Hierarchical determinants of capital structure

Título: Hierarchical determinants of capital structure

Autores: KAYO, Eduardo K., KIMURA, Herbert

Resumo/Sinopse: We 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.

Data de publicação: 2011

Periódico/Editora: Journal of Banking & Finance

Edição: v.35, n.2

Palavras-chave: Capital structure, hierarchical analysis, firm-level determinants, industry-level determinants, country-level determinants