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"This study examines the influence of institutional environment on capital structure and debt maturity choices by examining a cross-section of firms in 39 developed and developing countries. We find that a country's legal and tax system, the level of corruption and the preferences of capital...
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-size firms and data on a broad spectrum of financing sources, including leasing, supplier, development, and informal finance …. Small firms and firms in countries with poor institutions use less external finance, especially bank finance. Protection of … bank finance. Small firms do not use disproportionately more leasing or trade finance compared with larger firms, so these …
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This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage. Adjustments appear to be asymmetric among firms with large increases and those with large decreases in debt ratios. The different adjustments are not due to differences in...
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