Structures of Corporate Finance in Germany and France - A Comparative Analysis for West German and French incorporated Enterprises
AbstractThe study examines the balance sheet structures of both French and west German incorporated firms in manufacturing and their evolution during the last business cycle in the late eighties and early nineties. The point of departure is to focus on the relative importance of the different financing sources used by the incorporated enterprises in the two countries. A deeper examination of the observed differences suggests that country-specific legal and institutional factors seem to play an important role in determining corporate finance structures. Finally this evidence is considered in the context of capital structure theory with particular reference to the architecture and functioning mechanisms of the corporate financing systems in Germany and France.
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Bibliographic InfoArticle provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.
Volume (Year): 221 (2001)
Issue (Month): 5-6 ()
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Corporate finance; capital structure; financial systems; legal and institutional factors;
Find related papers by JEL classification:
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- G - Financial Economics
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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- Peter Gibbard & Ibrahim Stevens, 2011.
"Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany,"
Annals of Finance,
Springer, vol. 7(1), pages 95-118, February.
- Peter Gibbard & Ibrahim Stevens, 2006. "Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany," Bank of England working papers 317, Bank of England.
- Rahman, Asheq & Yammeesri, Jira & Perera, Hector, 2010. "Financial reporting quality in international settings: A comparative study of the USA, Japan, Thailand, France and Germany," The International Journal of Accounting, Elsevier, vol. 45(1), pages 1-34, March.
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