{"product_id":"have-we-resolved-the-issues-regarding-international-capital-structure-von-joon-young-song","title":"Have We Resolved the Issues regarding International Capital Structure?","description":"\u003cp\u003eMost cross-sectional deviation of international  capital structure is caused by the heterogeneities  of firm-, industry-, and country-specific  determinants rather than by legal environment. In  particular, most variations observed from  international capital structure arise from the  heterogeneity of firm-specific 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 common-law countries  surprisingly appear to rely highly on debt-leverage,  whereas the German civil-law 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 firm-specific determinants and capital  structure obtained from cross-sectional 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.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838373096\"\u003e\u003ch3\u003eEmpirical Evidence from the Companies of 30 OECD Countries\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838373096","offer_id":39499098292317,"sku":"9783838373096","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/76fb41a3-1262-487c-98d3-e8aa5ef52805.jpg?v=1775194972","url":"https:\/\/shop.autorenwelt.de\/en\/products\/have-we-resolved-the-issues-regarding-international-capital-structure-von-joon-young-song","provider":"Autorenwelt Shop","version":"1.0","type":"link"}