Institutions and corporate capital structure in the MENA region

Emerging Markets Review - Tập 26 - Trang 99-129 - 2016
Mohamed Belkhir1, Aktham Maghyereh1, Basel Awartani2
1UAE University, College of Business & Economics, United Arab Emirates
2University of Plymouth, Plymouth, Graduate School of Management & Plymouth Business School, United Kingdom

Tài liệu tham khảo

Adam, 2008, The investment opportunity set and its proxy variables, J. Financ. Res., 31, 41, 10.1111/j.1475-6803.2008.00231.x Alvarez de la Campa, 2011 Antoniou, 2008, The determinants of capital structure: capital market-oriented versus bank-oriented institutions, J. Financ. Quant. Anal., 43, 59, 10.1017/S0022109000002751 Anzoategui, 2010, Bank competition in the middle east and north Africa region, Rev. Middle East Econ. Financ., 6, 2, 10.2202/1475-3693.1313 Araujo, 2012, The Brazilian bankrupcy law experience, J. Corp. Financ., 18, 994, 10.1016/j.jcorpfin.2012.03.001 Arellano, 1995, Another look at the instrumental variable estimation of error-components models, Journal of econometrics, 68, 29, 10.1016/0304-4076(94)01642-D Baker, 2002, Market timing and capital structure, J. Financ., 57, 1, 10.1111/1540-6261.00414 Bancel, 2004, Cross-country determinants of capital structure choice. A survey of European firms, Financ. Manag., 33, 103 Barnea, 1981, Market imperfections, agency problems, and capital structure: a review, Financ. Manag., 10, 7, 10.2307/3665045 Ben Naceur, 2011, The effects of bank regulations, competition, and financial reforms on bank's performance, Emerg. Mark. Rev., 12, 1, 10.1016/j.ememar.2010.08.002 Ben Naceur, 2008, Does market liberalization spur financial and economic development in the MENA region?, J. Comp. Econ., 36, 673, 10.1016/j.jce.2007.12.002 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8 Booth, 2001, Capital structure in developing countries, J. Financ., 56, 87, 10.1111/0022-1082.00320 Bourgain, 2012, Financial openness, disclosure and bank risk-taking in MENA countries, Emerg. Mark. Rev., 13, 283, 10.1016/j.ememar.2012.01.002 Business, 2013, Doing Business 2013-Smarter Regulations for Small and Medium-Size Enterprises, 29(04), 2013 Campbell, 1996, Understanding risk and return, J. Polit. Econ., 104, 298, 10.1086/262026 Cespedes, 2010, Ownership and capital structure in Latin America, J. Bus. Res., 63, 248, 10.1016/j.jbusres.2009.03.010 Chen, 2004, Determinants of capital structure of Chinese listed firms, J. Bus. Res., 57, 1341, 10.1016/S0148-2963(03)00070-5 Cho, 2014, Creditor rights and capital structure: evidence from international data, J. Corp. Financ., 25, 40, 10.1016/j.jcorpfin.2013.10.007 Creane, 2004, Financial sector development in the middle east and north Africa De Jong, 2008, Capital structure around the world: the roles of firm and country specific determinants, J. Bank. Financ., 32, 1954, 10.1016/j.jbankfin.2007.12.034 Deesomak, 2004, The determinants of capital structure: evidence from the Asia Pacific region, J. Multinatl. Financ. Manag., 14, 387, 10.1016/j.mulfin.2004.03.001 Demirguc-Kunt, 1999, Bank-Based or Market-Based Financial Systems: Cross-Country Comparisons Demirguc-Kunt, 1996, Stock market development and financing choices of firms, World Bank Econ. Rev., 10, 341, 10.1093/wber/10.2.341 Denis, 2012, The persistent puzzle of corporate capital structure; current challenges and new directions, Financ. Rev., 47, 631, 10.1111/j.1540-6288.2012.00347.x Djankov, 2007, Private credit in 129 countries, J. Financ. Econ., 84, 299, 10.1016/j.jfineco.2006.03.004 Ebrahim, 2014, Dynamic capital structure and political patronage: the case of Malaysia, Int. Rev. Financ. Anal., 31, 117, 10.1016/j.irfa.2013.11.004 Fama, 2002, Testing tradeoff and pecking order predictions about dividends and debt, Rev. Financ. Stud., 15, 1, 10.1093/rfs/15.1.1 Fama, 1983, The market for corporate control: the scientific evidence, J. Financ. Econ., 11, 5, 10.1016/0304-405X(83)90004-1 Fan, 2012, An international comparison of capital structure and debt maturity choices, J. Financ. Quant. Anal., 47, 23, 10.1017/S0022109011000597 Flannery, 2006, Partial adjustment toward target capital structures, J. Financ. Econ., 79, 469, 10.1016/j.jfineco.2005.03.004 Flannery, 2013, The 2007–2009 