you still have your inspection period. The empirical analysis consists of three main parts: (i) the determinants of capital structure (the use of debt versus equity); () the determinants of debt maturity structure (the use of long term debt versus short term debt); and () the tests of the extent to which the main capital structure theory (the pecking order theory) accounts for the financing behaviour of firms in this region. The results suggest that capital structure and debt maturity structure decisions of a firm are not only the product of its own characteristics as identified by the extant literature but also the function of the financial and legal environment in which it operates. The results also show that firms in this region do not behave as strictly as predicted by the pecking order theory. The other is at the level of tiny
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