The Impact of the Global Financial Crisis on Firms' Capital Structure

Using a data set covering about 277,000 firms across 79 countries over the period 2004-11, this paper examines the evolution of firms capital structure during the global financial crisis and its aftermath in 2010-11. The study finds that firm lever...

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Bibliographic Details
Main Authors:	Demirguc-Kunt, Asli, Martinez-Peria, Maria Soledad, Tressel, Thierry
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	PROFIT OPPORTUNITIES ACCOUNTING DEVELOPING COUNTRIES INTEREST ENTRY REQUIREMENTS DEBT CRISIS MATURITY STRUCTURE PRIVATE CREDIT BANK ENTRY BANKING SYSTEMS TOTAL DEBT CAPITAL STRUCTURES EQUITY FINANCING CAPITAL STRUCTURE BANKRUPTCY LAW LOAN SPREADS LOAN LOAN MATURITIES BORROWERS DEBT OVERHANG STOCK MARKET CAPITALIZATION DUMMY VARIABLE BANKRUPTCY MARKET ACCESS ASSET RATIO CASH FLOWS EXTERNAL FINANCE DEBT ISSUES SMALL BUSINESS LEGAL SYSTEMS INDEBTEDNESS MARKET ANALYSTS MARKET DEVELOPMENT CONTRACT ENFORCEMENT DEBT CONTRACT DEBT OUTSTANDING DEBT CAPITAL MARKET MARKETS FINANCIAL CRISES CREDITOR RIGHTS INTERNATIONAL DEBT INVESTMENT OPPORTUNITIES CORPORATE DEBT BANK CREDIT LOAN TERMS BAILOUT INVESTMENT DECISIONS TRANSACTIONS INDIVIDUAL LOAN EMERGING MARKETS DEBT FINANCING MACROECONOMIC INSTABILITY BOND MARKETS GOOD CRISIS COUNTRY OWNERSHIP STRUCTURE TRANSPARENCY COUNTRY RISK MARKET CAPITALIZATION MARKET CONDITIONS INTERNATIONAL DEBT SECURITIES TURNOVER FUTURE PRIVATE CREDIT BUREAU SHORT‐TERM DEBT CAPITALIZATION BANKRUPTCY PROCEDURES DEBT SECURITIES CREDIT INFORMATION ISSUANCE FIRM PERFORMANCE CORPORATE INVESTMENT DEFAULT PROBABILITIES MINORITY SHAREHOLDERS DEBT RATIOS SECURITIES FINANCIAL INFRASTRUCTURE FINANCIAL INFRASTRUCTURES LONG‐TERM DEBT SHAREHOLDERS FINANCIAL CRISIS POSITIVE COEFFICIENTS INTANGIBLE LEGAL SYSTEM INVESTOR PROTECTION LENDING GLOBAL FINANCE SHAREHOLDER MATURITIES FINANCIAL SYSTEMS LIABILITIES INTERNATIONAL BANKS CASH FLOW LONG‐ TERM DEBT ECONOMIC RISK STOCK MARKETS DEBT MATURITY LOAN DATA MARKET CAP DEPOSIT CAPITAL MARKETS TRADE CREDIT LIQUIDATION STOCK DUMMY VARIABLES EXCHANGE PROPERTY RIGHTS STOCK MARKET BANKING SYSTEM LIQUIDITY EQUITY MARKET DISCLOSURE REQUIREMENTS POLITICAL ECONOMY MORTGAGE DEPOSIT MONEY BANKS BONDS ASYMMETRIC INFORMATION TAX MARKET INFRASTRUCTURE CREDITORS INTERNATIONAL BANK CREDITOR PENSION LOCAL BOND MARKET INCUMBENT BANKS CENTRAL BANK MATURITY PRIVATE BOND PROTECTION OF INVESTOR PROTECTION OF INVESTORS CREDIT BUREAUS CONTRACTS BOND MARKET CAPITALIZATION RETURN LENDERS LOANS CRISIS COUNTRIES FINANCIAL SYSTEM RULE OF LAW FINANCE RETURN ON ASSETS TAXES EQUITY BANKRUPTCY LAWS INVESTORS DEBT RATIO SOVEREIGN DEBT ASSETS RATIOS VALUE OF ASSETS MARKET CONTAGION TRADE FINANCE BANKING CRISIS ACCESS TO CAPITAL SUPPLY OF CREDIT ASSET RATIOS RETURNS DEBT MATURITIES BOND MARKET WORKING CAPITAL CONTRACT PROPERTY BALANCE SHEET DEFAULT MARKET STOCK MARKET DEVELOPMENT MARKET VALUE CREDIT BUREAU PRODUCTIVE INVESTMENTS AVERAGE DEBT INTERESTS INVESTOR CORPORATE BONDS FIXED ASSETS FINANCIAL DEVELOPMENT BANK LOANS STOCK EXCHANGE INVESTMENT BOND COMPOSITION OF DEBT SHARE COLLATERAL FINANCIAL MARKETS DEBT OBLIGATIONS TANGIBLE ASSETS FINANCIAL SHOCKS INSTITUTIONAL DEVELOPMENT EXTERNAL DEBT PROFIT INVESTMENTS ASSETS RATIO BANKING CRISES CAPITAL MARKET FINANCING PROFITS CORPORATE GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/2015/12/25705513/impact-global-financial-crisis-firms-capital-structure http://hdl.handle.net/10986/23623

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http://documents.worldbank.org/curated/en/2015/12/25705513/impact-global-financial-crisis-firms-capital-structure
http://hdl.handle.net/10986/23623

The Impact of the Global Financial Crisis on Firms' Capital Structure

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