How Does Asset Structure Affect Capital Structure（资产结构是如何影响资本结构）.pdfVIP

Universal Journal of Accounting and Finance 1(1): 19-28, 2013 DOI: 10.13189/ujaf.2013.010103 How Does Asset Structure Correlate with Capital Structure? – Cross-Industry and Cross-Size Analysis of the EU Countries Julia Koralun-Bereźnicka Faculty of Management, University of Gdańsk, Poland *Corresponding Author: jkb@.pl Copyright © 2013 Horizon Research Publishing All rights reserved. Abstract Assets structure has been widely reported by to the author’s knowledge, is the first attempt of this kind of corporate finance literature to significantly affect financial in-depth analysis. structure of firms. However, according to the capital The aim of the study is to verify the significance and structure theories and empirical research in the field, the identify the direction of the way assets structure correlate direction of the relationship between assets tangibility and with capital structure depending on the country, industry and capital structure is not obvious. This study aims at verifying the firm size. In order to achieve this goal, the correlation the significance and the direction of the way assets structure between several assets structure ratios and capital structure correlates with capital structure on a large sample of private ratios is examined for the whole data set, as well as in the firms across 9 EU countries. The correlation between several three cross-sections: across individual countries, industries assets structure ratios and capital structure ratios is examined and