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首页> 外文期刊>Asian Economic and Financial Review >The Capital Structure Choice: Evidence of Debt Maturity Substitution By GCC Firms
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The Capital Structure Choice: Evidence of Debt Maturity Substitution By GCC Firms

机译：资本结构选择：海湾合作委员会公司债务到期替代的证据

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The objective of this study is to investigate the determinants of the capital structure decision in the face of restricted access to external financing. Based on a sample of 150 listed firms over the period 2000-2009, a two-stage least squares regression is used to test the determinants of capital structure, while controlling for firm-specific and country-specific factors. The results show that size, profitability, tax-shield and collateral have a significant impact on leverage. A country effect is also observed. Firms operating in the United Arab Emirates (UAE) exhibit a significantly higher level of leverage when compared to their peers in the neighboring countries. The results further document a novel finding that highlights the practice of debt-maturity substitution to circumvent the existence of external financing constraints faced by firms operating in the Gulf Cooperation Council (GCC) region.
机译：这项研究的目的是在面临外部融资渠道受限的情况下调查决定资本结构决策的决定因素。根据2000年至2009年期间150家上市公司的样本，采用两阶段最小二乘回归检验资本结构的决定因素，同时控制公司特定因素和国家特定因素。结果表明，规模，盈利能力，避税和抵押品对杠杆有重大影响。还观察到国家效应。与邻近国家的公司相比，在阿拉伯联合酋长国（UAE）运营的公司表现出明显更高的杠杆水平。结果进一步证明了一个新颖的发现，该发现突出了债务到期替代的做法，以规避在海湾合作委员会（GCC）地区运营的公司所面临的外部融资约束。

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