Antzoulatos, Angelos A.
[VerfasserIn]
;
Koufopoulos, Kostas
[Sonstige Person, Familie und Körperschaft];
Lambrinoudakis, Costas
[Sonstige Person, Familie und Körperschaft];
Tsiritakis, Emmanuel D.
[Sonstige Person, Familie und Körperschaft]
Supply of Capital and Capital Structure
: The Role of Financial Development
Erschienen in:Midwest Finance Association 2012 Annual Meetings Paper
Umfang:
1 Online-Ressource (74 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1787068
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 30, 2015 erstellt
Beschreibung:
We explore the effect of financial development on corporate capital structure and the tightness of financial constraints that firms face. We employ an econometric technique which allows us to explicitly test for convergence in capital structure. This technique increases the power of our statistical tests. In doing so, we identify a group of convergent firms. The driving force of convergence is financial development, which positively affects the firms' leverage ratio. We also identify a group of firms, whose leverage is not affected by financial development, because they are financially constrained