Country-Specific Factors and Capital Structure of the Oil and Gas Industry: A Review

Determinants of the capital structure still confusing among scholars. While numerous studies have been conducted, these are often limited to firm-specific factors such as profitability, asset tangibility, growth opportunities, liquidity, size, and non-debt tax shield. However, the literature clearly points out that there are important country-specific factors that determine capital structure decisions. Arguably, studies on determinants of capital structure focusing on country-specific factors for the oil and gas industry are still missing in the literature. As such, this study serves to review the determinants of capital structure with a specific focus on country-specific factors for the oil and gas industry. This study is to provide potential avenues for future researchers specifically in the oil and gas industry.