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The effect of asset tangibility on capital structure: a cross - country analysis
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Resumo(s)
Using Compustat data from 2003 to 2022, this paper studies the effect of asset tangibility on
capital structure for 57 distinct countries. Carrying out an empirical analysis yields that (1) there
is a positive relationship between asset tangibility and capital structure, (2) cross-country
variation in the effect of asset tangibility on capital structure may be explained by differences
in a country’s creditor-friendliness of bankruptcy laws and differences in a country’s
interpersonal trust level, and (3) the effect of asset tangibility on capital structure is more
pronounced for EU-firms, as compared to US-firms.
Descrição
Palavras-chave
Capital structure Asset tangibility Creditor-friendliness of bankruptcy laws Interpersonal trust