Publication:
The Impact of the Global Financial Crisis on Firms' Capital Structure

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dc.contributor.authorMartinez-Peria, Maria Soledad
dc.contributor.authorDemirguc-Kunt, Asli
dc.contributor.authorTressel, Thierry
dc.date.accessioned2016-01-12T21:39:25Z
dc.date.available2016-01-12T21:39:25Z
dc.date.issued2015-12
dc.description.abstractUsing a data set covering about 277,000 firms across 79 countries over the period 2004-11, this paper examines the evolution of firms capital structure during the global financial crisis and its aftermath in 2010-11. The study finds that firm leverage and debt maturity declined in advanced economies and developing countries, even in countries that did not experience a crisis. The deleveraging and maturity reduction were particularly significant for privately held firms, including small and medium enterprises. For small and medium-size enterprises, these effects were larger in countries with less efficient legal systems, weaker information-sharing mechanisms, shallower banking systems, and more restrictions on bank entry. In contrast, there is weaker evidence of a significant decline of leverage and debt maturity among firms listed on a stock exchange, which are typically much larger than other firms and likely benefit from the spare tire of easier access to capital market financing.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/12/25705513/impact-global-financial-crisis-firms-capital-structure
dc.identifier.doi10.1596/1813-9450-7522
dc.identifier.urihttps://hdl.handle.net/10986/23623
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7522
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectPROFIT OPPORTUNITIES
dc.subjectACCOUNTING
dc.subjectDEVELOPING COUNTRIES
dc.subjectINTEREST
dc.subjectENTRY REQUIREMENTS
dc.subjectDEBT CRISIS
dc.subjectMATURITY STRUCTURE
dc.subjectPRIVATE CREDIT
dc.subjectDEVELOPING COUNTRIES
dc.subjectBANK ENTRY
dc.subjectBANKING SYSTEMS
dc.subjectTOTAL DEBT
dc.subjectCAPITAL STRUCTURES
dc.subjectEQUITY FINANCING
dc.subjectCAPITAL STRUCTURE
dc.subjectBANKRUPTCY LAW
dc.subjectLOAN SPREADS
dc.subjectLOAN
dc.subjectLOAN MATURITIES
dc.subjectBORROWERS
dc.subjectDEBT OVERHANG
dc.subjectSTOCK MARKET CAPITALIZATION
dc.subjectDUMMY VARIABLE
dc.subjectBANKRUPTCY
dc.subjectMARKET ACCESS
dc.subjectASSET RATIO
dc.subjectCASH FLOWS
dc.subjectEXTERNAL FINANCE
dc.subjectDEBT ISSUES
dc.subjectSMALL BUSINESS
dc.subjectLEGAL SYSTEMS
dc.subjectINDEBTEDNESS
dc.subjectMARKET ANALYSTS
dc.subjectMARKET DEVELOPMENT
dc.subjectCONTRACT ENFORCEMENT
dc.subjectDEBT CONTRACT
dc.subjectDEBT OUTSTANDING
dc.subjectDEBT
dc.subjectCAPITAL MARKET
dc.subjectMARKETS
dc.subjectFINANCIAL CRISES
dc.subjectCREDITOR RIGHTS
dc.subjectINTERNATIONAL DEBT
dc.subjectEXTERNAL FINANCE
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectCORPORATE DEBT
dc.subjectBANK CREDIT
dc.subjectLOAN TERMS
dc.subjectBAILOUT
dc.subjectINVESTMENT DECISIONS
dc.subjectTRANSACTIONS
dc.subjectINDIVIDUAL LOAN
dc.subjectEMERGING MARKETS
dc.subjectDEBT FINANCING
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectBOND MARKETS
dc.subjectGOOD
dc.subjectCRISIS COUNTRY
dc.subjectOWNERSHIP STRUCTURE
dc.subjectTRANSPARENCY
dc.subjectCOUNTRY RISK
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET CONDITIONS
dc.subjectINTERNATIONAL DEBT SECURITIES
dc.subjectTURNOVER
dc.subjectFUTURE
dc.subjectPRIVATE CREDIT BUREAU
dc.subjectSHORT‐TERM DEBT
dc.subjectCAPITALIZATION
dc.subjectBANKRUPTCY PROCEDURES
dc.subjectDEBT SECURITIES
dc.subjectCREDIT INFORMATION
dc.subjectISSUANCE
dc.subjectFIRM PERFORMANCE
dc.subjectCORPORATE INVESTMENT
dc.subjectDEFAULT PROBABILITIES
dc.subjectMINORITY SHAREHOLDERS
dc.subjectDEBT RATIOS
dc.subjectSECURITIES
dc.subjectFINANCIAL INFRASTRUCTURE
dc.subjectFINANCIAL INFRASTRUCTURES
dc.subjectLONG‐TERM DEBT
dc.subjectSHAREHOLDERS
dc.subjectFINANCIAL CRISIS
dc.subjectPOSITIVE COEFFICIENTS
dc.subjectINTANGIBLE
dc.subjectLEGAL SYSTEM
dc.subjectINVESTOR PROTECTION
dc.subjectLENDING
dc.subjectGLOBAL FINANCE
