Determinants of Capital Structure: Evidence from Libya

F. Buferna

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Corporate Finance and Governance Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

Abstract

This paper provides further evidence of the capital structure theories pertaining to a developing country and examines the impact of the lack of a secondary capital market by analysing a capital structure question with reference to the Libyan business environment. The results of cross-sectional OLS regression show that both the static trade-off theory and the agency cost theory are pertinent theories to the Libyan companies ’ capital structure whereas there was little evidence to support the asymmetric information theory. The lack of a secondary market may have an impact on agency costs, as shareholders who are unable to offload their shares might exert pressure on management to act in their best interests. 1 1.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1984The Capital Structure Puzzle 1988The Determinants of Capital Structure Choice 1991The Theory of Capital Structure 1995What Do We Know about Capital Structure? Some Evidence from International Data 2001Capital Structures in Developing Countries 2001State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity

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