Hierarchical determinants of capital structure |
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Authors: | Eduardo K Kayo Herbert Kimura |
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Institution: | a Universidade de São Paulo, São Paulo, Brazil b Universidade Presbiteriana Mackenzie, São Paulo, Brazil |
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Abstract: | We analyze the influence of time-, firm-, industry- and country-level determinants of capital structure. First, we apply hierarchical linear modeling in order to assess the relative importance of those levels. We find that time and firm levels explain 78% of firm leverage. Second, we include random intercepts and random coefficients in order to analyze the direct and indirect influences of firm/industry/country characteristics on firm leverage. We document several important indirect influences of variables at industry and country-levels on firm determinants of leverage, as well as several structural differences in the financial behavior between firms of developed and emerging countries. |
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Keywords: | F30 G32 |
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