English, Article, Journal or magazine article edition: Stock market development and firm financing choices Demirguc-Kunt, Asli; Maksimovic, Vojislav

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Bookmark: http://trove.nla.gov.au/version/163847
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Stock market development and firm financing choices
Author
  • Demirguc-Kunt, Asli
  • Maksimovic, Vojislav
Physical Description
  • preprint
Notes
  • The authors empirically analyze the association between firm financing choices and the level of development of financial markets in 30 countries for the period 1980-91. For the whole sample, there is a statistically significant negative correlation between stock market development, as measured by the ratio of market capitalization to gross domestic product, and the ratios of both long-term and short-term debt to firms'total equity. For developed markets in the sample, further stock market development leads to a substitution of equity for debt financing. In developing markets, by contrast, large firms become more leveraged as the stock market develops, whereas the smallest firms appear not to be significantly affected by market development.
  • Banks&​Banking Reform,Economic Theory&​Research,Payment Systems&​Infrastructure,Financial Intermediation,International Terrorism&​Counterterrorism,Economic Theory&​Research,Financial Intermediation,Banks&​Banking Reform,Housing Finance,Environmental Economics&​Policies
  • RePEc:wbk:wbrwps:1461
Language
  • English
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