administration ( email )
School of Management and Governance
P. O. Box 217
Enschede, 7500 AE
Netherlands
+31 53 489 4512 (Phone)
+31 53 489 2159 (Fax)
HOME PAGE: http://www.utwente.nl/mb/ba/staff/kabir
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