تغییرات بین کشوری در تنظیم ساختار سرمایه: نقش رتبه بندی اعتباری
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|48464||2015||18 صفحه PDF||سفارش دهید||محاسبه نشده|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : International Review of Economics & Finance, Volume 39, September 2015, Pages 277–294
This paper investigates how cross-country variations in institutional variables affect the relationship between rating changes and firms' capital structure adjustment. Our results demonstrate first that the asymmetric effect exists, that is, firms adjust their capital structure when ratings are downgraded, but do not significantly adjust their leverage ratios when ratings are upgraded. Second, capital structure adjusts faster in countries with better financial development and strong legal and institutional environments than in weak ones, regardless of the upgraded and downgraded rating changes. Hence, the financial development and legal and institutional environments are more crucial in affecting the leverage ratio adjustments than the rating change directions.