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Title:Evolution of capital structure in East Asia: corporate inertia or endeavours? PDF Logo
Authors:Driffield, Nigel
Pal, Sarmistha
Issue Date:2008
Series/Report no.:IZA Discussion Papers 3426
Abstract:The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the average speeds of adjustment were lower. This general ranking is robust to various alternative specifications and sample selections. We argue that this pattern is closely linked to weaknesses in regulatory environment and lack of access to alternative sources of finance in the worst affected countries.
Subjects:Capital structure dynamics
partial adjustment models
firm- and time-varying speed
generalised methods of moments
inertia and endeavours
JEL:G32
Persistent Identifier of the first edition:urn:nbn:de:101:1-2008040918
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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