References

Abor, J. and N. Biekpe, 2009. How do we explain the capital structure of SMEs in Sub-Saharan Africa?: Evidence from Ghana. J. Econ. Stud., 36: 83-97.
CrossRef  |  Direct Link  |  

Abor, J., 2005. The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. J. Risk Finance, 6: 438-445.
CrossRef  |  Direct Link  |  

Acaravci, S.K., 2015. The determinants of capital structure: evidence from the Turkish manufacturing sector. Int. J. Econ. Financial Issues, 5: 158-171.
Direct Link  |  

Agrawal, A. and N.J. Nagarajan, 1990. Corporate capital structure, agency costs and ownership control: The case of all-equity firms. J. Finance, 45: 1325-1331.
CrossRef  |  Direct Link  |  

Al-Najjar, B. and P. Taylor, 2008. The relationship between capital structure and ownership structure: new evidence from Jordanian panel data. Managerial Finance, 34: 919-933.
Direct Link  |  

Al-Sakran, S.A., 2001. Leverage determinants in the absence of corporate tax system: The case of non-financial publicly traded corporations in Saudi Arabia. Managerial Finance, 27: 58-86.
Direct Link  |  

AlFayoumi, N.A. and B.M. Abuzayed, 2009. Ownership structure and corporate financing. Appl. Financial Econ., 19: 1975-1986.
Direct Link  |  

Alipour, M., M.F.S. Mohammadi and H. Derakhshan, 2015. Determinants of capital structure: An empirical study of firms in Iran. Int. J. Law Manage., 57: 53-83.
Direct Link  |  

Amidu, M., 2007. Determinants of capital structure of banks in Ghana: An empirical approach. Baltic J. Manage., 2: 67-79.
CrossRef  |  Direct Link  |  

Bae, K.H. and V.K. Goyal, 2009. Creditor rights enforcement and bank loans. J. Finance, 64: 823-860.
CrossRef  |  Direct Link  |  

Baker, M. and J. Wurgler, 2002. Market timing and capital structure. J. Finance, 57: 1-32.
Direct Link  |  

Banerjee, S., H. Almas and W. Clas, 2000. The dynamics of capital structure. SE-EFI Working Paper Ser. Econ. Finance, 333: 1-20.

Bathala, C.T. K.P. Moon and R.P. Rao, 1994. Managerial ownership debt policy and the impact of institutional holdings: An agency perspective. Financial Manage., 23: 38-50.
Direct Link  |  

Bauer, P., 2004. Determinants of capital structure: Empirical evidence from the Czech Republic. Czech J. Econ. Finance, 54: 2-21.
Direct Link  |  

Bevan, A.A. and J. Danbolt, 2002. Capital structure and its determinants in the United Kingdom a de compositional analysis. Appl. Financial Econ., 12: 159-170.

Bhaduri, S.N., 2002. Determinants of corporate borrowing: some evidence from the Indian corporate structure. J. Econ. Finance, 26: 200-215.
Direct Link  |  

Booth, L., V. Aivazian, A. Demirguc-Kunt and V. Maksimovic, 2001. Capital structures in developing countries. J. Finance, 56: 87-130.
CrossRef  |  Direct Link  |  

Bradley, M., G.A. Jarrell and E.H. Kim, 1984. On the existence of an optimal capital structure: Theory and evidence. J. Finance, 39: 857-878.
CrossRef  |  Direct Link  |  

Brav, O., 2009. Access to capital capital structure and the funding of the firm. J. Finance, 64: 263-308.
CrossRef  |  Direct Link  |  

Cassar, G. and S. Holmes, 2003. Capital structure and financing of SMES: Australian evidence. Account. Finance, 43: 123-147.
CrossRef  |  Direct Link  |  

Castanias, R., 1983. Bankruptcy risk and optimal capital structure. J. Finance, 38: 1617-1635.
CrossRef  |  Direct Link  |  

Chandra, T., 2009. The effects of environment risk capital structure and corporate strategy on assets productivity financial performance and corporate value: A study on go public companies registered at jakarta stock exchange. Int. J. Accounting Bus. Soc., 17: 35-53.

Chandra, T., 2015. The determinants of the capital structure: Empirical evidence from Indonesian stock exchange companies. Revista Kasmera, 43: 76-87.

