Corporate Financial Structures in Developing Countries

摘要

The paper examines corporate accounting and stock market information from nine countries: India, South Korea, Pakistan, Jordan, Thailand, Mexico, Malaysia, Turkey and Zimbabwe. It begins by outlining the broad intellectual context for the study of corporate finance in developing countries: what does economic theory tell us about corporate financial structures in different kinds of economies; what is the relationship among corporate organization, financial structures and economic development. To put the subsequent empirical findings for the developing countries into perspective, it also outlines some of the main stylized facts about corporate finance in developed countries (DCs). It then reports on the univariate analyses of economic and financial characteristics of sample corporations in the nine less developed countries (LDCs) included in this study. It also gives a brief description of the data and the variables used. The corporate capital structures and the economic and financial profile of International Finance Corporation (IFC) supported companies is compared with that of non-IFC supported companies. It provides a first-brush, preliminary analysis of the interrelationships among corporate characteristics. Finally, it summarizes the main empirical conclusions of the study.