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Financing Choices of Firms in EU Accession Countries Author info | Abstract | Publisher info | Download info | Related research | Statistics Nivorozhkin, Eugene (Department of Economics)
The paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia). We consider the financial constraints of private companies and compare the level of indebtedness and the determinants firms’ choices of capital structure in selected EU accession countries and EU countries. A dynamic nonlinear adjustment model is adopted to explicitly model the adjustment of a firm’s leverage to a target leverage.
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Paper provided by The Ratio Institute in its series Ratio Working Papers with number
33.
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Length: 36 pages
Date of creation: 22 Apr 2004Date of revision:
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Keywords: EU ; transition countries ; capital structure ; leverage ; dynamic adjustment model ; Find related papers by JEL classification: G30 - Financial Economics - - Corporate Finance and Governance - - - General G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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