【正文】 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 significantly explain the variation in capital structure across countries. Moreover, we find considerable explanatory power of countryspecific variables beyond firmspecific factors. We then proceed to measure the indirect impact of countryspecific variables. The results consistently show the importance of country factors as we document significant effects of these via firmspecific determinants. For example, we observe that in countries with a better law enforcement system and a more healthy economy, firms are not only likely to take more debt, but the effects of some firmlevel determinants of leverage such as growth opportunities, profitability and liquidity are also reinforced. Our findings indicate that the conventional theories on capital structure developed using listed firms in the United States as a role model, work well in similar economies with developed legal environment and high level of economic development. The indirect impact analysis also indicates that firmspecific variables are significantly influenced by several countryspecific variables but in different ways.Capital structure theories have been mostly developed and tested in the singlecountry context. Researchers have identified several firmspecific determinants of a firm’s leverage, based on the three most accepted theoretical models of capital structure, . the static tradeoff theory, the agency theory and the peckingorder theory. A large number of studies have been conducted to date investigating to what extent these factors influence capital structures of firms operating within a specific country. In this paper, we examine the role of firmspecific determinants of corporate leverage choice around the world. We analyze a large sample of 42 countries, divided equally between developed and developing countries. Our main objective is to verify the role of various countryspecific factors in determining corporate capital structure. We distinguish two types of effects: the direct effect on leverage and the indirect effect through the influence on firmspecific determinants of corporate leverage.We find that the impact of several firmspecific factors like tangibility, firm size, risk, growth and profitability on crosscountry capital structure is significant and consistent with the prediction of conventional capital structure theories. On the other hand, we also observe that in each country one or more firmspecific factors are not significantly related to leverage. For some countries, we find results that are inconsistent with theoretical predictions.Several studies analyzing international capital structure assume crosscountry equality of firmlevel determinants. We show that this assumption is unfounded. Rather, it is necessary to conduct an analysis of countryspecific factors by including countries as observations and avoid a specification using a pooled regression method. We conduct regressions using countryspecific factors to explain coefficients of country dummies as well as firmspecific determinants.Source: Abe de Jong, Rezaul Kabir, “Capital Structure around the World: The Roles of Firm and CountrySpecific Determinants”. ERIM Report Series Reach in .譯文：世界各地的資本結構：公司和國家因素在其中的影響我們從世界42個國家中分析了公司在選擇財務杠桿所需要考慮的公司特有因素和國家因素的重要性。 Giannetti, 2003。 Bancel and Mittoo, 2004。231。 Claessens, Djankov and Nenova, 2001。231。Kunt and Maksimovic, 1999。外文文獻翻譯譯文原文：Capital Structure around the World: The Roles of Firm and CountrySpecific DeterminantsWe anal