世界各地的資本結(jié)構(gòu)公司和國(guó)家因素在其中的影響外文及譯文(編輯修改稿)
2024-07-20 01:35 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 zing the impacts on firms’ leverage choice. The firms in our sample cover 42 countries that are equally divided between developed and developing countries. Data for leverage and firmspecific variables are collected from COMPUSTAT Global database. We exclude financial firms and utilities. Data on countryspecific variables are collected from a variety of sources, mainly World Development Indicators files and Financial Structure Database of the World Bank. Few countryspecific variables are taken from previous studies including La Porta et al. (1998), Claessens and Klapper (2002) and Berkowitz et al. (2003). Our sample period covers the years 19972001. The selection of a timeperiod involves a tradeoff between the number of countries that can be included in the study and the availability of enough firmspecific data. Whenever needed, we resort to some other sources to collect any missing data. It is still impossible to obtain data for each and every variable from all 42 countries during this time period. The final sample consists of 59,225 observations on 11,845 firms. Even though we aim to keep the number of countries high enough and also maintain a reasonable number of firms, our dataset has unavoidably a limited number of firms in a few countries. Analyzing the direct impact of countryspecific factors on leverage, the evidence suggests that creditor right protection, bond market development, and GDP growth rate have a significant influence on corporate capital structure. In measuring the impact indirectly, we find evidence for the importance of legal enforcement, creditor/shareholder right protection, and macroeconomic measures such as capital formation and GDP growth rate. It implies that in countries with a better legal environment and more stable and healthier economic conditions, firms are not only likely to take more debt, but also the effects of firmlevel determinants of leverage are also reinforced. Overall, the evidence provided here highlights the importance of countryspecific factors in corporate capital structure decisions. Our conclusion is that countryspecific factors do matter in determining and affecting the leverage choice around the world, and it is useful to take into account these factors in the analysis of a country’s capital structure. If the limitations of data, especially the number of countries, can be overe, one might find even more significant results with respect to the impact of countryspecific factors. We first make a detailed parative analysis of the impact of various firmspecific factors. We find across a large number of countries that the impact of some factors like tangibility, firm size, risk, and profitability and growth opportunities is strong and consistent with standard capital structure theories. Our study shows that, in terms of firmspecific determinants of leverage, capital structure theories do explain the corporate leverage choice in a large number of countries. Using a model with several firmspecific explanatory variables, we find a relatively large explanatory power of leverage regressions in most countries. However, a few determinants remain insignificant, and in some countries one or two coefficients are significant with an unexpected sign. Performing a simple statistical test, we reject the hypothesis that firmspecific coefficients across countries are equal. It indicates that the oftenmade implicit assumption of equal firmlevel determinants of leverage across countries does not hold. In the analysis of the direct impact of countryspecific factors, we observe that certain factors like GDP growth rate, bond market development and creditor right protection signif
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