What Do We Know About Capital Structure? Some Evidence from International Data

Raghuram Rajan and Luigi Zingales

No 4875, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated in the cross-section with firm leverage in the United States, are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved.

JEL-codes: G15 G32 (search for similar items in EconPapers)
Date: 1994-10
Note: CF
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Published as Journal of Finance, December 1995, Vol. 50, No. 5, pp. 1421-1460

Downloads: (external link)
http://www.nber.org/papers/w4875.pdf (application/pdf)

Related works:
Journal Article: What Do We Know about Capital Structure? Some Evidence from International Data (1995)
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:nbr:nberwo:4875

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w4875

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().