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Evolution of capital structure in east Asia : corporate inertia or endeavours?
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Driffield, Nigel L. and Pal, Sarmistha (2010) Evolution of capital structure in east Asia : corporate inertia or endeavours? Journal of the Royal Statistical Society: Series A (Statistics in Society) , Volume 173 (Number 1). pp. 1-29. doi:10.1111/j.1467-985X.2009.00603.x
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Official URL: http://dx.doi.org/10.1111/j.1467-985X.2009.00603.x
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-of-moments 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: | Journal Article | ||||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Strategy & International Business Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Financial crises -- East Asia -- 1997 -- 1998, Financial crises -- Business management, Cash flow -- Business management , Business enterprises -- Finance | ||||||||||
| Journal or Publication Title: | Journal of the Royal Statistical Society: Series A (Statistics in Society) | ||||||||||
| Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||||||
| ISSN: | 0964-1998 | ||||||||||
| Official Date: | January 2010 | ||||||||||
| Dates: |
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| Volume: | Volume 173 | ||||||||||
| Number: | Number 1 | ||||||||||
| Number of Pages: | 28 | ||||||||||
| Page Range: | pp. 1-29 | ||||||||||
| DOI: | 10.1111/j.1467-985X.2009.00603.x | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||||
| Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||||||||
| Grant number: | RES- 000-22-020 |
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