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An International Comparison of Capital Structure and Debt Maturity Choices

Fan, Joseph; Titman, Sheridan; Twite, Garry


This study examines how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries. We find that a country's legal and tax system, corruption, and the preferences of capital suppliers explain a significant portion of the variation in leverage and debt maturity ratios. Specifically, firms in more corrupt countries and those with weaker laws tend to use more debt, especially short-term debt; explicit bankruptcy codes and...[Show more]

CollectionsANU Research Publications
Date published: 2012
Type: Journal article
Source: Journal of Financial and Quantitative Analysis
DOI: 10.1017/S0022109011000597


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