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| Tekijä: | Wanzenried, G. |
| Otsikko: | Capital structure dynamics in the UK and continental Europe |
| Lehti: | European Journal of Finance
2006 : DEC, VOL. 12:8, p. 693-716 |
| Asiasana: | finance capital structure of companies institutions markets models United Kingdom Europe |
| Kieli: | eng |
| Tiivistelmä: | This paper empirically examines the effects of institutions and market characteristics on corporate capital structure (here as: cap-str.) dynamics. A partial adjustment model is used linking transaction costs to country-specific characteristics, e.g. the development of the financial markets, the macroeconomic environment etc. Based on the sample data from 873 firms in France, Germany, Italy and the U.K. from 1982 to 2002, the results support the hypotheses that more developed financial markets, greater efficiency of the legal system and better protection of shareholders all have a positive effect on the speed at which firms adjust their cap-str. towards the target. |
SCIMA