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• W2988810120 abstract "Using a dataset covering about 276,998 firms across 75 countries over the period 2004–2011, this paper examines the short-run evolution of firms' capital structures following the start of the global financial crisis and its immediate aftermath, comparing the experience of already levered SMEs, large non-listed firms, and listed companies. We find that firm leverage and debt maturity declined both in advanced economies and in developing countries, even in those that did not experience a crisis. The deleveraging and maturity reduction were particularly significant for non-listed firms, including both SMEs as well as large non-listed companies. For SMEs, these effects were larger in countries with less efficient legal systems, weaker information sharing mechanisms, less developed financial sectors, and with more restrictions on bank entry. In contrast, there is weaker evidence of a significant decline in leverage and debt maturity among listed companies which are typically much larger than other firms and likely to benefit from the “spare tire” of easier access to capital market financing. Though our results are robust to many changes in sample and specification, we cannot rule out that survivorship bias and attrition could affect our estimates to some degree. • We study the evolution of corporate financing structures during the global financial crisis and its immediate aftermath. • We find evidence of deleveraging among firms in developing and in high income countries. • These changes were particularly significant for SMEs and firms that did not have access to capital market financing. • And in countries with weaker institutions, shallower financial markets and less developed financial infrastructure. • In contrast, effects are weaker among listed firms that can benefit from the “spare tire” of capital market financing." @default.
• W2988810120 created "2019-11-22" @default.
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• W2988810120 date "2020-02-01" @default.
• W2988810120 modified "2023-10-18" @default.
• W2988810120 title "The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms?" @default.
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• W2988810120 doi "https://doi.org/10.1016/j.jcorpfin.2019.101514" @default.
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