Overall findings from cointegration tests in this paper suggest the existence of cointegrating relationships between financial intermediation and money to the output in the long run. Financial intermediation development is significant to affect the output fluctuations in short run or long run....

The choice between debt and equity financing has been directed to seek the optimal capital structure. Under the agency costs hypothesis, a high leverage or a low equity/asset ratio reduces the agency costs of outside equity and increases firm value. Several studies show that a firm with high...

The choice between debt and equity financing has been directed to seek the optimal capital structure. Under the agency costs hypothesis, a high leverage or a low equity/asset ratio reduces the agency costs of outside equity and increases firm value. Several studies show that a firm with high...