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Determinants of Capital Structure: United Kingdom Versus Continental European Countries

机译：资本结构的决定因素：英国与欧洲大陆国家

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摘要

In this paper, we analyze how country-specific differences influence capital structure indirectly through firm-specific variables. We apply a system Generalized Method of Moments technique to a panel data sample of companies from five countries (France, Germany, Italy, Spain and the United Kingdom) during the period 1998-2008. As the different financial systems of European economies (bank-oriented or market-oriented) may influence capital structure differently through firm-specific variables, we first examine the determinants of capital structure for each country separately and we then analyze whether the observed differences between the United Kingdom and the continental European countries are relevant. The results show that there are substantial differences in the capital structure choices of firms across five major European countries. These differences are motivated by the type of financial systems of the countries (bank-oriented and market-oriented) and influence the capital structure indirectly through the firm-specific variables. Overall, our results support the relevance of the differences in the capital structure choices of firms across five major European countries, and in particular, the singularity of the United Kingdom (a market-oriented economy) as opposed to continental European countries (bank-oriented economies).
机译：在本文中，我们分析了国家特定差异如何通过企业特定变量间接影响资本结构。我们将系统广义矩技术应用于1998-2008年期间来自五个国家（法国，德国，意大利，西班牙和英国）的公司的面板数据样本。由于欧洲经济体的不同金融体系（银行主导型或市场主导型）可能通过企业特定变量对资本结构产生不同的影响，因此我们首先分别检查每个国家的资本结构决定因素，然后分析观察到的两个国家之间的差异。英国和欧洲大陆国家相关。结果表明，在五个主要欧洲国家中，企业的资本结构选择存在实质性差异。这些差异是由国家金融体系的类型（面向银行和面向市场）推动的，并通过企业特定变量间接影响资本结构。总体而言，我们的结果支持欧洲五个主要国家/地区的公司资本结构选择差异的相关性，尤其是英国（市场经济）与欧洲大陆国家（银行主导）相对的单一性经济）。

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