TY  - RPRT
        AU  - Driffield, Nigel
AU  - Pal, Sarmistha
        TI  - Evolution of Capital Structure in East Asia: Corporate Inertia or Endeavours?
        PY  - 2008/Apr/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 3426
        UR  - https://www.iza.org/index.php/publications/dp3426
        AB  - The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the average speeds of adjustment were lower. This general ranking is robust to various alternative specifications and sample selections. We argue that this pattern is closely linked to weaknesses in regulatory environment and lack of access to alternative sources of finance in the worst affected countries.
        KW  - generalised methods of moments
KW  - capital structure dynamics
KW  - partial adjustment models
KW  - inertia and endeavours
KW  - firm- and time-varying speed
        ER  -