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Capital Structure Choice in a Nascent Market: Evidence from Listed Firms in China

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  • Harjeet S. Bhabra
  • Tong Liu
  • Dogan Tirtiroglu
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    Abstract

    "We study the capital structure decisions of listed firms in China between 1992 and 2001. The Chinese market exhibits high information asymmetry, phenomenal growth, highly concentrated ownership, and a lack of external market for corporate control. We find that Chinese firms use little long-term debt, which is positively (negatively) related to firm size and tangibility (profitability and growth options). These results are robust to the degree of seasoning after the initial public offering and private versus State ownership. Although industry membership is important, the development and growth of the stock market did not affect the long-term debt ratios over the years." Copyright (c) 2008 Financial Management Association International..

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    Bibliographic Info

    Article provided by Financial Management Association International in its journal Financial Management.

    Volume (Year): 37 (2008)
    Issue (Month): 2 (06)
    Pages: 341-364

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    Handle: RePEc:bla:finmgt:v:37:y:2008:i:2:p:341-364

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    Cited by:
    1. Isil Erol & Dogan Tirtiroglu, 2011. "Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey," The Journal of Real Estate Finance and Economics, Springer, vol. 43(1), pages 174-204, July.
    2. Tse, Chin-Bun & Rodgers, Timothy, 2011. "Can corporate tax shields explain the long-term borrowing behaviour of Chinese listed firms?," International Review of Financial Analysis, Elsevier, vol. 20(2), pages 103-112, April.
    3. Samuel Nduati Kariuki & Charles Guandaru Kamau, 2014. "Determinants of Corporate Capital Structure among Private Manufacturing Firms in Kenya: A Survey of Food and Beverage Manufacturing Firms," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(3), pages 49-62, July.

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