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Hypothesis: firms located in countries with stronger investor protection will have a faster adjustment towards the target leverage.
债权人权利-The creditors rights
The creditors’ rights are commensurate by an index that ranges from 0 to 4. The index was formed based on the following considerations: there are restrictions imposed by the countries, secured creditors are able to gain possession of their securities once the reorganization petition has been approved, the administration of the debtors property pending the resolution of the reorganization is not retained by the debtor and in case of a bankruptcy secured creditors are the first entitled in the distribution of the proceeds. [12] The creditors’ rights index should have a positive impact on the speed of adjustment. In countries with a better protection of the creditors, the debt holders will be more willingness to finance firms. For instance, in countries that enforce a rule that allow the creditors to take the collateral without the completion of reorganization make more accessible to the entrepreneurs the debt finance.
Hypothesis: Firms located in countries with a stronger creditor protection will have a faster adjustment towards the target leverage.
法律制度的效率-The efficiency of the legal system
The efficiency of the legal system will be measured by the law and order index of La Porta (1986).The quality of the enforcement of rules that are protecting the investor rights determines to what extent these rights are protected. The law and order tradition of a country is reflected by an index that takes the value between 0 and 10; the lower scores are for the countries with a low tradition for law and order. The level of the law enforcement depends on the efficiency of the legal system, the rule of law, the corruption, and the risk of expropriation. The index was computed by La Porta et all (1986) based on the country risk that was rated by the International Country Risk agency (ICR). I expect that a more efficient enforcement of the law has a positive influence on the speed of adjustment.
Hypothesis: firms situated in countries with a stronger enforcement of law and order will have a faster adjustment towards the capital structure.
市场特点-Market characteristics
Besides the institutional characteristics, the impact of market characteristics on the leverage and on the speed of adjustment will be analyzed. The market characteristics variables are define by the stock market capitalization on GDP and the domestic credits on GDP as measures for how developed the capital and credit markets are. It has been documented that the leverage ratio is lower in the market-oriented countries (such as US and United Kingdom) then in the bank-oriented countries (the countries for continental Europe).
金融市场的大小-The size of financial markets
The ratio of the stock market capitalization on GDP is a measure for the size and the activity of the capital markets in one country. The development of the capital markets does not provide only others sources of external finance for the firms but also reveal more information to the stakeholders on the market, reducing the asymmetry of information. When firms are well-known on the market the sources of financing are less costly as the risk for the provider of the capital is lower. Thus, I except that larger markets have a positive impact on both leverage and the speed of adjustment as it facilitates the process of decision making on the capital structure.
Hypothesis: Larger stock markets have a positive impact on leverage and the speed of adjustment
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