The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.

[Reviews] Turkey and the European Union: prospects for a difficult encounter

Book review of 'Turkey and the European Union: Prospects for a Difficult Encounter', edited by Esra Lagro and Knud Erik Jorgensen, Basingstoke and New York: Palgrave Macmillan, 2007 Pp. xii þ 240; 1 table; 1 figure; index; ISBN 9780230019553; £47.00 (hb).

Characterisation of the South West European Marine Sites: Summary Report. Occasional Publication of the Marine Biological Association 14

The UK and EU have recently committed to an ecosystem-based approach to the management of our marine environment. In line with the requirements of the Habitats regulations, all consents likely to significantly affect Special Areas of Conservation (SACs) and Special Protection Areas (SPAs) are to be reviewed. As part of this process, 'site characterisation' is seen as an important first step towards the improved management of designated sites. This characterisation series, undertaken by the Marine Biological Association of the United Kingdom and funded by the Environment Agency and English Nature, sets out to determine the current status of designated marine sites in South West England, and how vulnerable (or robust) they are to contaminants (metals, organics, nutrients) and other anthropogenic pressures. Using published information and unpublished data-sets from regulatory agencies, conservation bodies and research institutes (particularly those of the PMPS*), evidence is compiled on the links between potentially harmful 'activities', environmental quality, and resultant biological consequences. This includes an evaluation of long-term change. The focus is the effect of water and sediment quality on the key interest features of European Marine sites in the South West of England, namely: - Fal and Helford cSAC (MBA Occasional Publication 8) - Plymouth Sound and Estuaries cSAC/ SPA (MBA Occasional Publication 9) - Exe Estuary SPA (MBA Occasional Publication 10) - Chesil and the Fleet cSAC/ SPA (MBA Occasional Publication 11) - Poole Harbour SPA (MBA Occasional Publication 12) - Severn Estuary pSAC/SPA (MBA Occasional Publication 13) Detailed analysis for each of these sites is provided individually. The summary report contains an overview of physical properties, uses and vulnerability for each of these sites, together with brief comparisons of pollution sources, chemical exposure (via sediment and water) and evidence of biological impact (from bioaccumulation to community-level response). Limitations of the data, and gaps in our understanding of these systems are highlighted and suggestions are put forward as to where future research and surveillance is most needed. Hopefully this may assist the statutory authorities in targeting future monitoring and remedial activities. * PMSP: Plymouth Marine Sciences Partnership, comprising the Marine Biological Association (MBA), University of Plymouth (UoP), the Sir Alister Hardy Foundation for Ocean Science, and Plymouth Marine Laboratories (PML)