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Access to capital and capital structure of the firm
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SYSNO ASEP 0346953 Document Type J - Journal Article R&D Document Type Journal Article Subsidiary J Ostatní články Title Access to capital and capital structure of the firm Author(s) Shamshur, Anastasiya (NHU-C) RID Source Title CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 429 (2010), s. 1-36Number of pages 36 s. Publication form www - www Language eng - English Country CZ - Czech Republic Keywords capital structure ; financing decisions ; credit constraints ; Eastern Europe Subject RIV AH - Economics R&D Projects GA402/09/1595 GA ČR - Czech Science Foundation (CSF) LC542 GA MŠMT - Ministry of Education, Youth and Sports (MEYS) CEZ MSM0021620846 - NHU-C Annotation 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. Workplace Economics Institute - CERGE Contact Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Year of Publishing 2011
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