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Help
If you have any questions, you are always welcome to contact us. We'll get back to you as soon as possible, withing 24 hours on weekdays.
Customer service
All questions about your order, return and delivery must be sent to our customer service team by e-mail at yourstore@yourdomain.com
Sale & Press
If you are interested in selling our products, need more information about our brand or wish to make a collaboration, please contact us at press@yourdomain.com
Most crosssectional deviation of international capital structure is caused by the heterogeneities of firm, industry, and countryspecific determinants rather than by legal environment. In particular, most variations observed from international capital structure arise from the heterogeneity of firmspecific characteristics. Collateral value of assets, firm size, and debt related tax shield benefit are generally viewed as the most influential factors in determining corporate leverage decision. If the heterogeneities at the level of firm, industry, and country are controlled, the English commonlaw countries surprisingly appear to rely highly on debtleverage, whereas the German civillaw countries are likely to be least levered. This finding is contrary to a "received wisdom" in the area of international capital structure. The stylized relationships between firmspecific determinants and capital structure obtained from crosssectional data are not generalized over time. Under a dynamic setting, the legal environment seems to play a significant role in determining the speed of adjustment of capital structure.
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