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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 3426
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
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.
Schlagwörter: 
Capital structure dynamics
partial adjustment models
firm- and time-varying speed
generalised methods of moments
inertia and endeavours
JEL: 
G32
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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