We investigate the level and volatility effects of real exchange rates on productivity growth of manufacturing firms with heterogeneous access to debt, and domestic and foreign equity markets in Turkey. We find that while volatility affects productivity growth negatively, having access to...

Despite a vast literature on the capital structure of the firm there still is a big gap between theory and practice. Starting with the seminal work by Modigliani & Miller, much attention has been paid to the optimality of capital structure from the shareholders’ point of view. Over the last...

In this article, we demonstrate that a direct relation exists between the context of Japanese firms indicating relative distress and conditional return distribution properties. We map cross-sectional vectors with company characteristics on vectors with return feature vectors, using a fuzzy...

We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies implicitly...

Purpose – The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the impact of interest on equity (IOE) on capital structure...

Purpose – The purpose of this paper of this study is to examine the possible factors contributing to the issue of inconclusiveness in capital structure studies. This study also attempts to provide logical explanations to the unresolved issue of inconsistencies in the relationship between...

The ability to create a company’s own capital structure with a simultaneous lack of universal solutions makes this issue a favorable subject of considerations. The aim of this article is to summarize selected surveys on the role of debt and financial leverage in corporate financing observed in...

This paper examines the relationship between several cases of corporate governance and capital structure of companies listed on the stock market in Romania. The study covers the period 2010-2012 for 52 listed companies, non-financial companies. Concrete cases of corporate governance used are the...

Purpose -The aim of this study is to isolate the firm characteristics that affect capital structure Design/methodology/approach -The investigation has been performed using panel data procedure for a sample of 129 Greek companies listed on the Athens Stock Exchange during 1997-2001. The number of...

This study assesses whether variations in capital structure across countries can be explained by cultural traits. We analyze capital structure choices of firms in 42 countries and provide evidence that these decisions are affected by the degree of individualism of the country where the firm is...