The Capital Structure of Firms in Central and Eastern Europe

F. Cornelli, Richard Portes and Mark Schaffer ()

DELTA Working Papers from DELTA (Ecole normale supérieure)

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: EASTERN EUROPE; EUROPE; CAPITAL; COMMUNISM; ECONOMIC REFORM (search for similar items in EconPapers)
JEL-codes: G30 G39 O50 O52 P20 (search for similar items in EconPapers)
Pages: 35 pages
Date: 1996
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Published in Olivier Bouin, Fabrizio Coricelli and Françoise Lemoine (eds.), Different Paths to a Market Economy: China and European Economies in Transition, CEPR/CEPII/OECD, 1998

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Persistent link: https://EconPapers.repec.org/RePEc:del:abcdef:96-05

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