Impact of institutional quality on the capital structure of firms in developing countries
This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional...
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| Format: | Article |
| Language: | English |
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Elsevier BV
2019
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| Online Access: | http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf |
| _version_ | 1796980736238026752 |
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| author | Md Nasir, Annuar |
| author_facet | Md Nasir, Annuar |
| author_sort | Md Nasir, Annuar |
| collection | UPM |
| description | This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure |
| first_indexed | 2024-03-06T10:27:26Z |
| format | Article |
| id | upm.eprints-80164 |
| institution | Universiti Putra Malaysia |
| language | English |
| last_indexed | 2024-03-06T10:27:26Z |
| publishDate | 2019 |
| publisher | Elsevier BV |
| record_format | dspace |
| spelling | upm.eprints-801642020-09-17T03:45:35Z http://psasir.upm.edu.my/id/eprint/80164/ Impact of institutional quality on the capital structure of firms in developing countries Md Nasir, Annuar This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure Elsevier BV 2019-06 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf Md Nasir, Annuar (2019) Impact of institutional quality on the capital structure of firms in developing countries. Emerging Markets Review, 39. pp. 175-209. ISSN 1566-0141; ESSN: 1873-6173 https://www.sciencedirect.com/science/article/pii/S1566014116301455 10.1016/j.ememar.2019.04.003 |
| spellingShingle | Md Nasir, Annuar Impact of institutional quality on the capital structure of firms in developing countries |
| title | Impact of institutional quality on the capital structure of firms in developing countries |
| title_full | Impact of institutional quality on the capital structure of firms in developing countries |
| title_fullStr | Impact of institutional quality on the capital structure of firms in developing countries |
| title_full_unstemmed | Impact of institutional quality on the capital structure of firms in developing countries |
| title_short | Impact of institutional quality on the capital structure of firms in developing countries |
| title_sort | impact of institutional quality on the capital structure of firms in developing countries |
| url | http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf |
| work_keys_str_mv | AT mdnasirannuar impactofinstitutionalqualityonthecapitalstructureoffirmsindevelopingcountries |