کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5090575 1375637 2011 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Hierarchical determinants of capital structure
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Hierarchical determinants of capital structure
چکیده انگلیسی

We analyze the influence of time-, firm-, industry- and country-level determinants of capital structure. First, we apply hierarchical linear modeling in order to assess the relative importance of those levels. We find that time and firm levels explain 78% of firm leverage. Second, we include random intercepts and random coefficients in order to analyze the direct and indirect influences of firm/industry/country characteristics on firm leverage. We document several important indirect influences of variables at industry and country-levels on firm determinants of leverage, as well as several structural differences in the financial behavior between firms of developed and emerging countries.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 35, Issue 2, February 2011, Pages 358-371
نویسندگان
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