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标题：Financial liberalisation and the dynamics of firm leverage in a transitional economy: evidence from South Africa
其他标题：Financial liberalisation and the dynamics of firm leverage in a transitional economy: evidence from South Africa
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作者：Chipeta, Chimwemwe ; Wolmarans, Hendrik P ; Vermaak, Frans NS 等
期刊名称：South African Journal of Economic and Management Sciences
印刷版ISSN：2222-3436
出版年度：2012
卷号：15
期号：2
页码：171-189
出版社：University of Pretoria
摘要：This paper examines the dynamics of corporate capital structures for listed non-financial firms in South Africa. The dynamic models of capital structure have been utilised to document several findings of empirical significance. First, transaction costs reduce dramatically in the post liberalisation regime, and the associated speed of adjustment is more pronounced, and statistically significant for the post liberalisation epoch. Second, financial liberalisation has a significant impact on the capital structure speed of adjustment. Third, the results confirm most of the theoretical predictions of capital structure theories; however, the relationship is more significant in the post liberalised regime. Finally, new evidence has been revealed on what determines the debt maturity structure of firms in a transitional economy.
其他摘要：This paper examines the dynamics of corporate capital structures for listed non-financial firms in South Africa. The dynamic models of capital structure have been utilised to document several findings of empirical significance. First, transaction costs reduce dramatically in the post liberalisation regime, and the associated speed of adjustment is more pronounced, and statistically significant for the post liberalisation epoch. Second, financial liberalisation has a significant impact on the capital structure speed of adjustment. Third, the results confirm most of the theoretical predictions of capital structure theories; however, the relationship is more significant in the post liberalised regime. Finally, new evidence has been revealed on what determines the debt maturity structure of firms in a transitional economy.
其他关键词：financial liberalisation;leverage;GMM