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-在線瀏覽
2024-08-03 01:35本頁(yè)面
【正文】 yze the importance of firmspecific and countryspecific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firmspecific determinants of leverage differ across countries, while prior studies implicitly assume equal impact of firmspecific factors. Second, although we concur with the conventional direct impact of countryspecific factors on the capital structure of firms, we show that there is an indirect impact because countryspecific factors also influence the roles of firmspecific determinants of leverage.Prior research (. Demirg252。231。 Booth, Demirg252。Kunt and Maksimovic, 2001。 Bancel and Mittoo, 2004) finds that a firm’s capital structure is not only influenced by firmspecific factors but also by country specific factors. In this study, we demonstrate that countryspecific factors can affect corporate leverage in two ways. On the one hand, these factors can influence leverage directly. For example, a more developed bond market facilitating issue and trading of public bonds may lead to the use of higher leverage in a country, while a developed stock market has the opposite effect. On the other hand, we show that countryspecific factors can also influence corporate leverage indirectly through their impact on firmspecific factors’ roles. For example, although the developed bond market of a country stimulates the use of debt, the role of asset tangibility as collateral in borrowing will be rather limited for firms in the same country. In other words, countrycharacteristics may explain why in one country a firm’s tangibility affects leverage, but not in another country. Previous studies have not systematically investigated these indirect effects.International studies paring differences in the capital structure between countries started to appear only during the last decade. An early investigation of seven advanced industrialized countries is performed by Rajan and Zingales (1995). They argue that although mon firmspecific factors significantly influence the capital structure of firms across countries, several countryspecific factors also play an important role. Demirg252。Kunt and Maksimovic (1999) pare capital structure of firms from 19 developed countries and 11 developing countries. They find that institutional differences between developed and developing countries explain a large portion of the variation in the use of longterm debt. They also observe that some institutional factors in developing countries influence the leverage of large and small firms differently. Several recent studies on the field have indicated that even among developed economies like the . and European countries, the financing policies and managers’ behavior are influenced by the institutional environment and international operations (see, for example, Graham and Harvey, 2001。 and Brounen, De Jong and Koedijk,2006).The literature specifically discusses only the direct impact of country characteristics on leverage. In an analysis of ten developing countries, Booth et al. (2001) find that capital structure decisions of firms in these countries are affected by the same firmspecific factors as in developed countries. However, they find that there are differences in the way leverage is affected by countryspecific factors such as GDP growth and capital market development. They conclude that more research needs to be done to understand the impact of institutional factors on firms’ capital structure choices. The importance of countryspecific factors in determining cross country capital structure choice of firms is also acknowledged by Fan et al. (2006) who analyze a l
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