An international comparison of capital structure and debt maturity choices

Journal of Financial and Quantitative Analysis

Volumn 47, Issue 1, 2012, Pages 23-56

  Fan, Joseph P H ^a   Titman, Sheridan ^b   Twite, Garry ^c  

^a CHINESE UNIVERSITY OF HONG KONG   (Hong Kong)

^b UNIVERSITY OF TEXAS AT AUSTIN   (United States)

^c AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84859957737     PISSN: 00221090     EISSN: 17566916     Source Type: Journal    
DOI: 10.1017/S0022109011000597     Document Type: Article

References (51)

1. Andrew, D.W. K. "Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation." Econometrica, 59 (1991), 817-858.
2. Antoniou, A.; Y. Guney; and K. Paudyal. "Determinants of Corporate Capital Structure: Evidence from European Countries." Working Paper, University of Durham (2006).
3. Barclay, M. J., and C. W. Smith Jr. "The Maturity Structure of Corporate Debt." Journal of Finance, 50 (1995), 609-631.
4. Beck, T., and A. Demirgüç-Kunt. "Financial Institutions and Markets across Countries and over Time: Data and Analysis." World Bank Policy Research Working Paper No. 4943 (2009).
5. Beck, T., and I. Webb. "Economic, Demographic, and Institutional Determinants of Life Insurance Consumption across Countries." World Bank Economic Review, 17 (2003), 51-88. (Pubitemid 36854901)
6. Booth, L.; V. Aivazian; A. Demirgüç-Kunt; and V. Maksimovic. "Capital Structures in Developing Countries." Journal of Finance, 56 (2001), 87-130.
7. Bradley, M.; G. A. Jarrell; and H. Kim. "On the Existence of an Optimal Capital Structure: Theory and Evidence." Journal of Finance, 39 (1984), 857-878.
8. Campbell, J., and Y. Hamao. "Changing Patterns of Corporate Financing and the Main Bank System in Japan." In The Japanese Main Bank System, M. Aoki and H. Patrick, eds. Oxford, UK: Oxford University Press (1995).
9. Claessens, S.; S. Djankov; and L. Klapper. "Resolution of Corporate Distress in East Asia." Journal of Empirical Finance, 10 (2003), 199-216. (Pubitemid 36198454)
10. Claessens, S.; S. Djankov; and A. Mody. Resolution of Financial Distress: An International Perspective on the Design of Bankruptcy Laws. Washington, DC: World Bank Institute Development Studies (2001).
11. Claessens, S.; S. Djankov; and T. Nenova. "Corporate Risk around the World." Working Paper, World Bank, CEPR, and Harvard University (2001).
12. Claessens, S., and L. F. Klapper. "Bankruptcy around the World: Explanations of Its Relative Use." American Law and Economics Review, 7 (2005), 253-283.
13. Davydenko, S. A. and J. R. Franks. "Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany and the U.K." Journal of Finance, 63 (2008), 565-608.
14. Degryse, H., and S. Ongena. "Distance, Lending Relationship and Competition." Journal of Finance, 55 (2005), 231-266.
15. De Jong, A.; R. Kabir; and T. T. Nguyen. "Capital Structure around theWorld: the Roles of Firm- and Country-Specific Determinants." Journal of Banking and Finance, 32 (2008), 1954-1969.
16. Demirgüç-Kunt, A.; B. Karacaovali; and L. Laeven. "Deposit Insurance around the World: A Comprehensive Database." Working Paper, World Bank (2005).
17. Demirgüç-Kunt, A., and V. Maksimovic. "Stock Market Development and Financing Choices of Firms." Word Bank Economic Review, 10 (1996), 341-369.
18. Demirgüç-Kunt, A., and V. Maksimovic. "Law, Finance, and Firm Growth." Journal of Finance, 53 (1998), 2107-2137. (Pubitemid 128639710)
19. Demirgüç-Kunt, A., and V. Maksimovic. "Institutions, Financial Markets, and Firm Debt Maturity." Journal of Financial Economics, 54 (1999), 295-336.
20. Demirgüç-Kunt, A., and V. Maksimovic. "Firms as Financial Intermediaries: Evidence from Trade Credit Data." Working Paper, World Bank and the University of Maryland (2001).
21. Dinç, I. S. "Politicians and Banks: Political Influences on Government-Owned Banks in Emerging Markets." Journal of Financial Economics, 77 (2005), 453-479. (Pubitemid 40975910)
22. Djankov, S.; O. Hart; C. McLiesh; and A. Shleifer. "Debt Enforcement around the World." Journal of Political Economy, 116 (2008), 1105-1149.