Chang, R.P. and S.G. Rhee, 1990. The impact of personal taxes on corporate dividend policy and capital structure decisions. Financial Manage., 19: 21-31.
Direct Link  |  

Chen, J.J., 2004. Determinants of capital structure of Chinese-listed companies. J. Bus. Res., 57: 1341-1351.
CrossRef  |  

Chen, L.H., R. Lensink and E. Sterken, 1998. The determinants of capital structure: Evidence from dutch panel data. Proceedings of the Annual Congress on European Economic Association, September 2-5, 1998, Springer, Berlin, Germany, pp: 1-32.

Chiang, Y.H. E.W. Cheng and P.T. Lam, 2010. Epistemology of capital structure decisions by building contractors in Hong Kong. Constr. Innovation, 10: 329-345.
Direct Link  |  

Chittenden, F., G. Hall and P. Hutchinson, 1996. Small firm growth access to capital markets and financial structure: Review of issues and an empirical investigation. Small Bus. Econ., 8: 59-67.
CrossRef  |  Direct Link  |  

Chung, K.H., 1993. Asset characteristics and corporate debt policy: An empirical test. J. Bus. Finance Accounting, 20: 83-98.
CrossRef  |  Direct Link  |  

Cotei, C., J. Farhat and B.A. Abugri, 2011. Testing trade-off and pecking order models of capital structure: Does legal system matter?. Managerial Finance, 37: 715-735.
Direct Link  |  

De Miguel, A. and J. Pindado, 2001. Determinants of capital structure: New evidence from Spanish panel data. J. Corporate Finance, 7: 77-99.
CrossRef  |  

DeJong, A., R. Kabir and T.T. Nguyen, 2008. Capital structure around the world: The roles of firm-and country-specific determinants. J. Banking Finance, 32: 1954-1969.
Direct Link  |  

Deesomsak, R., K. Paudyal and G. Pescetto, 2004. The determinants of capital structure: Evidence from the Asia Pacific region. J. Multinational Financial Manage., 14: 387-405.
Direct Link  |  

Deloof, M. and W.V. Overfelt, 2008. Were modern capital structure theories valid in Belgium before World War I?. J. Bus. Finance Accounting, 35: 491-515.
CrossRef  |  Direct Link  |  

Drever, M. and P. Hutchinson, 2007. Industry differences in the determinants of the liquidity of australian small and medium sized enterprises. Small Enterp. Res., 15: 60-76.
Direct Link  |  

Driffield, N., V. Mahambare and S. Pal, 2007. How does ownership structure affect capital structure and firm value? Recent evidence from East Asia. Econ. Transition, 15: 535-573.
CrossRef  |  Direct Link  |  

Du, J. and Y. Dai, 2005. Ultimate corporate ownership structures: Evidence from East Asian economies. Corporate Governance, 13: 60-71.

Ebeh, E.A., 2011. Firm versus industry financing structures in Nigeria. Afr. J, Econ. Manage. Stud., 2: 42-55.
Direct Link  |  

Ebel, E.A., 2008. Firm size and corporate financial-leverage choice in a developing economy: Evidence from Nigeria. J. Risk Finance, 9: 351-364.
Direct Link  |  

ElSayed, E.I., 2009. The impact of capital-structure choice on firm performance: Empirical evidence from Egypt. J. Risk Finance, 10: 477-487.
Direct Link  |  

Eldomiaty, T.I. and M.H. Azim, 2008. The dynamics of capital structure and heterogeneous systematic risk classes in Egypt. Int. J. Emerging Markets, 3: 7-37.
Direct Link  |  

Eldomiaty, T.I., 2007. Determinants of corporate capital structure: Evidence from an emerging economy. Int. J. Commerce Manage., 17: 25-43.
CrossRef  |  Direct Link  |  

Eriotis, N., D. Vasiliou and Z. Ventoura-Neokosmidi, 2007. How firm characteristics affect capital structure: An empirical study. Managerial Finance, 33: 321-331.
Direct Link  |  

Fama, E.F. and K.R. French, 1998. Value versus growth: International evidence. J. Finance, 53: 1975-1999.
CrossRef  |  Direct Link  |  

Fama, E.F. and K.R. French, 2002. Testing trade-off and pecking order predictions about dividends and debt. Rev. Financial Stud., 15: 1-33.
CrossRef  |  Direct Link  |  

Fattouh, B., P. Scaramozzino and L. Harris, 2005. Capital structure in South Korea: A quantile regression approach. J. Dev. Econ., 76: 231-250.
Direct Link  |  

Fischer, E.O., R. Heinkel and J. Zechner, 1989. Dynamic capital structure choice: Theory and tests. J. Finance, 44: 19-40.
CrossRef  |  Direct Link  |  

