This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of …

of non-financial firms’ leverage carry over to banks, except for banks whose capital ratio is close to the regulatory … important determinant of banks’ capital structures and that banks’ leverage converges to bank specific, time invariant targets. …

) which factors - country- or firm-specific - are more relevant in explaining leverage in Poland, (2) which theory - trade … itself mainly in gradual increase in debt ratios with a dominant role of short-term debt, along with the decrease in the … importance of country-specific factors (especially in large-sized, listed firms). The signs of the associations between leverage …

political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of …

) family firms are considered to be the backbone of the economy. We find that family firms have significantly lower leverage … ratios than non-family firms, independent of the definition of leverage applied. Among the three dimensions of a family firm …, management board involvement by the founding family has a consistently negative influence on leverage across all our models. In …

and how this interaction is affected by ownership structure. We show that firms in our sample increase their leverage … that the leverage of these firms has a positive and significant effect on regulated prices, but not vice versa, and it also … privately-controlled firms use leverage strategically to shield themselves against regulatory opportunism. …

debt has the expected significant positive impact on a company's financial leverage. Particularly, we find evidence that … structure decisions. We investigate the effect of the difference in taxation of debt and equity financing on capital structures … the capital structures of smaller companies respond more heavily to changes in the tax benefit of debt. Additional …

This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing … in estimates for the debt response to tax. Moreover, debt characteristics, econometric specifications, and the set of … marginal tax effect on the debt ratio of 0.3. …

financed. Debt offers little flexibility relativeto equity. However, the flexibility offered by equity depends on the extent to …’s optimal security-issuance choice trades off the flexibilitybenefit of equity against the now-familiar debt tax shield, and the …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory …