메뉴 건너뛰기




Volumn 33, Issue 3, 2009, Pages 319-333

Are the determinants of capital structure country or firm specific?

Author keywords

Capital structure; SME financing

Indexed keywords


EID: 70350622452     PISSN: 0921898X     EISSN: 15730913     Source Type: Journal    
DOI: 10.1007/s11187-008-9103-4     Document Type: Article
Times cited : (223)

References (59)
  • 1
    • 70350622202 scopus 로고    scopus 로고
    • Capital structure, asset specificity, and firm size: A transaction cost analysis
    • In E. Helmstädter & M. Perlman (Eds.), University of Michigan Press
    • Acs, Z., & Isberg, C. (1996). Capital structure, asset specificity, and firm size: A transaction cost analysis. In E. Helmstädter & M. Perlman (Eds.), Behavioral norms, technological progress, and economic dynamics (pp. 285-298), University of Michigan Press.
    • (1996) Behavioral Norms, Technological Progress, and Economic Dynamics , pp. 285-298
    • Acs, Z.1    Isberg, C.2
  • 2
    • 84977378806 scopus 로고
    • The administrative costs of corporate bankruptcy: A note
    • (March)
    • Ang, J., Chua, J., & McConnell, J. (1982). The administrative costs of corporate bankruptcy: A note. The Journal of Finance, 37(1), 219-226 (March).
    • (1982) The Journal of Finance , vol.37 , Issue.1 , pp. 219-226
    • Ang, J.1    Chua, J.2    McConnell, J.3
  • 3
    • 0002981886 scopus 로고
    • Small business uniqueness and the theory of financial management
    • Ang, J. (1991). Small business uniqueness and the theory of financial management. Journal of Small Business Finance, 1(1), 1-13.
    • (1991) Journal of Small Business Finance , vol.1 , Issue.1 , pp. 1-13
    • Ang, J.1
  • 4
    • 0001349954 scopus 로고
    • On the theory of finance for privately held firms
    • Ang, J. (1992). On the theory of finance for privately held firms. The Journal of Small Business Finance, 1(3), 185-203.
    • (1992) The Journal of Small Business Finance , vol.1 , Issue.3 , pp. 185-203
    • Ang, J.1
  • 5
    • 84989092848 scopus 로고
    • Asset specificity, firm heterogeneity and capital structure
    • Balakrishnan, S., & Fox, I. (1993). Asset specificity, firm heterogeneity and capital structure. Strategic Management Journal, 14, 3-16.
    • (1993) Strategic Management Journal , vol.14 , pp. 3-16
    • Balakrishnan, S.1    Fox, I.2
  • 6
    • 11244277096 scopus 로고    scopus 로고
    • Cross-country determinants of capital structure choice: A survey of European firms
    • (Winter)
    • Bancel, F., & Mittoo, U. (2004). Cross-country determinants of capital structure choice: A survey of European firms. Financial Management, 33(4) (Winter), 103-133.
    • (2004) Financial Management , vol.33 , Issue.4 , pp. 103-133
    • Bancel, F.1    Mittoo, U.2
  • 7
    • 36749085509 scopus 로고    scopus 로고
    • Debt and taxes: Evidence from bank-financed small and medium-sized firms
    • Paper presented at the 12th annual conference of the multinational finance society, Athens, Greece
    • Bartholdy, J., & Mateus, C. (2005). Debt and taxes: Evidence from bank-financed small and medium-sized firms, Paper presented at the 12th annual conference of the multinational finance society, Athens, Greece.
    • (2005)
    • Bartholdy, J.1    Mateus, C.2
  • 11
    • 12444264829 scopus 로고    scopus 로고
    • Financial and legal constraints to firm growth: Does firm size matter?
    • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to firm growth: Does firm size matter? The Journal of Finance, 60, 137-177.
    • (2005) The Journal of Finance , vol.60 , pp. 137-177
    • Beck, T.1    Demirgüç-Kunt, A.2    Maksimovic, V.3
  • 12
    • 33749606714 scopus 로고    scopus 로고
    • Small and medium-size enterprises: Access to finance as a growth constraint
    • Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking and Finance, 30(11), 2931-2943.
    • (2006) Journal of Banking and Finance , vol.30 , Issue.11 , pp. 2931-2943
    • Beck, T.1    Demirguc-Kunt, A.2
  • 14
