Abstract
The aim of this study is to identify the determinants and the dynamics of capital structure for a sample of Tunisian firms. The earlier literature on capital structure stipulates the existence of a target debt ratio (Bevan and Danbolt (2002), Fama and French (2002), Stein (2002) and Nivorozhkin (2003)). The empirical evidence indicates that Tunisian firms adjust slowly their level of debts towards target ratios. The result confirms the evidence of Kremp and al. (1999) and Gaud and Jani (2002).
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