The determinants of capital structure: evidence from the Asia Pacific region

Deesomsak, R.; Paudyal, K.; Pescetto, G.

doi:10.1016/j.mulfin.2004.03.001

The determinants of capital structure: evidence from the Asia Pacific region

Deesomsak, R.; Paudyal, K.; Pescetto, G.

Authors

R. Deesomsak

K. Paudyal

G. Pescetto

Abstract

The paper contributes to the capital structure literature by investigating the determinants of capital structure of firms operating in the Asia Pacific region, in four countries with different legal, financial and institutional environments, namely Thailand, Malaysia, Singapore and Australia. The results suggest that the capital structure decision of firms is influenced by the environment in which they operate, as well as firm-specific factors identified in the extant literature. The financial crisis of 1997 is also found to have had a significant but diverse impact on firm's capital structure decision across the region.

Citation

Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4-5), 387-405. https://doi.org/10.1016/j.mulfin.2004.03.001

Journal Article Type	Article
Publication Date	Oct 1, 2004
Deposit Date	Feb 20, 2009
Publicly Available Date	Jun 9, 2009
Journal	Journal of Multinational Financial Management
Print ISSN	1042-444X
Publisher	Elsevier
Peer Reviewed	Peer Reviewed
Volume	14
Issue	4-5
Pages	387-405
DOI	https://doi.org/10.1016/j.mulfin.2004.03.001
Keywords	Capital structure, Leverage, Asia Pacific region, Financial crisis, Corporate governance.