23. Djankov, S.; R. La Porta; F. Lopez-de-Silanes; and A. Shleifer. "The Regulation of Entry." Quarterly Journal of Economics, 117 (2002), 1-37.
24. Djankov, S.; R. La Porta; F. Lopez-de-Silanes; and A. Shleifer. "Courts." Quarterly Journal of Economics, 118 (2003), 453-517. (Pubitemid 36649783)
25. Fama, E. F., and J. D. MacBeth. "Risk, Return, and Equilibrium: Empirical Tests." Journal of Political Economy, 81 (1973 ), 607-636.
26. Fisman, R. "Estimating the Value of Political Connections." American Economic Review, 91 (2001), 1095-1102. (Pubitemid 33596447)
27. Fisman, R., and I. Love. "Trade Credit, Financial Intermediary Development, and Industry Growth." Journal of Finance, 58 (2003), 353-374.
28. Gatward, P., and I. G. Sharpe. "Capital Structure Dynamics with Interrelated Adjustment: Australian Evidence." Australian Journal of Management, 21 (1996), 89-112. (Pubitemid 127005776)
29. Giannetti, M. "Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices." Journal of Financial and Quantitative Analysis, 38 (2003), 185-212. (Pubitemid 36363931)
30. Graham, J. R. "Taxes and Corporate Finance: A Review." Review of Financial Studies, 16 (2003), 1075-1129. (Pubitemid 37496132)
31. Guedes, J., and T. Opler. "The Determinants of the Maturity of Corporate Debt Issues." Journal of Finance, 51 (1996), 1809-1833. (Pubitemid 126315010)
32. Johnson, S., and T. Mitton. "Cronyism and Capital Controls: Evidence from Malaysia." Journal of Financial Economics, 67 (2003), 351-382. (Pubitemid 36027701)
33. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. W. Vishny. "Legal Determinants of External Finance." Journal of Finance, 52 (1997), 1131-1150.
34. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. W. Vishny. "Law and Finance." Journal of Political Economy, 106 (1998), 1113-1155. (Pubitemid 29181957)
35. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. Vishny. "The Quality of Government." Journal of Law, Economics, and Organization, 15 (1999), 222-279.
36. La Porta, R.; F. Lopez-de-Silanes; A. Shleifer; and R. Vishny. "Investor Protection and Corporate Valuation." Journal of Finance, 57 (2002), 1147-1170. (Pubitemid 36932128)
37. Levine, R., and S. Zervos. "Stock Markets, Banks, and Economic Growth." American Economic Review, 88 (1998), 537-558. (Pubitemid 128453614)
38. MacKay, P., and G. M. Phillips. "How Does Industry Affect Firm Financial Structure?" Review of Financial Studies, 18 (2005), 1433-1466. (Pubitemid 41539632)
39. Miller, M. H. "Debt and Taxes." Journal of Finance, 32 (1977), 261-275.
40. Modigliani, F., and M. H. Miller. "Corporate Income Taxes and the Cost of Capital: A Correction." American Economic Review, 53 (1963), 433-443.
41. Newey, W. K., and K. D. West. "A Simple, Positive Semi-Definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix." Econometrica, 55 (1987), 703-708.
42. Ozkan, A. "An Empirical Analysis of Corporate Debt Maturity Structure." European Financial Management, 6 (2000), 197-212.
43. Petersen, M. A. "Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches." Review of Financial Studies, 22 (2009), 435-480.
44. Petersen, M. A., and R. G. Rajan. "The Benefits of Lending Relationships: Evidence from Small Business Data." Journal of Finance, 49 (1994), 3-37.
45. Rajan, R. G., and L. Zingales. "What Do We Know about Capital Structure? Some Evidence from International Data." Journal of Finance, 50 (1995), 1421-1460. (Pubitemid 126007543)
46. Rajan, R. G., and L. Zingales. "Financial Dependence and Growth." American Economic Review, 88 (1998), 559-586. (Pubitemid 128453615)
47. Stohs, M. H., and D. C. Mauer. "The Determinants of Corporate Debt Maturity Structure." Journal of Business, 69 (1996), 279-312.
48. Terra, P. R. S. "Determinants of Corporate Debt Maturity in Latin America." European Business Review, 23 (2011), 45-70.
49. Titman, S. "The Modigliani and Miller Theorem and the Integration of Financial Markets." Financial Management, 31 (2002), 101-115.
50. Titman, S., and R. Wessels. "The Determinants of Capital Structure Choice." Journal of Finance, 43 (1988), 1-19.
51. Treisman, D. "The Causes of Corruption: A Cross-National Study." Journal of Public Economics, 76 (2000), 399-457.