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Cited by 904

The DOI matches its Crossref record; 68 of the 68 references it cites were found in a registry or an index.

The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions

Open access
Antoniou, Antonios, Guney, Yilmaz, Paudyal, Krishna·2008·Journal of Financial and Quantitative Analysis
DOI 10.1017/s0022109000002751
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Abstract

The paper investigates how firms operating in capital market-oriented economies (the U.K. and the U.S.) and bank-oriented economies (France, Germany, and Japan) determine their capital structure. Using panel data and a two-step system-GMM procedure, the paper finds that the leverage ratio is positively affected by the tangibility of assets and the size of the firm, but declines with an increase in firm profitability, growth opportunities, and share price performance in both types of economies. The leverage ratio is also affected by the market conditions in which the firm operates. The degree and effectiveness of these determinants are dependent on the country's legal and financial traditions. The results also confirm that firms have target leverage ratioswith French firms being the fastest in adjusting their capital structure toward their target level and Japanese firms the slowest. Overall, the capital structure of a firm is heavily influenced by the economic environment and its institutions, corporate governance practices, tax systems, the borrower-lender relation, exposure to capital markets, and the level of investor protection in the country in which the firm operates.

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Metadata

Authors
Antoniou, A., Guney, Y., & Paudyal, K.
Venue
Journal of Financial and Quantitative Analysis
Publisher
Cambridge University Press (CUP)
Published
2008-03
Volume
43
Issue
1
Pages
59-92
ISSN
  • 0022-1090 (ISSN-L)
  • 1756-6916
DOI
10.1017/s0022109000002751
OpenAlex
W1997500202
Cited by
904
References
68
FWCI
95.43
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions. https://app.cochat.ai/papers/10.1017/s0022109000002751
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Antoniou, A., Guney, Y., & Paudyal, K. (2008). The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions. Journal of Financial and Quantitative Analysis. https://doi.org/10.1017/s0022109000002751

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.