The Determinants of Leverage: A Comparative Analysis

Journal of Economics and Management, 18

Posted: 15 Jan 2015

See all articles by Luisa Anderloni

Luisa Anderloni

University of Milan - DEAS

Alessandra Tanda

University of Pavia

Date Written: October 22, 2014

Abstract

This paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature.

Suggested Citation

Anderloni, Luisa and Tanda, Alessandra, The Determinants of Leverage: A Comparative Analysis (October 22, 2014). Journal of Economics and Management, 18, Available at SSRN: https://ssrn.com/abstract=2547575

Luisa Anderloni

University of Milan - DEAS ( email )

Via Conservatorio, 7
Milan, 20122
Italy
+390250321546 (Phone)
+390250321505 (Fax)

Alessandra Tanda (Contact Author)

University of Pavia ( email )

Strada Nuova, 65
Pavia, 27100
Italy

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