Avarmaa, Mari; Hazak, Aaro; Männasoo, Kadri - In: Baltic Journal of Economics 11 (2011) 1, pp. 125-146
This paper investigates whether there are systematic differences in the capital structure formation of local companies … analysis is based on panel data estimation on a sample covering 87,000 company-year observations. We find local companies to be … competitive advantage over local companies, especially in periods characterised by significant credit constraints. In contrast …