Government debt and corporate leverage: International evidence

被引：129

作者：

Demirci, Irem ^{[1
]}

Huang, Jennifer ^{[2
]}

Sialm, Clemens ^{[3
,4
,5
]}

机构：

[1] Nova Sch Business & Econ, Lisbon, Portugal

[2] Cheung Kong Grad Sch Business, Beijing, Peoples R China

[3] Univ Texas Austin, McCombs Sch Business, Dept Finance, 2110 Speedway B6600, Austin, TX 78712 USA

[4] NBER, Cambridge, MA 02138 USA

[5] AQR Capital Management, Greenwich, CT USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 133卷 / 02期

关键词：

Government debt; Capital structure; Crowding out; CAPITAL STRUCTURE; INSTITUTIONS; DYNAMICS; MARKETS; FINANCE; DETERMINANTS; CHOICE; IMPACT;

D O I：

10.1016/j.jfineco.2019.03.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We empirically investigate the impact of government debt on corporate financing decisions in an international setting. We show a negative relation between government debt and corporate leverage using data on 40 countries between 1990-2014. This negative relation is stronger for government debt that is financed domestically, for firms that are larger and more profitable, and in countries with more developed equity markets. To address potential endogeneity concerns, we use an instrumental variable approach based on military spending and a quasi-natural experiment based on the introduction of the Euro currency. Our findings suggest that government debt crowds out corporate debt. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：337 / 356

页数：20

共 54 条

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