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

Nivorozhkin, Eugene, Firms' Financing Choices in EU Accession Countries (January 2004). Available at SSRN: https://ssrn.com/abstract=497543

Eugene Nivorozhkin (Contact Author)

SSEES, University College London ( email )

SSEES, UCL,
Gower Street,
London, WC1E 6BT
United Kingdom
:+44 (0) 2076798811 (Phone)

HOME PAGE: http://www.homepages.ucl.ac.uk/~tjmseni/

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