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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w16445 |
来源ID | Working Paper 16445 |
An International Comparison of Capital Structure and Debt Maturity Choices | |
Joseph P.H. Fan; Sheridan Titman; Garry Twite | |
发表日期 | 2010-10-06 |
出版年 | 2010 |
语种 | 英语 |
摘要 | This study examines the influence of institutional environment on capital structure and debt maturity choices by examining a cross-section of firms in 39 developed and developing countries. We find that a country's legal and tax system, the level of corruption and the preferences of capital suppliers explain a significant portion of the variation in leverage and debt maturity ratios. Our evidence indicate that firms in countries that are viewed as more corrupt tend to use less equity and more debt, especially short-term debt, while firms operating within legal systems that provide better protection for financial claimants tend to have capital structures with more equity, and relatively more long-term debt. In addition, the existence of an explicit bankruptcy code and/or deposit insurance is associated with higher leverage and more long-term debt. We also find that firms tend to use more debt in countries where there is a greater tax gain from leverage, while firms in countries with larger government bond markets have lower leverage, suggesting that government bonds tend to crowd out corporate debt. Countries with more extensive defined benefit pension funds have higher debt ratios and longer debt maturities, whereas those with more extensive defined contribution fund activities have lower debt ratios. In addition, debt ratios are lower in countries that limit the bond holdings of pension funds. Finally, we do not find a significant association between financing choices and the size of the insurance industry. |
主题 | Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w16445 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574119 |
推荐引用方式 GB/T 7714 | Joseph P.H. Fan,Sheridan Titman,Garry Twite. An International Comparison of Capital Structure and Debt Maturity Choices. 2010. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w16445.pdf(435KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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