Language:
English
Pages:
1 Online-Ressource (60 p)
Series Statement:
World Bank E-Library Archive
Parallel Title:
Erscheint auch als Demirguc-Kunt, Asli The Impact of the Global Financial Crisis on Firms Capital Structure
Abstract:
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 leverage and debt maturity declined in advanced economies and developing countries, even in countries that did not experience a crisis. The deleveraging and maturity reduction were particularly significant for privately held firms, including small and medium enterprises. For small and medium-size enterprises, these effects were larger in countries with less efficient legal systems, weaker information-sharing mechanisms, shallower banking systems, and more restrictions on bank entry. In contrast, there is weaker evidence of a significant decline of leverage and debt maturity among firms listed on a stock exchange, which are typically much larger than other firms and likely benefit from the "spare tire" of easier access to capital market financing
DOI:
10.1596/1813-9450-7522
URL:
Volltext
(Deutschlandweit zugänglich)
