Financing Choices of Firms in EU Accession Countries

Eugene Nivorozhkin ()

No 33, Ratio Working Papers from The Ratio Institute

Abstract: The paper presents evidence of actual and target capital structures of firms in five EU accession countries of Central and Eastern Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland, Romania and Estonia). We consider the financial constraints of private companies and compare the level of indebtedness and the determinants firms’ choices of capital structure in selected EU accession countries and EU countries. A dynamic nonlinear adjustment model is adopted to explicitly model the adjustment of a firm’s leverage to a target leverage.

Keywords: EU; transition countries; capital structure; leverage; dynamic adjustment model (search for similar items in EconPapers)
JEL-codes: G30 G32 O12 O52 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2004-04-22
New Economics Papers: this item is included in nep-acc, nep-cfn, nep-fin, nep-mfd and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Financing choices of firms in EU accession countries (2005)
Working Paper: Financing choices of firms in EU accession countiries (2004)
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