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    题名: Investor protection and capital structure: International evidence
    作者: 徐政義
    Shiu, Cheng-Yi;Cheng, Shuenn-Ren
    贡献者: 國貿系
    关键词: Capital structure;Investor protection;Institutions
    日期: 2007-02
    上传时间: 2024-10-04
    摘要: 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.
    關聯: Journal of Multinational Financial Management, Vol.17, No.1, pp.30-44
    数据类型: article
    DOI 連結: https://doi.org/10.1016/j.mulfin.2006.03.002
    DOI: 10.1016/j.mulfin.2006.03.002
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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