An International Comparison of Capital Structure and Debt Maturity Choices
研究了39个发达国家和发展中国家的制度环境如何影响企业的资本结构和债务期限选择，发现法律、税收、腐败和资本供给者偏好显著解释了杠杆率和债务期限的差异。
Abstract This study examines how the institutional environment influences capital structure and debt maturity choices of firms in 39 developed and developing countries. We find that a country’s legal and tax system, corruption, and the preferences of capital suppliers explain a significant portion of the variation in leverage and debt maturity ratios. Specifically, firms in more corrupt countries and those with weaker laws tend to use more debt, especially short-term debt; explicit bankruptcy codes and deposit insurance are associated with higher leverage and more long-term debt. More debt is used in countries where there is a greater tax gain from leverage.