Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms
通过对16个欧洲国家管理者的调查，发现财务灵活性和每股收益稀释是发行债务和普通股的主要考虑因素，法律环境对债务政策重要但对股票政策影响小。
We survey managers in 16 European countries on the determinants of capital structure. Financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use “windows of opportunity” when raising capital. We find that although a country’s legal environment is an important determinant of debt policy, it plays a minimal role in common stock policy. We find that firms’ financing policies are influenced by both their institutional environment and their international operations. Firms determine their optimal capital structures by trading off costs and benefits of financing.