dc.subjectSHAREHOLDER
dc.subjectMATURITIES
dc.subjectFINANCIAL SYSTEMS
dc.subjectLIABILITIES
dc.subjectINTERNATIONAL BANKS
dc.subjectCASH FLOW
dc.subjectLONG‐ TERM DEBT
dc.subjectECONOMIC RISK
dc.subjectSTOCK MARKETS
dc.subjectDEBT MATURITY
dc.subjectLOAN DATA
dc.subjectMARKET CAP
dc.subjectDEPOSIT
dc.subjectCAPITAL MARKETS
dc.subjectINTERNATIONAL BANKS
dc.subjectTRADE CREDIT
dc.subjectLONG‐TERM DEBT
dc.subjectLIQUIDATION
dc.subjectSTOCK
dc.subjectDUMMY VARIABLES
dc.subjectEXCHANGE
dc.subjectPROPERTY RIGHTS
dc.subjectSTOCK MARKET
dc.subjectBANKING SYSTEM
dc.subjectLIQUIDITY
dc.subjectEQUITY MARKET
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectMATURITY STRUCTURE
dc.subjectPOLITICAL ECONOMY
dc.subjectMORTGAGE
dc.subjectDEPOSIT MONEY BANKS
dc.subjectBONDS
dc.subjectASYMMETRIC INFORMATION
dc.subjectTAX
dc.subjectMARKET INFRASTRUCTURE
dc.subjectCREDITORS
dc.subjectINTERNATIONAL BANK
dc.subjectCREDITOR
dc.subjectPENSION
dc.subjectLOCAL BOND MARKET
dc.subjectINCUMBENT BANKS
dc.subjectCENTRAL BANK
dc.subjectMATURITY
dc.subjectPRIVATE BOND
dc.subjectPROTECTION OF INVESTOR
dc.subjectPROTECTION OF INVESTORS
dc.subjectCREDIT BUREAUS
dc.subjectCONTRACTS
dc.subjectBOND MARKET CAPITALIZATION
dc.subjectRETURN
dc.subjectLENDERS
dc.subjectLOANS
dc.subjectCRISIS COUNTRIES
dc.subjectFINANCIAL SYSTEM
dc.subjectRULE OF LAW
dc.subjectFINANCE
dc.subjectRETURN ON ASSETS
dc.subjectTAXES
dc.subjectEQUITY
dc.subjectBANKRUPTCY LAWS
dc.subjectINVESTORS
dc.subjectDEBT RATIO
dc.subjectSOVEREIGN DEBT
dc.subjectASSETS RATIOS
dc.subjectVALUE OF ASSETS
dc.subjectMARKET CONTAGION
dc.subjectTRADE FINANCE
dc.subjectBANKING CRISIS
dc.subjectFINANCIAL CRISIS
dc.subjectACCESS TO CAPITAL
dc.subjectSUPPLY OF CREDIT
dc.subjectASSET RATIOS
dc.subjectRETURNS
dc.subjectDEBT MATURITY
dc.subjectDEBT MATURITIES
dc.subjectBOND MARKET
dc.subjectWORKING CAPITAL
dc.subjectCONTRACT
dc.subjectPROPERTY
dc.subjectBALANCE SHEET
dc.subjectDEFAULT
dc.subjectMARKET
dc.subjectSTOCK MARKET DEVELOPMENT
dc.subjectMARKET VALUE
dc.subjectCREDIT BUREAU
dc.subjectPRODUCTIVE INVESTMENTS
dc.subjectAVERAGE DEBT
dc.subjectINTERESTS
dc.subjectCORPORATE DEBT
dc.subjectINVESTOR
dc.subjectCORPORATE BONDS
dc.subjectBANK CREDIT
dc.subjectFIXED ASSETS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectBANK LOANS
dc.subjectSTOCK EXCHANGE
dc.subjectBANKING CRISIS
dc.subjectINVESTMENT
dc.subjectBOND
dc.subjectCAPITAL STRUCTURE
dc.subjectCOMPOSITION OF DEBT
dc.subjectSHARE
dc.subjectCOLLATERAL
dc.subjectSHORT‐TERM DEBT
dc.subjectFINANCIAL MARKETS
dc.subjectDEBT OBLIGATIONS
dc.subjectTANGIBLE ASSETS
dc.subjectFINANCIAL SHOCKS
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectEXTERNAL DEBT
dc.subjectPROFIT
dc.subjectINVESTMENTS
dc.subjectASSETS RATIO
dc.subjectBANKING CRISES
dc.subjectCAPITAL MARKET FINANCING
dc.subjectPROFITS
dc.subjectFINANCIAL MARKETS
dc.subjectCORPORATE GOVERNANCE
dc.subjectMACROECONOMIC INSTABILITY
dc.titleThe Impact of the Global Financial Crisis on Firms' Capital Structureen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleThe Impact of the Global Financial Crisis on Firms Capital Structure
okr.date.disclosure2015-12-21
okr.date.doiregistration2025-04-10T11:58:47.412953Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2015/12/25705513/impact-global-financial-crisis-firms-capital-structure
okr.guid965511468000625382
okr.identifier.doi10.1596/1813-9450-7522
okr.identifier.externaldocumentum090224b083f5a19f_1_0
okr.identifier.internaldocumentum25705513
okr.identifier.reportWPS7522
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/12/21/090224b083f5a19f/1_0/Rendered/PDF/The0impact0of00s00capital0structure.pdfen
okr.topicPrivate Sector Development
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.unitDevelopment Research Group
relation.isAuthorOfPublication234a20c0-893c-561a-8c90-6f5be5be5b9b
relation.isAuthorOfPublication.latestForDiscovery234a20c0-893c-561a-8c90-6f5be5be5b9b
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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