Impact of institutional quality on the capital structure of firms in developing countries

Citation

Md Nasir, Annuar (2019) Impact of institutional quality on the capital structure of firms in developing countries. Emerging Markets Review, 39. pp. 175-209. ISSN 1566-0141; ESSN: 1873-6173

Abstract

This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure

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Additional Metadata

Item Type:	Article
Divisions:	Faculty of Economics and Management
DOI Number:	https://doi.org/10.1016/j.ememar.2019.04.003
Publisher:	Elsevier BV
Keywords:	Capital structure; Debt; Institutional factors; International evidence; System GMM
Depositing User:	Azhar Abdul Rahman
Date Deposited:	17 Sep 2020 03:45
Last Modified:	17 Sep 2020 03:45
Altmetrics:	http://altmetrics.com-details.php?domain=psair.upm.edu.my&doi=10.1016/j.ememar.2019.04.003
URI:	http://psasir.upm.edu.my/id/eprint/80164
Statistic Details:	View Download Statistic

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