This paper analyses the role that institutional factors play in explaining differences in the capital structure of small and medium-sized enterprises (SMEs) across regions belonging to a single country. Specifically, it studies the effect of the development of the financial sector and of the...

This paper develops a model where firms' equilibrium capital structures depend on firms' risk characteristics and investors' aggregate risk appetite. I assume that the law of one price fails because security markets are incomplete and risk-sharing through short-selling or borrowing is limited....

A well-known strategy of tax avoidance by multinationals is to locate debt in subsidiaries in countries with a high tax rate. In case of M&As it is particularly advantageous to locate debt at the level of holdings. By using firm-level data provided by the German Central Bank, I show empirically...

ORBIS is a global database and financial analysis tool offering company statements, ownership, rating and scores, news and intelligence. Global means the current coverage exceeds 165 million entities which most of them are private companies. However also listed companies, banks (over 35.000),...

This research is designed to examine the relationship between the capital structure and profitability of non-financial firms in Bosnia and Herzegovina during the period of ten years, from 2003-2012. The goal is to prove the existence of the relationship between the firm's capital structure...

Each year since 1971, the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, has attracted the leadership of global corporations, governmental and non-governmental organizations, as well as other public figures. However, attending the Davos summit is costly for companies with...

The purpose of the paper is to present a survey on advertisements for jobs in accountancy published at the web site www.moj-posao.net from April 9th until June 1st, 2015. Following characteristics are investigated: employers' ownership, employers' trade, employee education and work experience,...

Accounting profession is traditional profession and accounting rules and principles have been established and are the same for many years. However, globalization of business, stronger regulations and numerous technological solutions and innovations are not bypassing the accounting profession...

This paper provides a quantitative review of the empirical evidence on the impact of taxation on corporate debt finance. On the basis of 626 primary estimates taken from 23 studies, we find that the median tax-rate elasticity of debt ratios is around 0.44. The median tax-rate elasticity of...