financial crisis and bank opaqueness, Journal of Financial Intermediation, 22, 55, 10.1016/j.jfi.2012.08.001 Frank, 2009, Capital structure decisions: which factors are reliably important?, Financ. Manag., 38, 1, 10.1111/j.1755-053X.2009.01026.x Getzmann, 2014, Traget capital structure and adjustment speed in Asia, Asia-Pac. J. Financ. Stud., 43, 1, 10.1111/ajfs.12038 Graham, 2000, How big are the tax benefits of debt?, J. Financ., 55, 1901, 10.1111/0022-1082.00277 Graham, 2014, A century of capital structure: the leveraging of corporate America, J. Financ. Econ. Gungoraydinoglu, 2011, Firm-and country-level determinants of corporate leverage: Some new international evidence, J. Corp. Financ., 17, 1457, 10.1016/j.jcorpfin.2011.08.004 Guyot, 2014, Foreign shocks and international cost of equity destabilization. Evidence from the MENA region, Emerg. Mark. Rev., 18, 101, 10.1016/j.ememar.2014.01.003 Harris, 1991, The theory of capital structure, J. Financ., 46, 297, 10.1111/j.1540-6261.1991.tb03753.x Haselmann, 2010, How law affects lending, Review of Financial Studies, 23, 549, 10.1093/rfs/hhp073 Huang, 2009, Testing theories of capital structure and estimating the speed of adjustment, J. Financ. Quant. Anal., 44, 237, 10.1017/S0022109009090152 Jappelli, 2002, Information sharing, lending and default: cross country evidence, J. Bank. Financ., 26, 2017, 10.1016/S0378-4266(01)00185-6 Jensen, 1986, Agency costs of free cash flows, corporate finance and takeovers, Am. Econ. Rev., 76, 323 Jensen, 1976, Theory of the firm: managerial behaviour, agency costs and ownership structure, J. Financ. Econ., 3, 305, 10.1016/0304-405X(76)90026-X Kayhan, 2007, Firms' histories and their capital structures, J. Financ. Econ., 83, 1, 10.1016/j.jfineco.2005.10.007 Kurshev, 2006 Leary, 2005, Do firms re-balance their capital structures?, J. Financ., 60, 2575, 10.1111/j.1540-6261.2005.00811.x Lemmon, 2008, Back to the beginning: persistence and cross-section of corporate capital structure, J. Financ., 63, 1575, 10.1111/j.1540-6261.2008.01369.x Levine, 2002, Bank-based or market-based financial systems: which is better?, J. Financ. Intermed., 11, 398, 10.1006/jfin.2002.0341 Lockhart, 2010 Mackay, 2005, How does industry affect firm financial structure?, Rev. Financ. Stud., 18, 1433, 10.1093/rfs/hhi032 MacKie-Mason, 1990, Do taxes affect corporate financing decisions?, J. Financ., 45, 1471, 10.1111/j.1540-6261.1990.tb03724.x Madeddu, 2010, The Status of Information Sharing and Credit Reporting Infrastructure in the Middle East and North Africa Region Miao, 2005, Optimal capital structure and industry dynamics, J. Financ., 60, 2621, 10.1111/j.1540-6261.2005.00812.x Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, Am. Econ. Rev., 261 Modigiliani, 1963, Corporate income taxes and the cost of capital: a correction, Am. Econ. Rev., 53, 433 Morellec, 2001, Asset liquidity, capital structure and secured debt, J. Financ. Econ., 6, 173, 10.1016/S0304-405X(01)00059-9 Myers, 1977, Determinants of corporate borrowings, J. Financ. Econ., 5, 147, 10.1016/0304-405X(77)90015-0 Myers, 1984, The capital structure puzzle, J. Financ., 39, 575, 10.2307/2327916 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, J. Financ. Econ., 13, 187, 10.1016/0304-405X(84)90023-0 Myers, 1998, The paradox of liquidity, Q. J. Econ., 113, 733, 10.1162/003355398555739 Ozkan, 2001, Determinants of capital structure and adjustment to long run target: evidence from UK company panel data, J. Bus. Financ. Account., 28, 175, 10.1111/1468-5957.00370 Oztekin, 2012, Institutional determinants of capital structure adjustment speeds, J. Financ. Econ., 103, 88, 10.1016/j.jfineco.2011.08.014 Rajan, 1995, What do we know about capital structure? Some evidence from international data, J. Financ., 50, 1421, 10.1111/j.1540-6261.1995.tb05184.x Rajan, 1998, Financial dependence and growth, Am. Econ. Rev., 88, 559 Turk-Ariss, 2009, Competitive behavior in middle east and north Africa banking systems, Q. Rev. Econ. Financ., 49, 693, 10.1016/j.qref.2008.03.002 Windmeijer, 2005, A finite sample correction for the variance of linear efficient two-step GMM estimators, Journal of econometrics, 126, 25, 10.1016/j.jeconom.2004.02.005 World Bank Group, 2012