Evolution of Capital Structure in East Asia : Corporate Inertia or Endeavours?

The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the average speeds of adjustment were lower...

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Year of publication:	2008-04-01
Authors:	Driffield, Nigel ; Pal, Sarmistha
Institutions:	Forschungsinstitut zur Zukunft der Arbeit <Bonn>
Subject:	Leverage-Effekt \| Unternehmensstruktur <Organisation> \| firm performance \| Dynamik \| dynamics \| Kapitalstruktur \| capital structure

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1. Introduction
2. DATA AND INITIAL ANALYSIS
2.1. Financial Crisis and Capita Structure in East Asia
2.2. Evolution of capital structure
3. Methodology
3.1. Partial adjustment models
3.2. Estimation method
4. Analysis of Results
4.1. Level estimates of model 2 and 2a
4.2. Estimates of first differences models 1 and 3
4.3. Beyond common speed of adjustment: Estimates of models 4 and 5
4.4. Comparison of alternative models
4.5. Inter-country differences in the speed of adjustment
4.6. Financial distress and sudden adjustment
5. Concluding Comments
REFERENCES

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