{"id":"https://openalex.org/W2143437037","doi":"https://doi.org/10.1111/0022-1082.00320","title":"Capital Structures in Developing Countries","display_name":"Capital Structures in Developing Countries","publication_year":2001,"publication_date":"2001-02-01","ids":{"openalex":"https://openalex.org/W2143437037","doi":"https://doi.org/10.1111/0022-1082.00320","mag":"2143437037"},"language":"en","primary_location":{"id":"doi:10.1111/0022-1082.00320","doi":"https://doi.org/10.1111/0022-1082.00320","is_oa":false,"landing_page_url":"https://doi.org/10.1111/0022-1082.00320","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5005969661","display_name":"Laurence David Booth","orcid":"https://orcid.org/0000-0001-8650-4864","observed_orcids":["https://orcid.org/0000-0001-8650-4864"]},"institutions":[{"id":"https://openalex.org/I185261750","display_name":"University of Toronto","ror":"https://ror.org/03dbr7087","country_code":"CA","type":"education","lineage":["https://openalex.org/I185261750"]}],"countries":["CA"],"is_corresponding":false,"raw_author_name":"Laurence Booth","raw_affiliation_strings":["Rotman School of Management at the University of Toronto"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Rotman School of Management at the University of Toronto","institution_ids":["https://openalex.org/I185261750"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5056872919","display_name":"Varouj A. Aivazian","orcid":"https://orcid.org/0009-0004-1467-7343","observed_orcids":["https://orcid.org/0009-0004-1467-7343"]},"institutions":[{"id":"https://openalex.org/I185261750","display_name":"University of Toronto","ror":"https://ror.org/03dbr7087","country_code":"CA","type":"education","lineage":["https://openalex.org/I185261750"]}],"countries":["CA"],"is_corresponding":false,"raw_author_name":"Varouj Aivazian","raw_affiliation_strings":["Department of Economics and Rotman School of Management at the University of Toronto,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics and Rotman School of Management at the University of Toronto,","institution_ids":["https://openalex.org/I185261750"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5110601803","display_name":"Asli Demirg\u00fc\u00e7\u2010Kunt","orcid":"https://orcid.org/0000-0002-2107-5461","observed_orcids":["https://orcid.org/0000-0002-2107-5461"]},"institutions":[{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Asli Demirguc\u2010Kunt","raw_affiliation_strings":["World Bank;"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"World Bank;","institution_ids":["https://openalex.org/I1334329717"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5048778261","display_name":"Vojislav Maksimovic","orcid":"https://orcid.org/0000-0001-9123-546X","observed_orcids":["https://orcid.org/0000-0001-9123-546X"]},"institutions":[{"id":"https://openalex.org/I1334329717","display_name":"World Bank","ror":"https://ror.org/00ae7jd04","country_code":"US","type":"other","lineage":["https://openalex.org/I1334329717","https://openalex.org/I55633929"]},{"id":"https://openalex.org/I185261750","display_name":"University of Toronto","ror":"https://ror.org/03dbr7087","country_code":"CA","type":"education","lineage":["https://openalex.org/I185261750"]}],"countries":["CA","US"],"is_corresponding":false,"raw_author_name":"Vojislav Maksimovic","raw_affiliation_strings":["Booth holds the Newcourt Chair in Structured Finance in the Rotman School of Management at the University of Toronto. Aivazian is Professor in the Department of Economics and Rotman School of Management at the University of Toronto. Demirguc-Kunt is a Principal Economist with the World Bank, and Maksimovic is Professor in the School of Business at the University of Maryland. This paper is the product of two independent papers submitted to the journal at approximately the same time, one by Booth and Aivazian and the other by Demirguc Kunt and Maksimovic. Our thanks to former journal editor Rene\u0301 Stulz and an anonymous referee for comments that substantially improved on both the original papers. We would like to thank the International Finance Corporation for providing the data necessary for this study","School of Business at the University of Maryland"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Booth holds the Newcourt Chair in Structured Finance in the Rotman School of Management at the University of Toronto. Aivazian is Professor in the Department of Economics and Rotman School of Management at the University of Toronto. Demirguc-Kunt is a Principal Economist with the World Bank, and Maksimovic is Professor in the School of Business at the University of Maryland. This paper is the product of two independent papers submitted to the journal at approximately the same time, one by Booth and Aivazian and the other by Demirguc Kunt and Maksimovic. Our thanks to former journal editor Rene\u0301 Stulz and an anonymous referee for comments that substantially improved on both the original papers. We would like to thank the International Finance Corporation for providing the data necessary for this study","institution_ids":["https://openalex.org/I1334329717","https://openalex.org/I185261750"]},{"raw_affiliation_string":"School of Business at the University of Maryland","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":49.4291,"has_fulltext":false,"cited_by_count":2509,"citation_normalized_percentile":{"value":0.99766888,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"56","issue":"1","first_page":"87","last_page":"130"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9679999947547913},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.9259999990463257},{"id":"https://openalex.org/keywords/institutional-differences","display_name":"institutional