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Abstract
We study the role of financial market development in the financing choice of firms in developing countries using a dynamic panel approach with aggregate firm-level data. The results suggest that equity market development favors firms’ equity financing over debt financing, while banking sector development favors debt financing over equity financing, as one would expect. However, surprisingly, equity markets exhibit somewhat stronger influence in the short run than they do over the long run. Results from the dynamic panel model show that if both elements of the financial sector develop simultaneously, the long-run debt – equity ratio, while rising, will converge to a stable value.
1. Introduction
How do firms in developing countries choose between debt and equity? What role do
domestic and international capital markets play in this choice? Is this choice influenced by
the level of development of the stock market in a country?1 These questions have become increasingly important, given the rapid growth of the stock markets in the developing world
over the past 20 years and especially in the 1990s. Although this growth has somewhat
slowed in recent years, developing countries’ stock markets now command a much more
central role than they did a decade ago, thanks to trade and financial liberalization in these
countries over the past decade.
The question of the financing choice of firms is critical in this regard because the cost of
capital and hence, the value of a firm, depends upon its debt – equity mix (cf. Boyd & Smith,
1998; Hovakimian, Opler, & Titman, 2001; Pagano, 1993). However, important differences
seem to exist between the developed and developing countries in this regard. For example,
Atkin and Glen (1992) find that for firms in the G7 countries, internally generated funds
were dominant, while for firms in developing countries, externally generated funds, i.e.,
bank loans and equity, were more important.2 Despite the increasing importance of external
finance in developing countries, achieving the optimum capital structure for firms in
developing countries presents additional complications because of market inefficiencies
and institutional constraints. For example, developing country banks cannot adequately
provide the resources to firms in these countries, especially where government credit
demand crowds out the private sector, or where the macroeconomic environment is too
risky for long-term loans.3 While financial liberalizati on has broadened the range of
financial instruments available to developing country firms, taking advantage of this wider
range imposes new and difficult challenges (cf. Domowitz, Glen, & Madhavan, 2000).
Surprisingly, few systematic empirical studies exist on the