Capital Structure and Macroeconomic Determinants in Emerging Country: A Panel Quantile Regression Approach

Ibtissem Missaoui and Yaqoub Alduraywish

International Journal of Economics and Finance, 2023, vol. 15, issue 12, 68

Abstract: Financing decisions of firms have been a topic interest for financial economists for a long time. In this study, we aim to contribute to this area by examining the impact of macroeconomic determinants on capital structure in emerging markets. Utilizing the panel quantile regression method (QREG) and analyzing data from listed Tunisian firms between 2011 and 2021, this paper investigates the relationship between macroeconomic determinants and capital structure across different quantiles. The research findings suggest that both firm size and growth options are positively correlated with leverage. Additionally, this paper finds that return on assets has a negative and significant effect at 1% in the first to third quantiles on leverage. The results of this paper have important implications since they can interest firm executives, policymakers, and investors operating in emerging markets.

Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ccsenet.org/journal/index.php/ijef/article/download/0/0/49458/53408 (application/pdf)
https://ccsenet.org/journal/index.php/ijef/article/view/0/49458 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijefaa:v:15:y:2023:i:12:p:68

Access Statistics for this article

More articles in International Journal of Economics and Finance from Canadian Center of Science and Education Contact information at EDIRC.
Bibliographic data for series maintained by Canadian Center of Science and Education ().