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What Determines Leverage in Transition Countries?

Author

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  • Laurent Weill

Abstract

This note investigates the determinants of leverage usually tested in Western countries on a large sample of manufacturing companies from six transition economies in Central and Eastern Europe in 1998. We observe at that time the significance of tested factors in most countries, with some differences in comparison to Western countries. The few differences between transition countries suggest the existence of specific characteristics in determinants of leverage for these economies.

Suggested Citation

  • Laurent Weill, 2004. "What Determines Leverage in Transition Countries?," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 54(5-6), pages 234-242, May.
    • Handle: RePEc:fau:fauart:v:54:y:2004:i:5-6:p:234-242
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    File URL: http://journal.fsv.cuni.cz/storage/973_s_234_242.pdf
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    Citations

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    Cited by:

    1. Andrzej Cwynar & Wiktor Cwynar & Robert Dankiewicz, 2016. "Studies of firm capital structure determinants in Poland: an integrative review," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 11(4), pages 1-22, March.
    2. Edward J. Lusk & Michael HALPERIN & Li Yue, 2006. "A Behavioural Finance Explanation of a Gearing-ß Inverse Association Referencing Weill’s Liquidity Result (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(3-4), pages 168-177, March.
    3. Aulová, R. & Hlavsa, T., 2013. "Capital Structure of Agricultural Businesses and its Determinants," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 5(2), pages 1-14, June.
    4. Hlavsa, T. & Aulová, R., 2013. "Analysis of the Effect of Legal Form and Size Group on the Capital Structure of Agricultural Businesses of Legal Entities," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 5(4), pages 1-14, December.
    5. Josef Valach, 2008. "K diskuzi o optimalizaci a determinantech kapitálové struktury podniku," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2008(1), pages 99-102.
    6. Škuláňová Nicole, 2020. "Impact of selected determinants on the financial structure of the mining companies in the selected countries," Review of Economic Perspectives, Sciendo, vol. 20(2), pages 197-215, June.

    More about this item

    Keywords

    financial leverage; transition economies; manufacturing;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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