TY  - BOOK
AU  - Demirguc-Kunt,Asli
AU  - Demirguc-Kunt,Asli
AU  - Martinez-Peria,Maria Soledad
AU  - Tressel,Thierry
TI  - The Impact of the Global Financial Crisis on Firms Capital Structure
PY  - 2015///
CY  - Washington, D.C.
PB  - The World Bank
KW  - Access to finance
KW  - Bankruptcy and resolution of financial distress
KW  - Capital structure
KW  - Corporate debt
KW  - Debt markets
KW  - Economic theory & research
KW  - Emerging markets
KW  - Finance and financial sector development
KW  - Global financial crisis
KW  - Macroeconomics and economic growth
KW  - Private sector development
N2  - Using 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
UR  - http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-7522
ER  -