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Firm- and country-level determinants of corporate leverage: Some new international evidence

  • Gungoraydinoglu, Ali
  • Öztekin, Özde
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    This research analyzes the determinants of capital structure across 37 countries. Institutional arrangements matter for capital structure decisions; however, firm-level covariates drive two-thirds of the variation in capital structure across countries, while the country-level covariates explain the remaining one-third. The observed relationships between the country-level determinants and leverage provide strong support to the predictions of both the trade-off and the pecking-order theories. Country-level determinants serve as substitute mechanisms for the firm-level, industry-level, and macroeconomic determinants by moderating their marginal impact on leverage.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0929119911000964
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    Article provided by Elsevier in its journal Journal of Corporate Finance.

    Volume (Year): 17 (2011)
    Issue (Month): 5 ()
    Pages: 1457-1474

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    Handle: RePEc:eee:corfin:v:17:y:2011:i:5:p:1457-1474
    Contact details of provider: Web page: http://www.elsevier.com/locate/jcorpfin

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