Fan, Joseph P. H.; Titman, Sheridan; Twite, Garry - In: Journal of Financial and Quantitative Analysis 47 (2012) 01, pp. 23-56
This study examines how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries. We find that a country’s legal and tax system, corruption, and the preferences of capital suppliers explain a significant portion of...