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Impact of institutional quality on the capital structure of firms in developing countries

This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional...

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Main Author: Md Nasir, Annuar
Format: Article
Language:English
Published: Elsevier BV 2019
Online Access:http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf
http://psasir.upm.edu.my/id/eprint/80164/
https://www.sciencedirect.com/science/article/pii/S1566014116301455
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spelling my.upm.eprints.801642020-09-17T03:45:35Z http://psasir.upm.edu.my/id/eprint/80164/ Impact of institutional quality on the capital structure of firms in developing countries Md Nasir, Annuar This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure Elsevier BV 2019-06 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf Md Nasir, Annuar (2019) Impact of institutional quality on the capital structure of firms in developing countries. Emerging Markets Review, 39. pp. 175-209. ISSN 1566-0141; ESSN: 1873-6173 https://www.sciencedirect.com/science/article/pii/S1566014116301455 10.1016/j.ememar.2019.04.003
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description This paper investigates the effects of institutional quality on firms' capital structure for a panel of 3891 firms from 23 developing countries. Our main findings for the full panel show institutional quality has a significantly positive effect on firms' capital structure. At the regional level, based on the panel data for 2187 firms from Asian countries and 1091 firms from Latin American and Eastern European countries, institutional quality has a significantly positive effect on capital structure. However, for the 613 firms from African countries, institutional quality is mostly insignificant. Additional analysis reveals positive effects of legal enforcement on capital structure
format Article
author Md Nasir, Annuar
spellingShingle Md Nasir, Annuar
Impact of institutional quality on the capital structure of firms in developing countries
author_facet Md Nasir, Annuar
author_sort Md Nasir, Annuar
title Impact of institutional quality on the capital structure of firms in developing countries
title_short Impact of institutional quality on the capital structure of firms in developing countries
title_full Impact of institutional quality on the capital structure of firms in developing countries
title_fullStr Impact of institutional quality on the capital structure of firms in developing countries
title_full_unstemmed Impact of institutional quality on the capital structure of firms in developing countries
title_sort impact of institutional quality on the capital structure of firms in developing countries
publisher Elsevier BV
publishDate 2019
url http://psasir.upm.edu.my/id/eprint/80164/1/Impact%20of%20institutional%20quality%20on%20the%20capital%20structure%20of%20firms%20in%20developing%20countries.pdf
http://psasir.upm.edu.my/id/eprint/80164/
https://www.sciencedirect.com/science/article/pii/S1566014116301455
_version_ 1678594247951908864
score 13.214268

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