Hierarchical determinants of capital structure

dc.creatorKAYO, Eduardo K.
dc.creatorKIMURA, Herbert
dc.date.accessioned2012-10-19T13:17:32Z
dc.date.accessioned2018-07-04T14:59:28Z
dc.date.available2012-10-19T13:17:32Z
dc.date.available2018-07-04T14:59:28Z
dc.date.created2012-10-19T13:17:32Z
dc.date.issued2011
dc.identifierJOURNAL OF BANKING & FINANCE, v.35, n.2, p.358-371, 2011
dc.identifier0378-4266
dc.identifierhttp://producao.usp.br/handle/BDPI/20465
dc.identifier10.1016/j.jbankfin.2010.08.015
dc.identifierhttp://dx.doi.org/10.1016/j.jbankfin.2010.08.015
dc.identifier.urihttp://repositorioslatinoamericanos.uchile.cl/handle/2250/1617248
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. (C) 2010 Elsevier B.V. All rights reserved.
dc.languageeng
dc.publisherELSEVIER SCIENCE BV
dc.relationJournal of Banking & Finance
dc.rightsCopyright ELSEVIER SCIENCE BV
dc.rightsrestrictedAccess
dc.subjectCapital structure
dc.subjectHierarchical analysis
dc.subjectFirm-level determinants
dc.subjectIndustry-level determinants
dc.subjectCountry-level determinants
dc.titleHierarchical determinants of capital structure
dc.typeArtículos de revistas


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