The Capital Structure of Firms in Central and Eastern Europe

Francesca Cornelli, Richard Portes () and Mark Schaffer ()

No 1392, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms’ investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland.

Keywords: Capital Structures; Enterprise Debt; Transition Economies (search for similar items in EconPapers)
JEL-codes: G32 P34 (search for similar items in EconPapers)
Date: Written 1996-05
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Working Paper: The Capital Structure of Firms in Central and Eastern Europe (1996)
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