Firms' Financing Choices in EU Accession Countries
Posted: 18 May 2004
Date Written: January 2004
Abstract
The paper presents evidence on firms' actual and target capital structure in five EU accession countries of Central and Eastern Europe and the former Soviet Union - Bulgaria, the Czech Republic, Poland, Romania and Estonia. We provide the insights into the issue of financial constrains of private companies and compare the level of indebtedness and the determinants of firms' capital structure choice in selected EU accession countries and EU countries. A dynamic non-linear adjustment model is adopted to explicitly model the adjustment of companies leverage to a target leverage.
Suggested Citation: Suggested Citation
Nivorozhkin, Eugene, Firms' Financing Choices in EU Accession Countries (January 2004). Available at SSRN: https://ssrn.com/abstract=497543
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