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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/153835

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/153835

Title:	Investor protection and capital structure: International evidence
Authors:	徐政義 Shiu, Cheng-Yi;Cheng, Shuenn-Ren
Contributors:	國貿系
Keywords:	Capital structure;Investor protection;Institutions
Date:	2007-02
Issue Date:	2024-10-04
Abstract:	Institutions, environments, and firm characteristics are important determinants of capital structure. From a sample of firms across 45 countries, we find that investor protection plays an important role in the determinants of capital structure: firms in countries with better creditor protection have higher leverage, while firms in countries where shareholder rights are better protected use more equity funds. The other differences in institutions and environments also explain the cross-sectional variation in the aggregate capital structure across counties. Furthermore, firm characteristics identified by previous studies, as correlated in a cross-section with capital structure in developed markets, are similarly correlated in the present sample of countries. The evidence presented herein indicates that institutional differences are as important as firm characteristics in determining capital structure.
Relation:	Journal of Multinational Financial Management, Vol.17, No.1, pp.30-44
Data Type:	article
DOI link:	https://doi.org/10.1016/j.mulfin.2006.03.002
DOI:	10.1016/j.mulfin.2006.03.002
Appears in Collections:	[Department of International Business] Periodical Articles

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