Leverage and corporate performance: International evidence

International Review of Economics and Finance

Volumn 25, Issue , 2013, Pages 169-184

  González, Víctor M ^a  

^a UNIVERSITY OF OVIEDO   (Spain)

Author keywords

Investor protection; Legal enforcement; Legal origin; Leverage; Operating performance

Indexed keywords

EID: 84867200203     PISSN: 10590560     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.iref.2012.07.005     Document Type: Article

References (26)

1. Altman E.I., Hotchkiss E.S. Corporate financial distress and bankruptcy 2006, John Wiley & Sons, Hoboken, NJ. 3rd edition.
2. Andrade G., Kaplan S.N. How costly is financial (no economic) distress? Evidence from highly leveraged transactions that became distressed. Journal of Finance 1998, 53:1443-1493.
3. Arellano M., Bond S. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 1991, 58:277-297.
4. Beck T., Demirgüc-Kunt A., Levine R. Financial structure and economic development database 2006, World Bank, available at http://econ.worldbank.org.
5. Booth L., Aivazian V., Demirguc-Kunt A., Maksimovic V. Capital structure in developing countries. Journal of Finance 2001, 56:87-130.
6. Bris A., Welch I., Zhu N. The costs of bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization. Journal of Finance 2006, 61:1253-1303.
7. Delcoure N. The determinants of capital structure in transitional economies. International Review of Economics and Finance 2007, 16(3):400-415.
8. Demirgüc-Kunt A., Laeven L., Levine R. Regulations, market structure, institutions, and the cost of financial intermediation. Journal of Money, Credit, and Banking 2004, 36:593-622.
9. Demirgüç-Kunt A., Levine R. Bank-based and market-based financial systems: Cross-country comparisons. Financial structure and economic growth 2001, The MIT Press, Cambridge, Massachusetts. Demirgüç-Kunt, Levine (Eds.).
10. Djankov S., McLiesh C., Shleifer A. Private credit in 129 countries. Journal of Financial Economics 2007, 84:299-329.
11. Gilson S.C. Management turnover and financial distress. Journal of Financial Economics 1989, 25:241-262.
12. Jensen M.C. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 1986, 76:323-329.
13. Jensen M.C. The eclipse of the public corporation. Harvard Business Review 1989, 5:61-74.
14. Jensen M.C., Meckling W.H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 1976, 3:305-360.
15. Jiraporn P., Kim J., Kim Y.S., Kitsabunnarat P. Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services (ISS). International Review of Economics and Finance 2012, 22:208-221.
16. Kuipers D.R., Miller D.P., Patel A. The legal enviroment and corporate valuation: Evidence from cross-border takeovers. International Review of Economics and Finance 2009, 18:552-567.
17. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R.W. Legal determinants of external finance. Journal of Finance 1997, 53:1131-1150.
18. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R.W. Law and finance. Journal of Political Economy 1998, 106:1113-1155.
19. Lang L., Ofek E., Stulz R.M. Leverage, investment, and firm growth. Journal of Financial Economics 1996, 40:3-29.
20. Opler T.C., Titman S. Financial distress and corporate performance. Journal of Finance 1994, 49(3):1015-1040.
21. Rajan R.G., Zingales L. What do we know about capital structure? Some evidence from international data. Journal of Finance 1995, 50(5):1421-1460.
22. Shleifer A., Vishny R.W. Large shareholders and corporate control. Journal of Political Economy 1986, 94:461-488.
23. Shleifer A., Vishny R.W. Liquidation values and debt capacity: A market equilibrium approach. Journal of Finance 1992, 47:1343-1366.
24. Stulz R. Managerial discretion and optimal financing policies. Journal of Financial Economics 1990, 26:3-27.
25. Warner J.B. Bankruptcy costs: Some evidence. Journal of Finance 1977, 32:337-347.
26. Wruck K. Financial distress, reorganization and organizational efficiency. Journal of Financial Economics 1990, 27:419-444.