The DOI matches its Crossref record; 36 of the 36 references it cites were found in a registry or an index.
HOW FIRM CHARACTERISTICS AFFECT CAPITAL STRUCTURE: AN INTERNATIONAL COMPARISON
Open accessAbstract
In this empirical study I examine the factors correlated with capital structure in France, Germany, Japan, the United Kingdom, and the United States. Although mean leverage and many firm factors appear to be similar across countries, some significant differences remain. Specifically, differences appear in the correlation between long‐term debt/asset ratios and the firms' riskiness, profitability, size, and growth. These correlations may be explained by differences in tax policies and agency problems, including differences in bankruptcy costs, information asymmetries, and shareholder/creditor conflicts. The findings of this study suggest links between varying choices in capital structure across countries and legal and institutional differences.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
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Corporate financing and investment decisions when firms have information that investors do not have
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Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
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Altman, E. I. (1968) · The Journal of Finance · doi:10.1111/j.1540-6261.1968.tb00843.x · Cited by 14,888
Limited-dependent and qualitative variables in econometrics
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Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Agency costs of free cash flow, corporate finance, and takeovers
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What Do We Know about Capital Structure? Some Evidence from International Data
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Cited by
Myers, S. C. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.2.81 · Cited by 1,411
The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana
Abor, J. (2005) · The Journal of Risk Finance · doi:10.1108/15265940510633505 · Cited by 962
Determinants of capital structure of Chinese-listed companies
Chen, J. J. (2004) · Journal of Business Research · doi:10.1016/s0148-2963(03)00070-5 · Cited by 853
Capital structure in an emerging stock market: The case of India
Chakraborty, I. (2010) · Research in International Business and Finance · doi:10.1016/j.ribaf.2010.02.001 · Cited by 294
Serrasqueiro, Z., & Caetano, A. (2014) · Journal of Business Economics and Management · doi:10.3846/16111699.2012.744344 · Cited by 218
Metadata
- Authors
- Wald, J. K.
- Venue
- Journal of Financial Research
- Publisher
- Wiley
- Published
- 1999-06
- Volume
- 22
- Issue
- 2
- Pages
- 161-187
- ISSN
- 0270-2592 (ISSN-L)
- 1475-6803
- OpenAlex
- W2089842977
- Cited by
- 893
- References
- 36
- FWCI
- 23.78
- Type
- journal article
- Language
- en
- Open access
- green
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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.
