Institutions and corporate capital structure in the MENA region

Belkhir, M., Maghyereh, A. and Awartani, B. 2016. Institutions and corporate capital structure in the MENA region. Emerging Markets Review. 26, pp. 99-129. doi:10.1016/j.ememar.2016.01.001

TitleInstitutions and corporate capital structure in the MENA region
TypeJournal article
AuthorsBelkhir, M., Maghyereh, A. and Awartani, B.
Abstract

This paper provides novel evidence on firm- and country-level determinants of firm capital structure decisions in the MENA region. Using a sample of 444 listed firms from ten countries, over the 2003–2011 period, we find that MENA firms have target leverage ratios towards which they adjust over time. Yet, the speed of adjustment varies from one country to another. Our findings also suggest that some firm-level factors are associated with leverage consistent with the trade-off and pecking order theories of capital structure. We further find robust evidence that better institutional quality leads firms to use more debt.

JournalEmerging Markets Review
Journal citation26, pp. 99-129
ISSN1566-0141
Year2016
PublisherElsevier
Digital Object Identifier (DOI)doi:10.1016/j.ememar.2016.01.001
Publication dates
Published11 Jan 2016

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