Hierarchical determinants of capital structure
Tipo
Artigo
Data de publicação
2011
Periódico
Journal of Banking and Finance
Citações (Scopus)
199
Autores
Kayo E.K.
Kimura H.
Kimura H.
Orientador
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
We analyze the influence of time-, firm-, industry- and country-level determinants of capital structure. First, we apply hierarchical linear modeling in order to assess the relative importance of those levels. We find that time and firm levels explain 78% of firm leverage. Second, we include random intercepts and random coefficients in order to analyze the direct and indirect influences of firm/industry/country characteristics on firm leverage. We document several important indirect influences of variables at industry and country-levels on firm determinants of leverage, as well as several structural differences in the financial behavior between firms of developed and emerging countries. © 2010 Elsevier B.V.