Hierarchical determinants of capital structure

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dc.contributor.authorKayo E.K.
dc.contributor.authorKimura H.
dc.date.accessioned2024-03-13T01:29:07Z
dc.date.available2024-03-13T01:29:07Z
dc.date.issued2011
dc.description.abstractWe 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.
dc.description.firstpage358
dc.description.issuenumber2
dc.description.lastpage371
dc.description.volume35
dc.identifier.doi10.1016/j.jbankfin.2010.08.015
dc.identifier.issn0378-4266
dc.identifier.urihttps://dspace.mackenzie.br/handle/10899/37049
dc.relation.ispartofJournal of Banking and Finance
dc.rightsAcesso Restrito
dc.subject.otherlanguageCapital structure
dc.subject.otherlanguageCountry-level determinants
dc.subject.otherlanguageFirm-level determinants
dc.subject.otherlanguageHierarchical analysis
dc.subject.otherlanguageIndustry-level determinants
dc.titleHierarchical determinants of capital structure
dc.typeArtigo
local.scopus.citations199
local.scopus.eid2-s2.0-84855912883
local.scopus.updated2024-05-01
local.scopus.urlhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84855912883&origin=inward
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