This paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature.

The determinants of leverage : a comparative analysis / L. Anderloni, A. Tanda. - In: JOURNAL OF ECONOMICS & MANAGEMENT. - ISSN 1732-1948. - 18:(2014), pp. 196-208.

The determinants of leverage : a comparative analysis

L. Anderloni
Primo
;
A. Tanda
2014

Abstract

This paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature.
leverage; financial structure; pecking order; static trade off
Settore SECS-P/09 - Finanza Aziendale
Settore SECS-P/11 - Economia degli Intermediari Finanziari
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/2434/259539
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