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Financial integration and emerging markets capital structure

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Financial integration and emerging markets capital structure. / Lucey, Brian; Zhang, Qiyu.

In: Journal of Banking and Finance, Vol. 35, No. 5, 05.2011, p. 1228-1238.

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Harvard

Lucey, B & Zhang, Q 2011, 'Financial integration and emerging markets capital structure', Journal of Banking and Finance, vol. 35, no. 5, pp. 1228-1238. https://doi.org/10.1016/j.jbankfin.2010.10.017

APA

Vancouver

Lucey B, Zhang Q. Financial integration and emerging markets capital structure. Journal of Banking and Finance. 2011 May;35(5):1228-1238. doi: 10.1016/j.jbankfin.2010.10.017

Author

Lucey, Brian ; Zhang, Qiyu. / Financial integration and emerging markets capital structure. In: Journal of Banking and Finance. 2011 ; Vol. 35, No. 5. pp. 1228-1238.

Bibtex

@article{1cee83fd98d4423db51cf7856ac411a5,
title = "Financial integration and emerging markets capital structure",
abstract = "This paper investigates the impact of country-level financial integration on corporate financing choices in emerging economies. Examining 4477 public firms from 24 countries, we find that corporate leverage is positively related to credit market integration and negatively related to equity market integration. As integration proceeds to higher levels, high-growth firms seem to obtain more debt than low-growth firms; large firms seem to obtain more debt – especially long-term debt – and issue more equity than small firms. Also, there is evidence that firms are able to borrow more funds in countries with more efficient legal systems during integration process.",
keywords = "Financial integration, Emerging market firms , Corporate leverage , Debt maturity , Emerging markets , Capital structure , Integration",
author = "Brian Lucey and Qiyu Zhang",
year = "2011",
month = may,
doi = "10.1016/j.jbankfin.2010.10.017",
language = "English",
volume = "35",
pages = "1228--1238",
journal = "Journal of Banking and Finance",
issn = "0378-4266",
publisher = "Elsevier",
number = "5",

}

RIS

TY - JOUR

T1 - Financial integration and emerging markets capital structure

AU - Lucey, Brian

AU - Zhang, Qiyu

PY - 2011/5

Y1 - 2011/5

N2 - This paper investigates the impact of country-level financial integration on corporate financing choices in emerging economies. Examining 4477 public firms from 24 countries, we find that corporate leverage is positively related to credit market integration and negatively related to equity market integration. As integration proceeds to higher levels, high-growth firms seem to obtain more debt than low-growth firms; large firms seem to obtain more debt – especially long-term debt – and issue more equity than small firms. Also, there is evidence that firms are able to borrow more funds in countries with more efficient legal systems during integration process.

AB - This paper investigates the impact of country-level financial integration on corporate financing choices in emerging economies. Examining 4477 public firms from 24 countries, we find that corporate leverage is positively related to credit market integration and negatively related to equity market integration. As integration proceeds to higher levels, high-growth firms seem to obtain more debt than low-growth firms; large firms seem to obtain more debt – especially long-term debt – and issue more equity than small firms. Also, there is evidence that firms are able to borrow more funds in countries with more efficient legal systems during integration process.

KW - Financial integration

KW - Emerging market firms

KW - Corporate leverage

KW - Debt maturity

KW - Emerging markets

KW - Capital structure

KW - Integration

U2 - 10.1016/j.jbankfin.2010.10.017

DO - 10.1016/j.jbankfin.2010.10.017

M3 - Journal article

VL - 35

SP - 1228

EP - 1238

JO - Journal of Banking and Finance

JF - Journal of Banking and Finance

SN - 0378-4266

IS - 5

ER -