Sources of capital structure: evidence from transition countries

Karin Jõeveer

No 2006-02, Bank of Estonia Working Papers from Bank of Estonia

Abstract: This study explores the significance of firm-specific, country institutional and macroeconomic factors in explaining the leverage variation of a sample of firms from nine Eastern European countries. Countryspecific factors are the most prominent determinants of leverage variation for small unlisted companies while firm-specific factors explain most of the leverage variation in listed and large unlisted companies. Half of the leverage variation related to country factors is explained by known macroeconomic and institutional factors while the other half by unquantifiable institutional differences

Keywords: capital structure; Eastern Europe (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2006-10-10, Revised 2006-11-12
New Economics Papers: this item is included in nep-tra
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Citations: View citations in EconPapers (4)

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Working Paper: Sources of Capital Structure: Evidence from Transition Countries (2006)
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