search query: @indexterm capital structure of companies / total: 353
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| Author: | Aggarwal, R. Kyaw, N.A. |
| Title: | International variations in transparency and capital structure: Evidence from European firms |
| Journal: | Journal of international financial management & accounting
2009 : SPRING, VOL. 20:1, p. 1-34 |
| Index terms: | corporate finance capital structure of companies companies Europe |
| Language: | eng |
| Abstract: | In the paper, the impact of national transparency (hereafter as: t-p.) regimes on corporate (here as: corp.) capital structure in 14 European countries is presented. It is found that owner-manager agency cost-reducing t-p., e.g. higher levels of analysts following is associated with lower corp. debt levels. In contrast, t-p. reducing owner-creditor agency costs, e.g. disclosure timeliness, institutional trading activities, and enforcement of anti-insider trading laws, are associated with higher corp. debt levels. Among other t-p. measures, levels of financial and governance disclosures are negatively associated with debt ratios and higher levels of audit intensity and accounting disclosures are positively associated with debt ratios etc. |
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