Capital Structure Decisions around the World: Which Factors Are Reliably Important?
利用37国企业大样本，发现公司规模、有形资产、行业杠杆、利润和通胀是杠杆率的可靠决定因素，并揭示高质量制度能加快杠杆调整速度，而保护债权人的法律则提高杠杆水平。
Abstract This article examines the international determinants of capital structure using a large sample of firms from 37 countries. The reliable determinants for leverage are firm size, tangibility, industry leverage, profits, and inflation. The quality of the countries’ institutions affects leverage and the adjustment speed toward target leverage in significant ways. High-quality institutions lead to faster leverage adjustments, whereas laws and traditions that safeguard debt holders relative to stockholders (e.g., more effective bankruptcy procedures and stronger creditor protection) lead to higher leverage.