University of Surrey

Test tubes in the lab Research in the ATI Dance Research

Evolution of capital structure in east Asia—corporate inertia or endeavours?

Pal, S and Driffield, N (2010) Evolution of capital structure in east Asia—corporate inertia or endeavours? Journal of Royal Statistical Society Series A, 173.

[img] PDF
JRSSA 2010.pdf
Restricted to Repository staff only
Available under License : See the attached licence file.

Download (249kB)
[img] PDF (licence)
SRI_deposit_agreement.pdf
Restricted to Repository staff only

Download (33kB)

Abstract

The paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven east Asian countries before, during and after the crisis of 1997–1998. Our methodology allows for speeds of adjustment to vary, not only among firms, but also over time, distinguishing between cases of sudden and smooth adjustment.Whereas, compared with firms in the least affected countries, average leverages were much higher, generalized method-ofmoments analysis of the Worldscope panel data suggests that average speeds of adjustment were lower in the worst affected countries. This holds also for the severely financially distressed firms in some worst affected countries, though the trend reversed in the post-crisis period. These findings have important implications for the regulatory environment as well as access to market finance.

Item Type: Article
Authors :
AuthorsEmailORCID
Pal, SUNSPECIFIEDUNSPECIFIED
Driffield, NUNSPECIFIEDUNSPECIFIED
Date : 2010
Identification Number : https://doi.org/10.1111/j.1467-985X.2009.00603.x
Depositing User : Symplectic Elements
Date Deposited : 28 Mar 2017 14:43
Last Modified : 28 Mar 2017 14:43
URI: http://epubs.surrey.ac.uk/id/eprint/590056

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year


Information about this web site

© The University of Surrey, Guildford, Surrey, GU2 7XH, United Kingdom.
+44 (0)1483 300800