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Kapitalstrukturen börsennotierter Aktiengesellschaften - Deutschland und USA im Vergleich

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  • Jostarndt, Philipp
  • Wagner, Stefan

Abstract

Existing comparative evidence on corporate capital structure decisions in the U.S. and Germany traditionally reveals that German firms chose substantially higher levels of debt financing. Within the past years, however, Germany has experienced repeated initiatives by both legislative and regulatory bodies to promote equity finance. This paper tries to shed first light on how these initiatives affect the debt-equity-decision of German corporations and whether a convergence of German leverage levels to Anglo-American financing patterns can be observed. For this purpose we compare capital structures for a panel of U.S. and German public corporations over the past 10 years. The obtained evidence suggests that aggregate leverage ratios do indeed converge. Yet this development is primarily driven by recent German IPOs which seem to respond to the revamped institutional setting by choosing higher levels of equity. Established German corporations, by contrast, do not seem to have systematically adapted their financing patterns over the past decade. Bisherige Evidenz über Kapitalstrukturunterschiede zwischen Deutschland und den USA deutet auf eine durchschnittlich höhere Verschuldung deutscher Unternehmen hin. Die vergangenen Jahre waren in Deutschland jedoch durch eine Förderung der Eigenkapitalfinanzierung seitens des deutschen Gesetzgebers und der Regulierungsbehörden geprägt. Die vorliegende Arbeit untersucht, inwieweit sich diese Änderungen tatsächlich auf den Verschuldungsgrad deutscher Unternehmen auswirken und ob es zu einer Annäherung an amerikanische Unternehmen kommt. Zu diesem Zweck werden durchschnittliche Verschuldungsgrade von US-amerikanischen und deutschen börsennotierten Gesellschaften über einen Zeitraum von 10 Jahren verglichen. Die Untersuchung zeigt, dass diese Änderungen vor allem den Verschuldungsgrad von Unternehmen beeinflusst haben, die erst in den letzten Jahren an einer deutschen Börse notiert wurden. Bei am deutschen Kapitalmarkt eta

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Paper provided by University of Munich, Munich School of Management in its series Discussion Papers in Business Administration with number 1266.

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Date of creation: 2006
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Handle: RePEc:lmu:msmdpa:1266

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Keywords: Kapitalstruktur; Ländervergleich;

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  1. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  2. Kraus, Alan & Litzenberger, Robert H, 1973. "A State-Preference Model of Optimal Financial Leverage," Journal of Finance, American Finance Association, vol. 28(4), pages 911-22, September.
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  6. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. " On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-78, July.
  7. Huang, Guihai & Song, Frank M., 2006. "The determinants of capital structure: Evidence from China," China Economic Review, Elsevier, vol. 17(1), pages 14-36.
  8. Scharfstein, David, 1988. "The Disciplinary Role of Takeovers," Review of Economic Studies, Wiley Blackwell, vol. 55(2), pages 185-99, April.
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  10. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
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Cited by:
  1. Ampenberger, Markus & Schmid, Thomas & Achleitner, Ann-Kristin & Kaserer, Christoph, 2009. "Capital structure decisions in family firms: empirical evidence from a bank-based economy," CEFS Working Paper Series 2009-05, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.

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