[PDF] Top 20 Do financial crises impact capital structure? : evidence from PIIGS

... the capital structure irrelevance model of M&M three major theories have been emerged attempting to describe the debt-equity choice mainly by studying evidence from US firms over different ... See full document

... of financial distress from debt (agency and bankruptcy ...benefit from the tax advantages from ...negative impact in leverage as well as in the studies of Barton and Gordon (1988) and ... See full document

... absent from theories in corporate finance, which do not emphasize labor market ...firm’s capital structure, for European firms, and its human ...empirical evidence on capital ... See full document

... Though capital structure literature is replete with studies in the developed and selected developing countries, there is a dearth of similar studies on how the development in the financial ... See full document

... some financial constraints, firms which sought to raise external capital grew ...strong evidence that a strategy of incremental product improvement is a key means of accelerating ...firm ... See full document

... internal capital rather than use external capital due to a higher risk of ...asset structure is statistically insignificant for explaining total debt ratio, but presents a 1% significance level for ... See full document

... liberalizing capital In the late 1980s developing countries from all over the world began easing restrictions on capital ...of financial crises, triggering a debate over the relative ... See full document

... is structure in panel ...the impact of omitted variables, for the fact that have information for both the intertemporal dynamics and the individuality of the ... See full document

... data from 26 major emerging markets during the 1970 –2012 period and an unbalanced fixed-effects panel regression; we find that all crises depress output ...of crises in recent years (“severe” ... See full document

... which financial theory better explains the leverage ratio, more specifically the trade-off theory, the pecking order theory, the agency theory and the market timing ...the impact on the results to the use ... See full document

... Many previous authors investigated the dividend signaling effects and provided supports to the role of dividend payout as signals to the market participants (e.g. Gurgul et al.(2003), Ross (1977), Bhattacharya (1979), ... See full document

... about financial intermediaries mainly in microfinance institutions are still few for emerging market ...of financial intermediaries as well as a series of financial frictions at their liquidity ... See full document

... all capital structure determinants chosen are significant in explaining the level of leverage, which reinforces what was shown in previous studies (Bradley et ...negative impact of the growth ... See full document

... the impact of financial crisis may have on audit quality and its consequences on earnings quality is the study of Mollik et ...the financial crisis, but audit quality did not have an impact in ... See full document

... of capital and Cortez & Susanto (2012) and Sayilgan et al (2006) basing on Gaud et al (2005), in the research on non-financial companies in Japan and Turkey respectively, use the ratio of total ... See full document

... positive impact of economic downturn on prices 6 . The result from the Portuguese manufacturing industry provides evidence for countercyclical behaviour of ... See full document

... However, some other authors challenged the evidence of long memory. They claimed that structural changes can cause long memory. This means that structural changes can explain the persistence in volatility and may ... See full document

... is evidence of skimping behavior which states that companies deliberately choose not to expand, but produce excessively risky credit as a direct consequence of their ...is evidence of financial ... See full document

... estimates from the more peaceful period to the highly unstable period that characterise the majority of crisis, one can perceive different ...sovereign crises were selected after the crises had ... See full document

... Our dependent variables are vulnerability and resilience to climate change as measured by the ND-GAIN indices, which capture a country’s overall susceptibility to climate-related disruptions and capacity to deal with the ... See full document