HOW DOES THE FIRM SIZE AFFECT THE RELATIVE IMPORTANCE OF COUNTRY AND INDUSTRY EFFECT IN CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM EUROPE

被引：2
|
作者：
Koralun-Bereznicka, Julia [1 ]
机构：
[1] Univ Gdansk, Fac Management, Dept Corp Finance, Gdansk, Poland
来源：
ARGUMENTA OECONOMICA | 2017年 / 38卷 / 01期
关键词：
capital structure; country effect; industry effect; firm size; CORPORATE-FINANCE; AGENCY COSTS; DEBT; INSTITUTIONS; DETERMINANTS;
D O I：
10.15611/aoe.2017.1.04
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The purpose of this study is to determine the relative importance of the country and industry factors in the capital structure depending on the firm size. The analysis includes three size groups of firms in thirteen industries of nine EU countries and covers the period 2000-2009. The applied methods include multivariate statistical analysis, mainly the k-means cluster analysis. Findings reveal the prevalence of the country factors, although not homogeneously across all size groups.
引用
收藏
页码：99 / 119
页数：21
相关论文
共 50 条
  • [1] How does firm size affect technology licensing? Empirical evidence from China
    Li, Ming
    Chen, Xiangdong
    Zhang, Gupeng
    [J]. SCIENTOMETRICS, 2017, 112 (03) : 1249 - 1269
  • [2] How does firm size affect technology licensing? Empirical evidence from China
    Ming Li
    Xiangdong Chen
    Gupeng Zhang
    [J]. Scientometrics, 2017, 112 : 1249 - 1269
  • [3] How does labor market size affect firm capital structure? Evidence from large plant openings
    Kim, Hyunseob
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2020, 138 (01) : 277 - 294
  • [4] Capital structure and firm performance: Empirical evidence from a small transition country
    Thi Phuong Vy Le
    Thi Bich Nguyet Phan
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2017, 42 : 710 - 726
  • [5] How firm characteristics affect capital structure: an empirical study
    Eriotis, Nikolaos
    Vasiliou, Dimitrios
    Ventoura-Neokosmidi, Zoe
    [J]. MANAGERIAL FINANCE, 2007, 33 (05) : 321 - +
  • [6] How does ownership structure affect capital structure and firm value? Recent evidence from East Asia
    Driffield, Nigel
    Mahambare, Vidya
    Pal, Sarmistha
    [J]. ECONOMICS OF TRANSITION, 2007, 15 (03) : 535 - 573
  • [7] Firm, industry, and country level determinants of capital structure: evidence from Pakistan
    Ahsan, Tanveer
    Wang, Man
    Qureshi, Muhammad Azeem
    [J]. SOUTH ASIAN JOURNAL OF GLOBAL BUSINESS RESEARCH, 2016, 5 (03) : 362 - 384
  • [8] How does industry affect firm financial structure?
    MacKay, P
    Phillips, GM
    [J]. REVIEW OF FINANCIAL STUDIES, 2005, 18 (04): : 1433 - 1466
  • [9] The moderating effect of firm size on relational capital and firm performance Evidence from Europe
    Corvino, Antonio
    Caputo, Francesco
    Pironti, Marco
    Doni, Federica
    Martini, Silvio Bianchi
    [J]. JOURNAL OF INTELLECTUAL CAPITAL, 2019, 20 (04) : 510 - 532
  • [10] INDUSTRY AND SIZE EFFECT IN PROFITABILITY-CAPITAL STRUCTURE RELATION: EMPIRICAL EVIDENCE FROM POLAND
    Koralun-Bereznicka, Julia
    Ciolek, Dorota
    [J]. ROMANIAN JOURNAL OF ECONOMIC FORECASTING, 2018, 21 (01): : 93 - 107
12345