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Access to capital and capital structure of the firm

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    0346953 - NHU-C 2011 RIV CZ eng J - Journal Article
    Shamshur, Anastasiya
    Access to capital and capital structure of the firm.
    CERGE-EI Working Paper Series. -, č. 429 (2010), s. 1-36. ISSN 1211-3298
    R&D Projects: GA ČR GA402/09/1595; GA MŠk LC542
    Grant - others: MŠk(CZ) SVV-2010-261801
    Institutional research plan: CEZ:MSM0021620846
    Keywords : capital structure * financing decisions * credit constraints * Eastern Europe
    Subject RIV: AH - Economics

    The paper examines the importance of financial constraints for firm capital structure decisions in transitions economies during 1996-2006 using endogenous switching regression with unknown sample separation approach. The evidence suggests that differences in fi- nancing constraints have a signiffcant effect on a firm's capital structure. Constrained and unconstrained firms differ in capital structure determinants. Specifically, tangibility appears to be an extremely important leverage determinant for constrained firms, while macroeconomic factors (GDP and expected inflation) affect the leverage level of unconstrained firms, suggesting that those firms adjust their capital structure in response to changes in macroeconomic conditions. Moreover, financially unconstrained firms adjust their capital structures faster to the target level, which is consistent with the previous literature.
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