Frank, M.Z. and V.K. Goyal, 2003. Testing the pecking order theory of capital structure. J. Financial Econ., 67: 217-248.
CrossRef  |  Direct Link  |  

Friend, I. and L.H.P. Lang, 1988. An empirical test of the impact of managerial self-interest on corporate capital structure. J. Finance, 43: 271-281.
CrossRef  |  Direct Link  |  

Gaud, P., E. Jani, M. Hoesli and A. Bender, 2005. The capital structure of swiss companies: An empirical analysis using dynamic panel data. Eur. Financial Manage., 11: 51-69.
CrossRef  |  Direct Link  |  

Gharaibeh, A.M.O., 2015. The determinants of capital structure: Empirical evidence from Kuwait. Eur. J. Bus. Econ. Accountancy, 3: 1-25.
Direct Link  |  

Ghazouani, T., 2013. The capital structure through the trade-off theory: Evidence from Tunisian firm. Int. J. Econ. Financial Issues, 3: 625-636.
Direct Link  |  

Graham, J.R. and C.R. Harvey, 2001. The theory and practice of corporate finance: Evidence from the field. J. Financial Econ., 60: 187-243.
CrossRef  |  Direct Link  |  

Graham, J.R., 1996. Proxies for the corporate marginal tax rate. J. Financial Econ., 42: 187-221.
Direct Link  |  

Grossman, S.J. and O.D. Hart, 1982. Corporate Financial Structure and Managerial Incentives. In: The Economics of Information and Uncertainty. Sanford, J.G. and O.D. Hart (Eds.). University of Chicago Press, Chicago, Illinois, ISBN: 0-226-55559-3, pp: 107-140.

Hall, G.C., P.J. Hutchinson and N. Michaelas, 2004. Determinants of the capital structures of European SMEs. J. Bus. Finance Account., 31: 711-728.
CrossRef  |  Direct Link  |  

Harris, M. and A. Raviv, 1990. Capital structure and the informational role of debt. J. Finance, 45: 321-349.
CrossRef  |  Direct Link  |  

Harris, M. and A. Raviv, 1991. The theory of capital structure. J. Finance, 46: 297-355.
CrossRef  |  Direct Link  |  

Hennessy, C.A. and T.M. Whited, 2005. Debt dynamics. J. Finance, 60: 1129-1165.
CrossRef  |  

Heshmati, A., 2001. The dynamics of capital structure: Evidence from Swedish micro and small firms. Res. Banking Finance, 2: 199-241.
Direct Link  |  

Hirshleifer, D. and A.V. Thakor, 1992. Managerial conservatism project choice and debt. Rev. Financial Stud., 5: 437-470.
CrossRef  |  Direct Link  |  

Hovakimian, A., G. Hovakimian and H. Tehranian, 2004. Determinants of target capital structure: The case of dual debt and equity issues. J. Financial Econ., 71: 517-540.
CrossRef  |  Direct Link  |  

Hovakimian, A., T. Opler and S. Titman, 2001. The debt-equity choice. J. Fin. Quant. Anal., 36: 1-24.
Direct Link  |  

Huang, G. and F.M. Song, 2006. The determinants of capital structure: Evidence from China. China Econ. Rev., 17: 14-36.
CrossRef  |  

Jensen, G.R. D.P. Solberg and T.S. Zorn, 1992. Simultaneous determination of insider ownership debt and dividend policies. J. Financial Quant. Anal., 27: 247-263.
Direct Link  |  

Jensen, M.C. and W.H. Meckling, 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. J. Financial Econ., 3: 305-360.
CrossRef  |  Direct Link  |  

Jensen, M.C., 1986. Agency cost of free cash flow corporate finance and takeovers: Corporate finance and takeovers. Am. Econ. Rev., 76: 323-329.
Direct Link  |  

Jordan, J., J. Lowe and P. Taylor, 1998. Strategy and financial policy in UK small firms. J. Bus. Finance Account., 25: 1-27.
CrossRef  |  Direct Link  |  

Kale, J.R., T.H. Noe and G.G. Ramires, 1991. The effect of business risk on corporate capital structure: Theory and evidence. J. Financ., 46: 1693-1715.
CrossRef  |  Direct Link  |  

Karadeniz, E., S.Y. Kandir, M Balcilar and B.Y. Ona, 2009. Determinants of capital structure: evidence from Turkish lodging companies. Int. J. Contemporary Hosp. Manage., 21: 594-609.
Direct Link  |  