differences","score":0.5830000042915344},{"id":"https://openalex.org/keywords/corporate-financing-decisions","display_name":"corporate financing decisions","score":0.7379999756813049},{"id":"https://openalex.org/keywords/cross-national-comparison","display_name":"cross-national comparison","score":0.5870000123977661},{"id":"https://openalex.org/keywords/corporate-leverage","display_name":"corporate leverage","score":0.4269999861717224}],"concepts":[{"id":"https://openalex.org/C83864248","wikidata":"https://www.wikidata.org/wiki/Q177323","display_name":"Developing country","level":2,"score":0.7471078038215637},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.6929478645324707},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.5148150324821472},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.49750855565071106},{"id":"https://openalex.org/C160050368","wikidata":"https://www.wikidata.org/wiki/Q132453","display_name":"Developed country","level":3,"score":0.4355430006980896},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4077405333518982},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.39105501770973206},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.252030611038208},{"id":"https://openalex.org/C50522688","wikidata":"https://www.wikidata.org/wiki/Q189833","display_name":"Economic growth","level":1,"score":0.21644708514213562},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.09857738018035889},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.06796836853027344},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0625791847705841},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.057426899671554565},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1111/0022-1082.00320","doi":"https://doi.org/10.1111/0022-1082.00320","is_oa":false,"landing_page_url":"https://doi.org/10.1111/0022-1082.00320","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.39.6262","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.39.6262","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.mgmt.utoronto.ca/~booth/capitals.pdf","raw_type":"text"},{"id":"mag:1509689410","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:fth:rotfin:00-001","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"mag:3124324454","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/fth/rotfin/00-001.html","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":37,"referenced_works":["https://openalex.org/W194130280","https://openalex.org/W1547540007","https://openalex.org/W1998463806","https://openalex.org/W2000578291","https://openalex.org/W2017713899","https://openalex.org/W2020970716","https://openalex.org/W2036967819","https://openalex.org/W2041585309","https://openalex.org/W2071023501","https://openalex.org/W2074928461","https://openalex.org/W2084310832","https://openalex.org/W2087964979","https://openalex.org/W2097978133","https://openalex.org/W2102897370","https://openalex.org/W2105715156","https://openalex.org/W2112352537","https://openalex.org/W2115846503","https://openalex.org/W2120517735","https://openalex.org/W2122479412","https://openalex.org/W2123343520","https://openalex.org/W2124597406","https://openalex.org/W2127103243","https://openalex.org/W2129123189","https://openalex.org/W2140041112","https://openalex.org/W2140358882","https://openalex.org/W2153524047","https://openalex.org/W2160860931","https://openalex.org/W2167351159","https://openalex.org/W2606194242","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3121759882","https://openalex.org/W3124114405","https://openalex.org/W3125147207","https://openalex.org/W4239299021","https://openalex.org/W4239709232","https://openalex.org/W4254574130"],"related_works":["https://openalex.org/W7095979262","https://openalex.org/W7096174603","https://openalex.org/W1509689410","https://openalex.org/W7025046052","https://openalex.org/W2111928229","https://openalex.org/W2551467131","https://openalex.org/W7065011426","https://openalex.org/W194130280","https://openalex.org/W2363720223","https://openalex.org/W4408414184"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"study":[2],"uses":[3],"a":[4],"new":[5],"data":[6],"set":[7],"to":[8,83,86],"assess":[9],"whether":[10],"capital":[11,24,95],"structure":[12,25,96],"theory":[13,76],"is":[14],"portable":[15,78],"across":[16,54,79],"countries":[17],"with":[18],"different":[19,91],"institutional":[20,92],"structures.":[21],"We":[22],"analyze":[23],"choices":[26],"of":[27,70,90],"firms":[28],"in":[29,46],"10":[30],"developing":[31],"countries,":[32,55,80],"and":[33],"provide":[34],"evidence":[35],"that":[36,57,67],"these":[37],"decisions":[38],"are":[39,51,61,77],"affected":[40],"by":[41],"the":[42,71,88],"same":[43],"variables":[44],"as":[45],"developed":[47],"countries.":[48],"However,":[49],"there":[50],"persistent":[52],"differences":[53],"indicating":[56],"specific":[58],"country":[59],"factors":[60],"at":[62],"work.":[63],"Our":[64],"findings":[65],"suggest":[66],"although":[68],"some":[69],"insights":[72],"from":[73],"modern":[74],"finance":[75],"much":[81],"remains":[82],"be":[84],"done":[85],"understand":[87],"impact":[89],"features":[93],"on":[94],"choices.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":84},{"year":2025,"cited_by_count":95},{"year":2024,"cited_by_count":99},{"year":2023,"cited_by_count":109},{"year":2022,"cited_by_count":119},{"year":2021,"cited_by_count":141},{"year":2020,"cited_by_count":138},{"year":2019,"cited_by_count":108},{"year":2018,"cited_by_count":171},{"year":2017,"cited_by_count":158},{"year":2016,"cited_by_count":138},{"year":2015,"cited_by_count":143},{"year":2014,"cited_by_count":146},{"year":2013,"cited_by_count":130},{"year":2012,"cited_by_count":136}],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2016-06-24T00:00:00"}
