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The puzzle of capital structure theories and the financial system: review

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Detalhes bibliográficos
Resumo:The main objective of this paper relates to conducting a synthesis of the various studies that have used country-specific factors, especially macro-financial factors related to the countries' financial system, to explain the understanding of firm's capital structure choices. Several international studies have approached the explanation of the capital structure problem by resorting to determinants related to country-specific factors and, more recently, several studies have emerged that analysed the convergence of the financing decisions of companies according to the financial system of their countries. However, in terms of literature review, it can be seen that there are no studies to make the interconnection between the explanatory theories of capital structure and the innovative character of some researchers who resorted to the characteristics of the financial system to explain the financing behaviour of companies from several countries. And, as such, the present paper consisted in summarizing the empirical literature in a non-systematic way and found that various studies indicate that the capital structure is influenced by the concept of the financial system, where financial intermediaries play a key role in reducing transaction costs and information costs, and the efficiency of capital markets contributes to reducing the information costs of the hierarchy of the firm's financing sources.
Autores principais:Rogão, Márcia
Assunto:Capital Structure Theory Literature Influencing Factors Country Specific Factors Financial System
Ano:2022
País:Portugal
Tipo de documento:documento de conferência
Tipo de acesso:acesso aberto
Instituição associada:Instituto Politécnico de Bragança
Idioma:inglês
Origem:Biblioteca Digital do IPB

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