This paper analyzes capital structure determinants of UK and continental European firms. Besides considering firmspecific characteristics, it investigates the impact of different corporate governance related institution- and marketspecific aspects on the capital structure choice. The dynamic framework allows to analyze short- and longterm adjustments and to relate them to firm- and systemspecific characteristics. Our data contain balance sheet and profit&loss account data of 167 European firms from 1988 to 1998. From our panel data regressions we find significant differences in the capital structure choice between the firms of the considered corporate governance systems.
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Paper provided by Universitaet Bern, Departement Volkswirtschaft in its series Diskussionsschriften with number
dp0209.
Find related papers by JEL classification: G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Shleifer, Andrei & Vishny, Robert W, 1997.
" A Survey of Corporate Governance,"
Journal of Finance,
American Finance Association, vol. 52(2), pages 737-83, June.
[Downloadable!] (restricted)
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Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998.
"Law and Finance,"
Journal of Political Economy,
University of Chicago Press, vol. 106(6), pages 1113-1155, December.
[Downloadable!] (restricted)
Other versions:
Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996.
"Law and Finance,"
NBER Working Papers
5661, National Bureau of Economic Research, Inc.
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