Questions of corporate capital structures have long attracted the interest of researchers in developed countries, and their are clear links between these issues and debates over the kinds of financial markets and institutions that are supportive of long-term growth. Yet there has been very little empirical work on the capital structures of corporations in developing countries. This study presents the preliminary results of the work done, based on an analysis of accounting data from large corporations in nine countries - India, South Korea, Pakistan, Thailand, Mexico, Malaysia, Turkey and Zimbabwe. Central among the conclusions of this report is the finding that corporate capital structures in developing countries differ in important ways from those in developed countries. These differences are particularly marked with respect to the use of external finance and the use of equity finance; both of which are much higher in developing than in developed countries.
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