на главную поиск contacts

Capital Structure Differences among Large Asian Companies

Опубликовано на портале: 21-06-2006
ASEAN Economic Bulletin. 1990.  Vol. 7. No. 1. P. 39-54. 
This article reviews prior research regarding influences on capital structure and reports the results of an empirical study of the capital structures of large Asian companies. Variations with regard to the country, industry, and size of a company are examined for the first time for a sample as large as four hundred and seventy-four companies located in twenty Asian countries. The results of this study indicate that while size does not seem to be a significant influence, both country and industry are significant factors influencing capital structure in Asia. Multinational and diversified companies, therefore, must take these differences into account in developing and setting capital structure, financing, subsidiary evaluation, and management policies for their Asian operations. Bankers, other creditors, and investors also must recognize national differences in debt ratios in order to assess credit and investment risks accurately.
Ключевые слова

См. также:
Saumitra N. Bhaduri
Applied Financial Economy. 2002.  Vol. 12. No. 9. P. 655-665. 
Milton Harris, Artur Raviv
Journal of Finance. 1991.  Vol. 46. No. 1. P. 297-355. 
Shenghui Tong, Ning Yixi
Journal of Investing. 2004.  Vol. 13. No. 4. P. 53-66. 
Roberto Wessels, Sheridan Titman
Journal of Finance. 1988.  Vol. 43. No. 1. P. 1-20. 
Robert Goldstein, Nengju Ju, Hayne E. Leland
Journal of Business. 2001.  Vol. 74. No. 4. P. 483-513. 
Helen Short, Kevin Keasey, Darren Duxbury
International Journal of the Economics of Business. 2002.  Vol. 9. No. 3. P. 375-399. 
Michael L. Lemmon, Jaime F. Zender
Working Paper Series (SSRN). 2002.