Determinants of Capital Structure in Non-Financial Companies

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm’s capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country characteristics. Using a short panel data set with a large cross-section, we are able to show that firm size, industry leverage, industry growth and tax shield positively affect leverage ratios, while profitability and liquidity have negative impacts. Moreover, our model is an improvement over Rajan and Zingales’ (1995) four-factor core model in terms of explaining data variation. The results are robust against different panel estimators, decompositions and over time

3.8 Ga zircons sampled by Neogene ignimbrite deruptions in Central Anatolia

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Crustal source of the Late Cretaceous Satansari monzonite stock ( central Anatolia - Turkey) and its significance for the Alphine geodynamic evolution

Please help populate SUNScholar with the full text of SU research output. Also - should you need this item urgently, please send us the details and we will try to get hold of the full text as quick possible. E-mail to [email protected]. Thank you.Journal Articles (subsidised)NatuurwetenskappeAardwetenskapp