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In this paper we propose an integrated model of capital structure to study the partial adjustment process to the optimal long term debt ratio. In our analysis we consider the characteristics of the institutional environment as a factor that influences such adjustment. We use a sample of quoted...
Persistent link: https://www.econbiz.de/10012975551
In this paper, we propose an integrated model of capital structure to study the partial adjustment process to the optimal long term debt ratio. In our analysis, we consider the characteristics of the institutional environment as a factor that influences such adjustment. We use a sample of quoted...
Persistent link: https://www.econbiz.de/10010668785
Persistent link: https://www.econbiz.de/10008421140
Persistent link: https://www.econbiz.de/10009888639
Persistent link: https://www.econbiz.de/10010097558
We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their...
Persistent link: https://www.econbiz.de/10008498802
Purpose The purpose of this paper is to determine whether bank debt‐maturity decisions are conditioned by growth opportunities, the firms’ ownership structure, or the institutional environment. Design/methodology/approach The empirical analysis is undertaken using an unbalanced panel data of...
Persistent link: https://www.econbiz.de/10014677218