Arbeitspapier

Evolution of capital structure in East Asia: corporate inertia or endeavours?

The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the average speeds of adjustment were lower. This general ranking is robust to various alternative specifications and sample selections. We argue that this pattern is closely linked to weaknesses in regulatory environment and lack of access to alternative sources of finance in the worst affected countries.

Sprache: Deutsch

Erschienen in: Series: IZA Discussion Papers ; No. 3426

Klassifikation: Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

Thema: Capital structure dynamics
partial adjustment models
firm- and time-varying speed
generalised methods of moments
inertia and endeavours
Kapitalstruktur
Wirtschaftliche Anpassung
Finanzmarktkrise
Industrie
Ostasien

Ereignis: Geistige Schöpfung

(wer): Driffield, Nigel
Pal, Sarmistha

Ereignis: Veröffentlichung

(wer): Institute for the Study of Labor (IZA)

(wo): Bonn

(wann): 2008

Handle: http://hdl.handle.net/10419/35012

URN: urn:nbn:de:101:1-2008040918

Letzte Aktualisierung: 10.03.2025, 11:45 MEZ

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Objekttyp

Arbeitspapier

Beteiligte

Driffield, Nigel
Pal, Sarmistha
Institute for the Study of Labor (IZA)

Entstanden

2008

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