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Firm-specific factors as determinants of capital structure in the absence of taxes


  • Wafaa M. Sbeti
  • Imad Moosa


Extreme Bounds Analysis (EBA) is used to identify the determinants of capital structure in a tax-free environment, using data on Kuwaiti shareholding companies. The results which are more supportive of the pecking order theory than the trade-off theory, show some evidence for the importance of growth opportunities and profitability. Judged by robustness, the number of determining variables is smaller than what is typically found in the literature.

Suggested Citation

  • Wafaa M. Sbeti & Imad Moosa, 2012. "Firm-specific factors as determinants of capital structure in the absence of taxes," Applied Financial Economics, Taylor & Francis Journals, vol. 22(3), pages 209-213, February.
  • Handle: RePEc:taf:apfiec:v:22:y:2012:i:3:p:209-213
    DOI: 10.1080/09603107.2011.610738

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    Cited by:

    1. Vo, Xuan Vinh, 2017. "Determinants of capital structure in emerging markets: Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 40(C), pages 105-113.

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