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The Effects of Alternative Financial System Models on Corporate Governance

In: Strategic Challenges in European Banking

Author

Listed:
  • Pablo Andrés-Alonso
  • Valentín Azofra-Palenzuela
  • Félix J López Iturriaga
  • José Miguel Rodríguez-Fernández

Abstract

The explanation of the capital structures found in companies of different countries is one of the main topics in corporate finance. The capital structure theory tries to answer questions such as why some financial contracts appear more frequently in one country than in others, or why the financing models differ among countries (Hart, 1988). From Modigliani and Miller theory (1958), the financial instruments give their owners the right over the firm cash flows. Therefore, the firm capital structure is irrelevant and differences in capital structure in the international arena are a minor issue. In fact, these differences could be explained through the tax effect because each country has its own tax system.

Suggested Citation

  • Pablo Andrés-Alonso & Valentín Azofra-Palenzuela & Félix J López Iturriaga & José Miguel Rodríguez-Fernández, 2000. "The Effects of Alternative Financial System Models on Corporate Governance," Palgrave Macmillan Books, in: Edward P M Gardener & Joe Falzon (ed.), Strategic Challenges in European Banking, chapter 4, pages 70-111, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37736-3_4
    DOI: 10.1057/9780230377363_4
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