I provide further evidence on the determinants of corporate capital structure by estimating a dynamic trade-off model of the firm that includes investment, leverage, and payout decisions. The structural model generates a leverage ratio that oscillates around a long-run, time-invariant level and...

Sustainable product innovation is a key issue facing agri-food companies to maintain and increase their competitiveness. Based on a sample of 320 international agri-food companies for the period 2002–2017, this paper analyzes the role that ownership structure and capital structure play with...

We compare the determinants of the corporate debt ownership structure in a bank-oriented economy (Germany) and market-oriented economy (UK). The results, that are controlled for endogeneity, simultaneity and measurement errors, show that the firms in both countries adjust their debt ownership...

This paper determines the optimal ownership share held by a unit into a second unit, when both face a tax-bankruptcy trade-off. Full ownership is optimal when the first unit has positive debt, because dividends help avoid its default. Positive debt is, in turn, optimal when its corporate tax...

This study investigated the relationship between capital structure, equity ownership and firm performance using a sample of 438 BSE-Listed Indian companies over a period of five years (2005-2010). The study constructs efficiency through data envelopment analysis (DEA). Using panel data analysis...

This paper systematically analyzes the impact of monetary policy on non-financial enterprises' leverage differentiation under bank credit discrimination, taking advantage of data provided by non-financial listed companies from 2007 to 2017. The results show that bank credit discrimination will...

This study examines the impact of corporate governance on capital structure decisions based on a large panel of Chinese listed firms. Using the system Generalized Method of Moments (GMM) estimator to control for unobserved heterogeneity, endogeneity and persistency in capital structure...

We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...

This paper examines the effect of state control and ownership structure on leverage decision of firms listed in Chinese stock market. Our results show that state-owned enterprises (SOEs) have higher leverage ratios than non-SOEs, and SOEs in regions with a poorer institutional environment have...

This study examines the effects of oligarch ownership on corporate capital structures. Using panel data from Ukraine, I find that oligarch-owned companies employ significantly more debt and liabilities than their peers. However, there is no direct relation between oligarch ownership and target...