Kim, C.S., D.C. Mauer and A.E. Sherman, 1998. The determinants of corporate liquidity: Theory and evidence. J. Financial Quant. Anal., 33: 335-359.
CrossRef  |  Direct Link  |  

Kim, H., A. Heshmati and D. Aoun, 2006. Dynamics of capital structure: The case of Korean listed manufacturing companies. Asian Econ. J., 20: 275-302.
CrossRef  |  Direct Link  |  

Kim, W.S. and E.H. Sorensen, 1986. Evidence on the impact of the agency costs of debt on corporate debt policy. J. Financial Quant. Anal., 21: 131-144.
CrossRef  |  Direct Link  |  

Kim, Y.C. and R. Stulz, 1988. The Eurobond market and corporate financial policy: A test of the clientele hypothesis. J. Financial Econ., 22: 189-205.
CrossRef  |  Direct Link  |  

Korajczyk, R.A., D.J. Lucas and R.L. McDonald, 1992. Equity issues with time-varying asymmetric information. J. Financial Quant. Anal., 27: 397-417.
Direct Link  |  

Kraus, A. and R.H. Litzenberger, 1973. A state-preference model of optimal financial leverage. J. Finance, 28: 911-922.
CrossRef  |  Direct Link  |  

Kunt, A.D. and V. Maksimovic, 1996. Stock market development choices of firms. World Bank Econ. Rev., 102: 341-369.

Leland, H.E. and D.H. Pyle, 1977. Information asymmetries financial structure and financial intermediation. J. Finance, 32: 371-387.
Direct Link  |  

Lemmon, M.L. and J.F. Zender, 2010. Debt capacity and tests of capital structure theories. J. Finance Quant. Anal., 45: 1161-1187.

Lipson, M.L. and S. Mortal, 2009. Liquidity and capital structure. J. Financ. Markets, 12: 611-644.
CrossRef  |  

Low, P.Y. and K.H. Chen, 2004. Diversification and capital structure: Some international evidence. Rev. Quant. Finance Accounting, 23: 55-71.
CrossRef  |  Direct Link  |  

MacKie-Mason, J.K., 1990. Do taxes affect corporate financing decisions?. J. Fin., 45: 1471-1493.
CrossRef  |  Direct Link  |  

Margaritis, D. and M. Psillaki, 2007. Capital structure and firm efficiency. J. Bus. Finance Accounting, 34: 1447-1469.
CrossRef  |  Direct Link  |  

Masulis, R.W. and A.N. Korwar, 1986. Seasoned equity offerings: An empirical investigation. J. Financial Econ., 15: 91-118.
CrossRef  |  Direct Link  |  

Modigliani, F. and M.H. Miller, 1958. The cost of capital corporation finance and the theory of investment. Am. Econ. Rev., 48: 261-297.
Direct Link  |  

Modigliani, F. and M.H. Miller, 1963. Corporate income taxes and the cost of capital: A correction. Am. Econ. Rev., 53: 433-443.
Direct Link  |  

Myers, S. and N. Majluf, 1984. Corporate financing and investment decisions when firms have information that investors do not have. J. Financial Econ., 13: 187-221.
CrossRef  |  Direct Link  |  

Myers, S.C., 1984. The capital structure puzzle. J. Finance, 39: 574-592.
CrossRef  |  Direct Link  |  

Nguyen, T.D.K. and N. Ramachandran, 2006. Capital structure in small and medium-sized enterprises: The case of Vietnam. ASEAN Econ. Bull. 23: 192-211.
Direct Link  |  

Omran, M.M. and J. Pointon, 2009. Capital structure and firm characteristics: An empirical analysis from Egypt. Rev. Accounting Finance, 8: 454-474.
CrossRef  |  Direct Link  |  

Ooi, J., 1999. The determinants of capital structure evidence on UK property companies. J. Property Investment Finance, 17: 464-480.
Direct Link  |  

Opler, T., L. Pinkowitz, R. Stulz and R. Williamson, 1999. The determinants and implications of corporate cash holdings. J. Financial Eco., 52: 3-46.
CrossRef  |  Direct Link  |  

Padron, Y.G., R.M.C. Apolinaro, O.M. Santana, M. Conception, V. Martel and L.J. Sales, 2005. Determinant factors of leverage: An empirical analysis of Spanish corporations. J. Risk Finance, 6: 60-68.