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • Bradley, M., Jarrell, G., & Kim, E. (1984). On the existence of an optimal capital structure: Theory and evidence. The Journal of Finance, 39, 857-878.
    • (1984) The Journal of Finance , vol.39 , pp. 857-878
    • Bradley, M.1    Jarrell, G.2    Kim, E.3
  • 15
    • 0000488169 scopus 로고
    • Oligopoly and financial structure: The limited liability effect
    • Brander, J., & Lewis, T. (1986). Oligopoly and financial structure: The limited liability effect. American Economic Review, 76, 956-970.
    • (1986) American Economic Review , vol.76 , pp. 956-970
    • Brander, J.1    Lewis, T.2
  • 16
    • 0000498336 scopus 로고
    • Bankruptcy risk and optimal capital structure
    • (December)
    • Castanias, R. (1983). Bankruptcy risk and optimal capital structure. The Journal of Finance, 38(5), 1617-1635 (December).
    • (1983) The Journal of Finance , vol.38 , Issue.5 , pp. 1617-1635
    • Castanias, R.1
  • 17
    • 4243935986 scopus 로고    scopus 로고
    • Commission Recommendation of 3 April 1996 (96/280/EC) concerning the definition of small and medium-sized entreprises
    • Commission of the European Communities, 30/04/1996
    • Commission of the European Communities (1996). Commission Recommendation of 3 April 1996 (96/280/EC) concerning the definition of small and medium-sized entreprises Official Journal, NO. L 107, 30/04/1996, pp. 0004-0009.
    • (1996) Official Journal , Issue.L 107 , pp. 0004-0009
  • 18
    • 36749088227 scopus 로고    scopus 로고
    • Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece
    • Daskalakis, N., & Psillaki, M. (2008). Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece. Applied Financial Economics, 18, 87-97.
    • (2008) Applied Financial Economics , vol.18 , pp. 87-97
    • Daskalakis, N.1    Psillaki, M.2
  • 19
    • 70350618954 scopus 로고    scopus 로고
    • European Commission Observatory of European SMEs, Brussels
    • European Commission Observatory of European SMEs (2002). 7th Report, Brussels.
    • (2002) 7th Report
  • 20
    • 70350618654 scopus 로고    scopus 로고
    • European Commission Observatory of European SMEs, Brussels
    • European Commission Observatory of European SMEs (2003). SMEs and access to finance, 2, Brussels.
    • (2003) SMEs and Access to Finance , Issue.2
  • 21
    • 0036116031 scopus 로고    scopus 로고
    • Testing tradeoff and pecking order predictions about dividends and debt
    • Fama, E., & French, K. (2002). Testing tradeoff and pecking order predictions about dividends and debt. Review of Financial Studies, 15, 1-33.
    • (2002) Review of Financial Studies , vol.15 , pp. 1-33
    • Fama, E.1    French, K.2
  • 22
    • 0037292694 scopus 로고    scopus 로고
    • Testing the pecking order theory of capital structure
    • Frank, M., & Goyal, V. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67, 217-248.
    • (2003) Journal of Financial Economics , vol.67 , pp. 217-248
    • Frank, M.1    Goyal, V.2
  • 23
    • 36749099194 scopus 로고    scopus 로고
    • Further evidence on debt-equity choice
    • Research Paper, May
    • Gaud, P., Hoesli, M., & Bender, A. (2004). Further evidence on debt-equity choice, FAME, Research Paper No. 114, May.
    • (2004) FAME , Issue.114
    • Gaud, P.1    Hoesli, M.2    Bender, A.3
  • 24
    • 84997052403 scopus 로고    scopus 로고
    • The capital structure of swiss companies: An empirical analysis using dynamic panel data
    • Gaud, P., Jani, E., Hoesli, M., & Bender, A. (2005). The capital structure of swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1), 51-69.
    • (2005) European Financial Management , vol.11 , Issue.1 , pp. 51-69
    • Gaud, P.1    Jani, E.2    Hoesli, M.3    Bender, A.4
  • 26
    • 0009172756 scopus 로고
    • Corporate control contests and capital structure
    • Harris, M., & Raviv, A. (1988). Corporate control contests and capital structure. Journal of Financial Economics, 20, 55-86.
