European integration and corporate financing

Y.G. Muradoǧlu, C. Onay, K. Phylaktis

Research output: Contribution to journalArticlepeer-review


This paper explores the importance of supply of capital for corporate financing. To identify this relation, we examine the impact of two exogenous events, entry to the EU and the adoption of Euro, which caused shifts in equity and credit markets during European integration. Following membership to EU, which eased access to equity capital, firms increase equity financing. Firms increase debt financing after the adoption of Euro, which improved access to international debt capital. We control for globalization, ongoing developments in equity and credit channels, firm characteristics, and the moderating effects of the country of origin.
Original languageEnglish
Pages (from-to)138-157
Number of pages19
JournalInternational Review of Financial Analysis
Publication statusPublished - 17 Feb 2014


  • European integration
  • Capital structure
  • Debt maturity
  • FDI
  • European firms


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