Financial integration and emerging markets capital structure

被引：42

作者：

Lucey, Brian M. ^{[1
,2
,3
]}

Zhang, QiYu ^{[1
,2
]}

机构：

[1] Trinity Coll Dublin, Sch Business, Coll Green, Dublin 2, Ireland

[2] Trinity Coll Dublin, Inst Int Integrat Studies, Coll Green, Dublin 2, Ireland

[3] Glasgow Caledonian Univ, Caledonian Business Sch, Glasgow G4 0BA, Lanark, Scotland

来源：

JOURNAL OF BANKING & FINANCE | 2011年 / 35卷 / 05期

关键词：

Financial integration; Emerging market firms; Corporate leverage; Debt maturity; Emerging markets; Capital structure; Integration; MATURITY STRUCTURE; CORPORATE-FINANCE; DEBT MATURITY; LIBERALIZATION; INSTITUTIONS; PERFORMANCE; WORLD; FIRMS; GLOBALIZATION; DETERMINANTS;

D O I：

10.1016/j.jbankfin.2010.10.017

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of country-level financial integration on corporate financing choices in emerging economies. Examining 4477 public firms from 24 countries, we find that corporate leverage is positively related to credit market integration and negatively related to equity market integration. As integration proceeds to higher levels, high-growth firms seem to obtain more debt than low-growth firms; large firms seem to obtain more debt - especially long-term debt - and issue more equity than small firms. Also, there is evidence that firms are able to borrow more funds in countries with more efficient legal systems during integration process. (C) 2010 Published by Elsevier B.V.

引用

页码：1228 / 1238

页数：11

共 50 条

[1] Financial integration, economic instability and trade structure in emerging markets
Chambet, Anthony
Gibson, Rajna
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2008, 27 (04) : 654 - 675
[2] FINANCIAL DISTRESS AND ACCESS TO CAPITAL IN EMERGING MARKETS
Guillen, Jorge
[J]. PRAGUE ECONOMIC PAPERS, 2010, 19 (01): : 5 - 20
[3] Financial innovations and the dynamics of emerging capital markets
Jacque, LL
[J]. FINANCIAL INNOVATIONS AND THE WELFARE OF NATIONS: HOW CROSS-BORDER TRANSFERS OF FINANCIAL INNOMVATIONS NURTURE EMERGING CAPITAL MARKETS, 2001, : 1 - 21
[4] International financial institutions and emerging capital markets in Africa
Lavelle, KC
[J]. REVIEW OF INTERNATIONAL POLITICAL ECONOMY, 1999, 6 (02) : 200 - 224
[5] The global financial market integration of selected emerging markets
Boamah, Nicholas Addai
[J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2017, 12 (04) : 683 - 707
[6] Emerging trends in financial markets integration: the Indian experience
Misra, Arun Kumar
Mahakud, Jitendra
[J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2009, 4 (03) : 235 - 251
[7] Effects of financial turmoil on financial integration and risk premia in emerging markets
Boubakri, Salem
Couharde, Cecile
Raymond, Helene
[J]. JOURNAL OF EMPIRICAL FINANCE, 2016, 38 : 120 - 138
[8] Imperfect competition in financial markets and capital structure
Guriev, Sergei
Kvasov, Dmitriy
[J]. JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 2009, 72 (01) : 131 - 146
[9] The volatility of capital flows to emerging markets and the financial services trade
Beck, R
[J]. RUSSIAN AND EAST EUROPEAN FINANCE AND TRADE, 2001, 37 (03): : 5 - 24
[10] Is the Virtual Integration of Financial Markets Beneficial in Emerging Markets? Evidence from MILA
Espinosa-Mendez, Christian
Gorigoitia, Juan
Vieito, Joao
[J]. EMERGING MARKETS FINANCE AND TRADE, 2017, 53 (10) : 2279 - 2302

← 1 2 3 4 5 →