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The Capital Structure of Firms in Central and Eastern Europe

Author

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  • Cornelli, F.
  • Portes, R.
  • Schaffer, M.

Abstract

According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms'investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland.

Suggested Citation

  • Cornelli, F. & Portes, R. & Schaffer, M., 1996. "The Capital Structure of Firms in Central and Eastern Europe," DELTA Working Papers 96-05, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:96-05
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    Keywords

    EASTERN EUROPE; EUROPE; CAPITAL; COMMUNISM; ECONOMIC REFORM;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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