Financial structure and real behavior of firms in developing economies (Ph.D. Dissertation)

This thesis investigates the structural differences in financial institutions between industrial and developing countries, and evaluates the validity of models originally used to analyze industrial institutions in terms of developing countries. Existing models such as static trade-off and pecking order are not entirely applicable to developing countries, and thus a new model is needed to account for anomalies within the developing countries chosen as case studies (India, Korea, Malaysia, Jordan, and Zimbabwe). These anomalies can be partially accounted for by examining and considering loan policies, tax structure, equity market restrictions and Islamic financial systems. Both the institutional similarities and differences correspond to varying firm structures between these countries.