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Comparing Corporate Capital Structures Around the Globe

Опубликовано на портале: 21-06-2006
International Executive. 1992.  Vol. 34. No. 5. P. 369-387. 
The article presents an analysis of the corporate financial structures in developing countries based on a database compiled by the International Finance Corp.'s Economics Department. Corporate investment is a vitally important part of total investment. There are links between corporate behavior and macroeconomic stability, on the one hand, and the health of financial institutions and the macroeconomy on the other. There are also obvious links between issues of corporate finance and broader issues regarding the kind of financial systems that support long-term economic growth. Specific to the firm itself are considerations such as profitability, earnings volatility, and the nature of its capital assets and markets. Corporations in developed countries have a wide range of choices for financing investment. After internal funding, new debt provided the next highest source of financing. Within this category, bank loans provided far more financing than did corporate bonds. Japan was the largest user of bank funding, financing 50% of its capital needs from this source. Despite the recent concerns over high degrees of gearing, use of internal funds has actually increased in the last two decades compared to the overall postwar era. U.S. corporate experience highlights the dynamic nature of financing decisions, especially the revision that occurred during the 1980s.
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