BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
Financing choices of firms in EU accession countries
Abstract: The paper presents evidence of actual and target capital
structures of firms in five EU accession countries of Central and Eastern
Europe and the former Soviet Union (Bulgaria, the Czech Republic, Poland,
Romania and Estonia). We consider the financial constraints of private
companies and compare the level of indebtedness and the determinants firms’
choices of capital structure in selected EU accession countries and EU
countries. A dynamic non-linear adjustment model is adopted to explicitly
model the adjustment of a firm’s leverage to a target leverage.
48 pages, May 14, 2004
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