Abstract
Many studies have been conducted on the impact of various factors on international capital structure. The literature still reveals disagreement on the significance of the industry and country effects in determining capital structure, and the basis of country differences. This paper presents the results of a study of the debt structure of 677 firms in 9 industries headquartered in 23 countries. The results of this study tend to agree with the hypothesis that cultural differences are correlated with the significant country and minimal industry influences which are found. Further, there appear to be some intercountry influences caused by underlying cultural patterns among groups of countries.
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*William S. Sekely is Associate Professor and Chairman of the Department of Marketing at the University of Dayton. His recent publications include those on export management, multinational capital structure, and international product-communication strategies.
**J. Markham Collins is Associate Professor of Finance and Director of Graduate Business Programs at the University of Tulsa. He has published papers in the areas of multinational financial structure, international cash management, and master limited partnerships.
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Sekely, W., Collins, J. Cultural Influences on International Capital Structure. J Int Bus Stud 19, 87–100 (1988). https://doi.org/10.1057/palgrave.jibs.8490376
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DOI: https://doi.org/10.1057/palgrave.jibs.8490376