Publicação
The effect of asset tangibility on capital structure: a cross - country analysis
| Resumo: | Using Compustat data from 2003 to 2022, this paper studies the effect of asset tangibility on capital structure for 57 distinct countries. Carrying out an empirical analysis yields that (1) there is a positive relationship between asset tangibility and capital structure, (2) cross-country variation in the effect of asset tangibility on capital structure may be explained by differences in a country’s creditor-friendliness of bankruptcy laws and differences in a country’s interpersonal trust level, and (3) the effect of asset tangibility on capital structure is more pronounced for EU-firms, as compared to US-firms. |
|---|---|
| Autores principais: | Hüsemann, Luca Lisanne |
| Assunto: | Capital structure Asset tangibility Creditor-friendliness of bankruptcy laws Interpersonal trust |
| Ano: | 2024 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | Using Compustat data from 2003 to 2022, this paper studies the effect of asset tangibility on capital structure for 57 distinct countries. Carrying out an empirical analysis yields that (1) there is a positive relationship between asset tangibility and capital structure, (2) cross-country variation in the effect of asset tangibility on capital structure may be explained by differences in a country’s creditor-friendliness of bankruptcy laws and differences in a country’s interpersonal trust level, and (3) the effect of asset tangibility on capital structure is more pronounced for EU-firms, as compared to US-firms. |
|---|