    • (1988) Journal of Financial Economics , vol.20 , pp. 55-86
    • Harris, M.1    Raviv, A.2
  • 27
    • 84977735008 scopus 로고
    • Capital structure and the informational role of debt
    • (June)
    • Harris, M., & Raviv, A. (1990). Capital structure and the informational role of debt. The Journal of Finance, 45(2), 321-349 (June).
    • (1990) The Journal of Finance , vol.45 , Issue.2 , pp. 321-349
    • Harris, M.1    Raviv, A.2
  • 28
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46, 297-355.
    • (1991) The Journal of Finance , vol.46 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 29
    • 0042647559 scopus 로고
    • An empirical analysis of the financial structure of small and large Australian manufacturing enterprises
    • Holmes S., & Kent, P. (1991). An empirical analysis of the financial structure of small and large Australian manufacturing enterprises. Journal of Small Business Finance, 1(2), 141-154.
    • (1991) Journal of Small Business Finance , vol.1 , Issue.2 , pp. 141-154
    • Holmes, S.1    Kent, P.2
  • 30
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.1
  • 31
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and capital structure
    • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and capital structure. Journal of Financial Economics, 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 34
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • Mackie-Mason, J. (1990). Do taxes affect corporate financing decisions? The Journal of Finance, 45, 1471-1492.
    • (1990) The Journal of Finance , vol.45 , pp. 1471-1492
    • Mackie-Mason, J.1
  • 35
    • 84977409606 scopus 로고
    • The choice between equity and debt: An empirical study
    • Marsh, P. (1982). The choice between equity and debt: An empirical study. The Journal of Finance, 37, 121-144.
    • (1982) The Journal of Finance , vol.37 , pp. 121-144
    • Marsh, P.1
  • 36
    • 0033454501 scopus 로고    scopus 로고
    • Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data
    • Michaelas, N., Chittenden, F., & Poutziouris, P. (1999). Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data. Small Business Economics, 12, 113-130.
    • (1999) Small Business Economics , vol.12 , pp. 113-130
    • Michaelas, N.1    Chittenden, F.2    Poutziouris, P.3
  • 37
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • (June)
    • Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 68(3), 261-297 (June).
    • (1958) The American Economic Review , vol.68 , Issue.3 , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 38
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 39
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • (July)
    • Myers, S. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592 (July).
    • (1984) The Journal of Finance , vol.39 , Issue.3 , pp. 575-592
    • Myers, S.1
  • 41
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 42
    • 1142295093 scopus 로고    scopus 로고
    • Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data
    • January/March
    • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data, Journal of Business Finance and Accounting, 28(1 & 2), January/March, 175-199.
    • (2001) Journal of Business Finance and Accounting , vol.28 , Issue.1-2 , pp. 175-199
    • Ozkan, A.1
  • 43
    • 0002298747 scopus 로고
    • Small business finance: A research agenda
    • (Autumn)
    • Pettit, R., & Singer, R. (1985). Small business finance: A research agenda. Financial Management, 14(3), 47-60 (Autumn).
    • (1985) Financial Management , vol.14 , Issue.3 , pp. 47-60
    • Pettit, R.1    Singer, R.2
  • 44
    • 36749073020 scopus 로고
    • Credit rationing and small and medium sized firms: A tentative of linkage
    • Psillaki, M. (1995). Credit rationing and small and medium sized firms: A tentative of linkage. Revue Internationale PME, 8(3-4), 67-90.
    • (1995) Revue Internationale PME , vol.8 , Issue.3-4 , pp. 67-90
    • Psillaki, M.1
  • 45
