Terra, Paulo, Kirch, Guilherme and Mateus, Cesario (2008) The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms. In: 8º Encontro Brasileiro de Finanças/8th Brazillian Finance Meeting, 31 Jul - 2 Aug 2008, Rio de Janeiro, Brazil. (Unpublished)

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Abstract

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

Item Type:	Conference or Conference Paper (Paper)
Additional Information:	Paper presented at 8º Encontro Brasileiro de Finanças/8th Brazillian Finance Meeting. 31 Jul - 2 Aug 2008. Rio de Janeiro, Brazil. Sociedade Brasileira de Finanças. 2008.
Uncontrolled Keywords:	capital structure, ownership structure, country governance, financial development
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Faculty / School / Research Centre / Research Group:	Faculty of Business > Department of Accounting & Finance
Related URLs:	Organisation Organisation
Last Modified:	11 Feb 2020 11:52
URI:	http://gala.gre.ac.uk/id/eprint/2453

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