The Capital Structure of Firms in Central and Eastern Europe

CEPR Discussion Paper No. 1392

Posted: 4 Oct 1999

See all articles by Francesca Cornelli

Francesca Cornelli

London Business School; Centre for Economic Policy Research (CEPR)

Richard Portes

London Business School - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

Mark E. Shaffer

Heriot-Watt University

Date Written: May 1996

Abstract

According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (dept vs. equity, long-term dept vs. short-term dept, etc.) under such circumstances, firms' investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland.

JEL Classification: G32, P34

Suggested Citation

Cornelli, Francesca and Portes, Richard and Shaffer, Mark E., The Capital Structure of Firms in Central and Eastern Europe (May 1996). CEPR Discussion Paper No. 1392, Available at SSRN: https://ssrn.com/abstract=5211

Francesca Cornelli (Contact Author)

London Business School ( email )

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HOME PAGE: http://www.lbs.ac.uk/faculty/fcornelli/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Richard Portes

London Business School - Department of Economics ( email )

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London, NW1 4SA
United Kingdom
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HOME PAGE: http://faculty.london.edu/rportes/

Centre for Economic Policy Research (CEPR)

London
United Kingdom

National Bureau of Economic Research (NBER)

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Cambridge, MA 02138
United States

Mark E. Shaffer

Heriot-Watt University

Riccarton
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UNITED KINGDOM
0131 451 3494 (Phone)

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