Capital Structure Dynamics in UK and Continental Europe

Posted: 26 May 2002

See all articles by Gabrielle Wanzenried

Gabrielle Wanzenried

Institut für Finanzdienstleistungen Zug (IFZ)

Date Written: February 2002


This paper analyzes capital structure determinants of UK and continental European firms. Besides considering firm-specific characteristics, it looks at the impact of different corporate governance systems on the capital structure choice. The dynamic framework allows to analyze the adjustment processes taking place over time. Our data contain balance sheet and profit & loss account data of 167 European firms from 1988 to 1998. We use fixed erects and moving window regressions and find significant differences in the capital structure choice with respect to characteristics of the firms as well as of the considered corporate governance systems. Also, we find significant changes in the firm behavior over time.

Keywords: capital structure, corporate governance, panel data, dynamic analysis

JEL Classification: G32, C23, D21

Suggested Citation

Wanzenried, Gabrielle, Capital Structure Dynamics in UK and Continental Europe (February 2002). Available at SSRN:

Gabrielle Wanzenried (Contact Author)

Institut für Finanzdienstleistungen Zug (IFZ) ( email )

Zug, CH-6304

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