Advanced Search
MyIDEAS: Login to save this article or follow this journal

Determinants of the capital structure of the Bulgarian firms

Contents:

Author Info

  • Dimiter Rafailov
Registered author(s):

    Abstract

    By means of an analysis of the basic theoretical models from the standpoint of their relevance to the economic situation in Bulgaria, the factors of importance are estimated, determining the correlation of debt against assets of the Bulgarian companies. The empiric estimation is made on the basis of an investigation encompassing the public companies for the period 1998-2000. The results of the classic regressive analysis applied, as well as the panel analysis, evidence the presence of market imperfections found in the basis of the indebtedness of the companies. What is specific about the Bulgarian firms is the great importance of the asymmetric information, while the remaining imperfections - taxation, crisis and intermediary expenses are of secondary importance.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.ceeol.com/aspx/issuedetails.aspx?issueid=742cb58f-46b4-4d16-b086-2ee172efff1b&articleid=4ee6e515-c67f-43ce-a334-84159f874222#a4ee6e515-c67f-43ce-a334-84159f874222
    Download Restriction: Fee access

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2003)
    Issue (Month): 1 ()
    Pages: 47-65

    as in new window
    Handle: RePEc:bas:econth:y:2003:i:1:p:47-65

    Contact details of provider:
    Postal: 3, Aksakov Str., 1040, Sofia
    Phone: (+359 2) 810 40 18
    Fax: (+359 2) 988 21 08
    Email:
    Web page: http://www.iki.bas.bg
    More information through EDIRC

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Joseph E. Stiglitz, 1972. "Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 3(2), pages 458-482, Autumn.
    2. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    3. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, Elsevier, vol. 5(2), pages 147-175, November.
    4. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
    5. Michael J. Barclay & Clifford W. Smith, 1999. "The Capital Structure Puzzle: Another Look At The Evidence," Journal of Applied Corporate Finance, Morgan Stanley, Morgan Stanley, vol. 12(1), pages 8-20.
    6. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, American Finance Association, vol. 43(1), pages 1-19, March.
    7. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, Econometric Society, vol. 46(6), pages 1251-71, November.
    8. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, American Economic Association, vol. 76(2), pages 323-29, May.
    9. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    10. Nevins D. Baxter, 1967. "Leverage, Risk Of Ruin And The Cost Of Capital," Journal of Finance, American Finance Association, American Finance Association, vol. 22(3), pages 395-403, 09.
    11. Debora REVOLTELLA, 1998. "Financing enterprises in the Czech Republic: the importance of firm-specific variables," Working Papers, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali 102, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    12. Harris, Milton & Raviv, Artur, 1990. " Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, American Finance Association, vol. 45(2), pages 321-49, June.
    13. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
    14. Colombo, E., 1999. "The capital structure of Hungarian firms," Discussion Paper Series In Economics And Econometrics, Economics Division, School of Social Sciences, University of Southampton 9903, Economics Division, School of Social Sciences, University of Southampton.
    15. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, Elsevier, vol. 26(1), pages 3-27, July.
    16. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, American Finance Association, vol. 46(1), pages 297-355, March.
    17. Kraus, Alan & Litzenberger, Robert H, 1973. "A State-Preference Model of Optimal Financial Leverage," Journal of Finance, American Finance Association, American Finance Association, vol. 28(4), pages 911-22, September.
    18. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    19. Narayanan, M. P., 1988. "Debt versus Equity under Asymmetric Information," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 23(01), pages 39-51, March.
    20. Heinkel, Robert & Zechner, Josef, 1990. "The Role of Debt and Perferred Stock as a Solution to Adverse Investment Incentives," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 25(01), pages 1-24, March.
    21. Diamond, Douglas W, 1989. "Reputation Acquisition in Debt Markets," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 97(4), pages 828-62, August.
    22. Geoffrey Shuetrim & Philip Lowe & Steve Morling, 1993. "The Determinants of Corporate Leverage: A Panel Data Analysis," RBA Research Discussion Papers, Reserve Bank of Australia rdp9313, Reserve Bank of Australia.
    23. Rajan, Raghuram G & Zingales, Luigi, 1995. " What Do We Know about Capital Structure? Some Evidence from International Data," Journal of Finance, American Finance Association, American Finance Association, vol. 50(5), pages 1421-60, December.
    24. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, American Finance Association, vol. 39(3), pages 575-92, July.
    25. Kim, E Han, 1978. "A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity," Journal of Finance, American Finance Association, American Finance Association, vol. 33(1), pages 45-63, March.
    26. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:bas:econth:y:2003:i:1:p:47-65. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vassil Zahariev).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.