In this research paper we examine the determinants of capital structure using a large panel of firms from 31 countries, all with different legal systems and different levels of investor protection. Our results confirm that institutional variables play an important role in a firm's capital...

The present study empirically analyses the association between board of directors' composition and capital structure. Particularly, the fraction of independent directors on the board, the fraction of female directors, the board size, and whether the Chief Executive Officer (CEO) is also the...

This paper reviews the impact of institutional variables on the capital structure of firms throughout the recent financial crises (dot.com bubble, subprime crisis, and European sovereign debt crisis). For the first time, the sovereign general gross debt and current account balance have entered...