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Article

Влияние внутренних и институциональных факторов на скорость приспособления к целевой структуре капитала на развитых и развивающихся рынках

Корпоративные финансы. 2013. № 4 (28). С. 5-22.
Кокорева М. С., Юлова С. М.

The paper presents the results of dynamic trade-off empirical testing on the data of 30 countries for 2005-2010.  The authors show that the speed of adjustment to the target capital structure for Western Europe countries is mostly determined by internal factors. Meanwhile for emerging capital market the growth rate of GDP as well as time dummy variables are crucial determinants of speed of adjustment. Institutional factors such as credit and bankruptcy institutions developments revealed nonlinear relationship with the speed of adjustment. Moreover, investor protection developmens is also a significant determinant that exhibits positive relationship for both developed and emerging markets.