    • 36749054821 scopus 로고    scopus 로고
    • Financing small and medium sized firms: Coordination and transaction costs
    • Psillaki, M., & Mondello, G. (1996). Financing small and medium sized firms: Coordination and transaction costs. Cahiers Monnaie et Financement, 24, 47-70.
    • (1996) Cahiers Monnaie et Financement , vol.24 , pp. 47-70
    • Psillaki, M.1    Mondello, G.2
  • 46
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50, 1421-1460.
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 47
    • 0039648389 scopus 로고
    • The determinants of financial structure: The incentive signaling approach
    • Ross, G. C. (1977). The determinants of financial structure: The incentive signaling approach. Bell Journal of Economics and Management Science, 8, 232-240.
    • (1977) Bell Journal of Economics and Management Science , vol.8 , pp. 232-240
    • Ross, G.C.1
  • 48
    • 0002736266 scopus 로고
    • A theory of optimal capital structure
    • (Spring)
    • Scott, J. (1976). A theory of optimal capital structure. The Bell Journal of Economics, 34, 33-54 (Spring).
    • (1976) The Bell Journal of Economics , vol.34 , pp. 33-54
    • Scott, J.1
  • 49
    • 84924126032 scopus 로고
    • Bankruptcy, secured debt, and optimal capital structure
    • (March)
    • Scott, J. (1977). Bankruptcy, secured debt, and optimal capital structure. The Journal of Finance, 32, 1-19 (March).
    • (1977) The Journal of Finance , vol.32 , pp. 1-19
    • Scott, J.1
  • 51
    • 28244497618 scopus 로고    scopus 로고
    • How SME uniqueness affects capital structure: Evidence from A 1994-1998 Spanish data panel
    • (December)
    • Sogorb-Mira, F. (2005). How SME uniqueness affects capital structure: Evidence from A 1994-1998 Spanish data panel. Small Business Economics, 25(5), 447-457 (December).
    • (2005) Small Business Economics , vol.25 , Issue.5 , pp. 447-457
    • Sogorb-Mira, F.1
  • 52
    • 0001524993 scopus 로고
    • The effect of capital structure on a firm's liquidation decision
    • Titman, Sh. (1984). The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13, 137-151.
    • (1984) Journal of Financial Economics , vol.13 , pp. 137-151
    • Titman, S.1
  • 53
    • 84977737536 scopus 로고
    • The determinants of capital structrue choice
    • Timan, S., & Wessels, R. (1988). The determinants of capital structrue choice. Journal of Finance 43, 1-19.
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Timan, S.1    Wessels, R.2
  • 56
    • 21144477755 scopus 로고
    • Determinants of small firm debt ratios: An analysis of retail panel data
    • van der Wijst, D., & Thurik, R. (1993). Determinants of small firm debt ratios: An analysis of retail panel data. Small Business Economics, 5, 55-65.
    • (1993) Small Business Economics , vol.5 , pp. 55-65
    • van der Wijst, D.1    Thurik, R.2
  • 57
    • 0039094252 scopus 로고
    • Strategic planning in small and medium-sized companies
    • van Hoorn T. (1979). Strategic planning in small and medium-sized companies. Long Range Planning, 12(1), 84-91.
    • (1979) Long Range Planning , vol.12 , Issue.1 , pp. 84-91
    • van Hoorn, T.1
  • 58
    • 0001574842 scopus 로고
    • Bankruptcy costs: Some evidence
    • (May)
    • Warner J. (1977). Bankruptcy costs: Some evidence. Journal of Finance, 32(2), 337-347, (May).
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 337-347
    • Warner, J.1
  • 59
    • 77951893393 scopus 로고    scopus 로고
    • Small and medium size enterprise financing: A note on some of the empirical implications of a pecking order
    • April/May
    • Watson, R., & Wilson, N. (2002). Small and medium size enterprise financing: A note on some of the empirical implications of a pecking order. Journal of Business Finance and Accounting, 28(3 & 4), April/May, 557-578.
    • (2002) Journal of Business Finance and Accounting , vol.28 , Issue.3-4 , pp. 557-578
    • Watson, R.1    Wilson, N.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.