Antoniou, Antonios; Guney, Yilmaz; Paudyal, Krishna - In: Journal of Financial and Quantitative Analysis 43 (2008) 01, pp. 59-92
The paper investigates how firms operating in capital market-oriented economies (the U.K. and the U.S.) and bank-oriented economies (France, Germany, and Japan) determine their capital structure. Using panel data and a two-step system-GMM procedure, the paper finds that the leverage ratio is...