Pahuja, A. and A. Sahi, 2012. Factors affecting capital structure decisions: Empirical evidence from selected indian firms. Int. J. Marketing Financial Serv. Manage. Res., 1: 76-86.
Direct Link  |  

Rajagopal, S., 2011. The portability of capital structure theory: Do traditional models fit in an emerging economy?. J. Finance Accountancy, 5: 1-17.
Direct Link  |  

Rajan, R.G. and L. Zingales, 1995. What do we know about capital structure? Some evidence from international data. J. Finance, 50: 1421-1460.
CrossRef  |  Direct Link  |  

Reinhard, L. and S. Li, 2010. A note on capital structure target adjustment-Indonesian evidence. Int. J. Managerial Finance, 6: 245-259.
Direct Link  |  

Ross, S.A., 1977. The determination of financial structure: The incentive-signalling approach. Bell J. Econ., 8: 23-40.
Direct Link  |  

Sarlija, N. and M. Harc, 2012. The impact of liquidity on the capital structure: A case study of Croatian firms. Bus. Syst. Res., 3: 30-36.
Direct Link  |  

Sayılgan, G., H. Karabacak and G. Kucukkocaoglu, 2006. The firm-specific determinants of corporate capital structure: Evidence from Turkish panel data. Investment Manage. Financial Innovations, 3: 125-139.
Direct Link  |  

Sogorb-Mira, F., 2005. How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel. Small Bus. Econ., 25: 447-457.
Direct Link  |  

Stiglitz, J.E., 1974. Incentives and risk sharing in sharecropping. Rev. Econ. Stud., 41: 219-255.
Direct Link  |  

Stohs, M.H. and D.C. Mauer, 1996. The determinants of corporate debt maturity structure. J. Bus., 69: 279-312.
Direct Link  |  

Strebulaev, I.A., 2007. Do tests of capital structure theory mean what they say? J. Finance, 62: 1747-1787.
CrossRef  |  

Stulz, R.M., 1990. Managerial discretion and optimal financing policies. J. Financial Econ., 26: 3-27.
CrossRef  |  Direct Link  |  

Su, L.D., 2010. Ownership structure corporate diversification and capital structure: Evidence from China's publicly listed firms. Manage. Decis., 48: 314-339.
Direct Link  |  

Suto, M., 2003. Capital structure and investment behaviour of Malaysian firms in the 1990s: A study of corporate governance before the crisis. Corporate Governance Int. Rev., 11: 25-39.
CrossRef  |  Direct Link  |  

Teker, D., O. Tasseven and A. Tukel, 2009. Determinants of capital structure for Turkish firms: A panel data analysis. Int. Res. J. Finance Econ., 29: 179-187.

Titman, S. and, R. Wessels, 1988. The determinants of capital structure choice. J. Finance, 43: 1-19.
CrossRef  |  Direct Link  |  

Tomak, S., 2013. The impact of overconfidence on capital structure in Turkey. Int. J. Econ. Financial Issues, 3: 512-518.
Direct Link  |  

Velnampy, T. and J.A. Niresh, 2012. The relationship between capital structure and profitability. Global J. Manage. Bus. Res., 12: 1-9.
Direct Link  |  

Viviani, L.J., 2008. Capital structure determinants: An empirical study of French companies in the wine industry. Int. J. Wine Bus. Res., 20: 171-194.
Direct Link  |  

Wahab, R.A., M.S.M. Amin and K. Yusop, 2012. Determinants of capital structure of malaysian property developers. Middle-East J. Sci. Res. Hal, 11: 1013-1021.
Direct Link  |  

Wahab, S.N.A. and N.A. Ramli, 2013. Determinants of capital structure: An empirical investigation of Malaysian listed government linked companies. Int. J. Econ. Financial Issues, 4: 930-945.
Direct Link  |  

Wanzenried, G., 2006. Capital structure dynamics in the UK and continental Europe. Eur. J. Finance, 12: 693-716.
Direct Link  |  

Wiwattanakantang, Y., 1999. An empirical study on the determinants of the capital structure of Thai firms. Pac. Basin Finance J., 7: 371-403.
CrossRef  |  Direct Link  |  

Yolanda, K. and S. Soekarno, 2012. Capital structure determinants of Indonesian plantation firms: Empirical study on Indonesian stock exchange. Proceedings of the 2nd International Conference on Business Economics Management and Behavioral Sciences, October 13-14, 2012, The Book Publishers of Bali, Indonesia, pp: 61-65.

Yu, D.D. and R.Q. Aquino, 2009. Testing capital structure models on Philippine listed firms. Appl. Econ., 41: 1973-1990.
Direct Link  |