Legal Systems, Capital Structure, and Debt Maturity in Developing Countries
本文分析了法律体系对发展中国家企业杠杆率和债务期限结构的影响，发现腐败增加债务融资但受法律强度调节，普通法与大陆法的影响方向与发达国家相反，且减少腐败并加强法律可增加长期债务依赖。
Abstract Manuscript type Empirical Research Question/Issue This paper analyzes the importance of two aspects of the legal system in shaping firm leverage and debt maturity structure across developing countries. Research Findings/Insights Using a larger number of developing countries compared to prior research, four main findings are obtained. First, whereas corruption increases firm debt financing, its effect is moderated when considering the impact of stronger laws. Second, the common versus civil law distinction does matter for firm financing in developing countries, but in the opposite direction documented for developed countries. Third, less corruption combined with stronger laws increases reliance on long‐term debt. Finally, by listing on a developed exchange abroad, firms in developing countries are able to raise equity and extend the maturity of their debt. Theoretical/Academic Implications The findings on the relative importance of the legal system for firm financing decisions in developing countries do not necessarily agree with prior findings for developed countries. Future research focusing exclusively on developing countries may be warranted to better understand the drivers of private sector‐led growth in these economies. Practitioner/Policy Implications This study reinforces the importance of strengthening public governance and laws as well as deepening capital markets in developing countries to improve financing conditions.