Capital structure around the world: The roles of firm- and country-specific determinants |
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Authors: | Abe de Jong Rezaul Kabir Thuy Thu Nguyen |
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Institution: | 1. Department Financial Management, RSM Erasmus University, The Netherlands;2. University of Stirling, United Kingdom |
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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. |
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Keywords: | F30 G10 G32 |
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