Sources of capital structure : evidence from transition countries
This study explores the significance of firm-specific, country institutional and macroeconomic factors in explaining the leverage variation of a sample of firms from nine Eastern European countries. Countryspecific factors are the most prominent determinants of leverage variation for small unlisted companies while firm-specific factors explain most of the leverage variation in listed and large unlisted companies. Half of the leverage variation related to country factors is explained by known macroeconomic and institutional factors while the other half by unquantifiable institutional differences
|Date of creation:||10 Oct 2006|
|Date of revision:||12 Nov 2006|
|Contact details of provider:|| Postal: |
Web page: http://www.bankofestonia.info
More information through EDIRC
|Order Information:|| Postal: Estonia bld. 13, 15095 Tallinn, ESTONIA|
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.:
- Klapper, Leora & Sarria-Allende, Virginia & Sulla, Victor, 2002. "Small and medium size enterprise financing in Eastern Europe," Policy Research Working Paper Series 2933, The World Bank.
- Banerjee, Saugata & Heshmati, Almas & Wihlborg, Clas, 1999. "The Dynamics of Capital Structure," SSE/EFI Working Paper Series in Economics and Finance 333, Stockholm School of Economics, revised 12 May 2000.
- Mitchell A. Petersen & Raghuram G. Rajan, 1996.
"Trade Credit: Theories and Evidence,"
NBER Working Papers
5602, National Bureau of Economic Research, Inc.
- Karin Joeveer, 2005.
"What Do We Know about the Capital Structure of Small Firms?,"
CERGE-EI Working Papers
wp283, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
- Karin Jõeveer, 2013. "What do we know about the capital structure of small firms?," Small Business Economics, Springer, vol. 41(2), pages 479-501, August.
- Giannetti, Mariassunta & Ongena, Steven, 2005.
"Financial integration and entrepreneurial activity: evidence from foreign bank entry in emerging markets,"
Working Paper Series
0498, European Central Bank.
- Giannetti, Mariassunta & Ongena, Steven, 2005. "Financial Integration and Entrepreneurial Activity: Evidence from Foreign Bank Entry in Emerging Markets," CEPR Discussion Papers 5151, C.E.P.R. Discussion Papers.
- Giannetti, Mariassunta, 2003.
"Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices,"
Journal of Financial and Quantitative Analysis,
Cambridge University Press, vol. 38(01), pages 185-212, March.
- Mariassunta Giannetti, 2000. "Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices," Temi di discussione (Economic working papers) 376, Bank of Italy, Economic Research and International Relations Area.
- Giannetti, M., 2000. "Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices," Papers 376, Banca Italia - Servizio di Studi.
- Booth, L. & Asli Demirgu-Kunt, V.A. & Maksimovic, V., 1999.
"Capital Structure in Developing Countries,"
Rotman School of Management - Finance
00-001, Rotman School of Management, University of Toronto.
- Rajan, Raghuram G & Zingales, Luigi, 1995.
" What Do We Know about Capital Structure? Some Evidence from International Data,"
Journal of Finance,
American Finance Association, vol. 50(5), pages 1421-60, December.
- 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.
- Nivorozhkin, Eugene, 2005. "Financing choices of firms in EU accession countries," Emerging Markets Review, Elsevier, vol. 6(2), pages 138-169, June.
- Ralph de Haas & Marga Peeters, 2004.
"The dynamic adjustment towards target capital structures of firms in transition economies,"
87, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Ralph Haas & Marga Peeters, 2006. "The dynamic adjustment towards target capital structures of firms in transition economies ," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 14(1), pages 133-169, 03.
- Murray Z. Frank & Vidhan K. Goyal, 2009.
"Capital Structure Decisions: Which Factors Are Reliably Important?,"
Financial Management Association International, vol. 38(1), pages 1-37, 03.
- Frank, Murray Z. & Goyal, Vidhan K., 2009. "Capital Structure Decisions: Which Factors are Reliably Important?," MPRA Paper 22525, University Library of Munich, Germany.
- Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
When requesting a correction, please mention this item's handle: RePEc:eea:boewps:wp2006-02. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peeter Luikmel)The email address of this maintainer does not seem to be valid anymore. Please ask Peeter Luikmel to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.