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What Do We Know about Capital Structure? Some Evidence from International Data

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RAJAN, RAGHURAM G., ZINGALES, LUIGI·1995·The Journal of Finance
DOI 10.1111/j.1540-6261.1995.tb05184.x
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Abstract

We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G‐7 countries. We find that factors identified by previous studies as correlated in the cross‐section with firm leverage in the United States, are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.

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Metadata

Authors
RAJAN, R. G., & ZINGALES, L.
Affiliations
  • National Bureau of Economic Research (US)
  • University of Chicago (US)
ORCID
Venue
The Journal of Finance
Publisher
Wiley
Published
1995-12
Volume
50
Issue
5
Pages
1421-1460
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1995.tb05184.x
OpenAlex
W3125649736
Cited by
6,538
References
4
Citations by year
2026: 212 · 2025: 235 · 2024: 241 · 2023: 271 · 2022: 265 · 2021: 286 · 2020: 306 · 2019: 277 · 2018: 306 · 2017: 329 · 2016: 306 · 2015: 381 · 2014: 368 · 2013: 374 · 2012: 360
FWCI
137.26
Type
journal article
Language
en
Open access
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor, 5995 d)
Locations
The Journal of Finance (publishedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords
capital structure, corporate leverage, leverage determinants, financing decisions, public companies, cross-national comparison, G7 countries

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