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The capital structure of Hungarian firms

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  • Colombo, E.

Abstract

In this paper we investigate the capital structure of Hungarian firms using a cross-section and a panel data approach. The data set constitutes of balance sheet data and information on market structure for 1100 firms from 1992 to 1996. We find evidence of forms of financial market imperfections, but also that banks are positively and actively involved in resolving the informational problems that are afflicting the credit market Keywords; transitional economies, Hungary, capital structure, panel data

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File URL: http://eprints.soton.ac.uk/33138/1/9903.pdf
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Bibliographic Info

Paper provided by Economics Division, School of Social Sciences, University of Southampton in its series Discussion Paper Series In Economics And Econometrics with number 9903.

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Date of creation: 01 Jan 1999
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Handle: RePEc:stn:sotoec:9903

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  1. Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc.
  2. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  3. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 12(2), pages 70-89, Summer.
  4. Schaffer, Mark E., 1998. "Do Firms in Transition Economies Have Soft Budget Constraints? A Reconsideration of Concepts and Evidence," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 80-103, March.
  5. Michael Devereux & Fabio Schiantarelli, 1989. "Investment, Finacial Factors and Cash Flow: Evidence From UK Panel Data," NBER Working Papers 3116, National Bureau of Economic Research, Inc.
  6. Lubomir Lizal & Jan Svejnar, 1997. "Enterprise Investment During the Transition: Evidence from Czech Panel Data," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 60, William Davidson Institute at the University of Michigan.
  7. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, American Finance Association, vol. 43(1), pages 1-19, March.
  8. Cornelli, F. & Portes, R. & Schaffer, M., 1996. "The Capital Structure of Firms in Central and Eastern Europe," DELTA Working Papers, DELTA (Ecole normale supérieure) 96-05, DELTA (Ecole normale supérieure).
  9. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, American Economic Association, vol. 79(1), pages 14-31, March.
  10. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, American Finance Association, vol. 46(1), pages 297-355, March.
  11. E.C. Perotti & O. Carare, 1997. "The Evolution of Bank Credit Quality in Transition: Theory and Evidence from Romania," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 9702, Centre for Economic Reform and Transformation, Heriot Watt University.
  12. Greenwald, Bruce C & Stiglitz, Joseph E, 1993. "Financial Market Imperfections and Business Cycles," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 108(1), pages 77-114, February.
  13. Berglöf, Erik & Roland, Gérard, 1995. "Bank Restructuring and Soft Budget Constraints in Financial Transition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1250, C.E.P.R. Discussion Papers.
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Cited by:
  1. Aktham Maghyereh, 2005. "Dynamic Capital Structure: Evidence From The Small Developing Country Of Jordan," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, IIUM Journal of Economis and Management, vol. 13(1), pages 1-32, June.
  2. Dimiter Rafailov, 2003. "Determinants of the capital structure of the Bulgarian firms," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 47-65.

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