The authors empirically analyze the association between firm financing choices and the level of development of financial markets in 30 countries for the period 1980-91. For the whole sample, there is a statistically significant negative correlation between stock market development, as measured by the ratio of market capitalization to gross domestic product, and the ratios of both long-term and short-term debt to firms' total equity. For developed...
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INFORMATION
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1995/05/31
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Document de travail de recherche sur les politiques
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WPS1461
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1
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1
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2010/07/01
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Stock market development and firm financing choices
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Agency problems
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