This study provides a stage-level analysis of firm-scale pooled data of 16 Asian countries to classified income economy-based data for various firm-and country-specific predictors of leverage. Our analysis captures the selection impact of both micro-and macro-level determinants on capital structure with and without income economy-based models. The regression model evaluated the significance of predictor variables based on random effect model of panel data setting. The study further explores the issue of interest by looking at key individual regression models by income economy to avoid any potential loss of information. We argue that this approach provides a comprehensive and insightful set of determinants because of the newer dimension of income economy classification based on per-capita Gross National Product (GNP) defined by the World Bank. The estimating equations for financing determinants identify the additional variables of non-debt tax shield, liquidity, tax and GDP growth rate in case of Asian countries. Our study establishes that the core variables of tangibility, growth, size, and profitability retain their significance for leverage choice in both options during 2008-2014 in Asian economies. Furthermore, the findings show that the financing choices of firms in Asian Quratulain Zafar ABOUT THE AUTHORS Ms. Quratulain is Assistant professor at BUITEMS, Pakistan. She is currently pursuing her PhD in FinancialEconomics, from Asian Institute of Technology, Thailand with scholarship from HEC under Faculty Development program. Her research encompasses financial development system and relationship with financing choices in 16 Asian Countries during 2008-2014. Dr. Winai is an applied economist whose research interests span areas of government regulation, investment, entrepreneurship, and business strategy. From 2005-2007, worked as consultant at NERA Economic Consulting, New York, USA. He earned his PhD in managerial economics and strategy from Kellogg School of

David Camino And Clara Cardone are both associate professors of Accounting and financeat the Department of Business economics at Universidad Carlos III de Madrid, Spain, Small and Medium enterprise (SEMs) have important limitations from the finanicial viewpoint. Their reduced capability to generate resources (Self financing) and their high finanical cost as compared with the profitability of investment, makes them highly dependent on short-term highly dependednt on short-term bank finanicing, among the different mechanisms used to solve these financial problems are credit guarantee schems such as Loan Guarantee Association (LGA). These (mutual or government granted) credit insurance system were set up to ease the acces of SMEs to the credit market by convering part of the loss incureed when borrowers deefaulted on lons. In spite of some legal differencde, LGAs in most European Union countries function in fairly similary ways, thereofre making it esier to compare their operationsl cost and impact on business. This study provides a model for the valuation of cost and implicit benefits associated with loan guarantee programmes. Empirical results indicate that the use of LGAs is likely to differ among SMEs depending on company size and ebt fincial cost. The relativel high cost of the loan guarantee is not always fully compensated with a similar reduction in the interest rates of the financing hindering the full development of the schemes.

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~ Reciprocal trade agreements, usually known under the generic name of countertrade I'CT) have been traditionally seen as a fiwm of bilateralism, and thus as an inefficient fi~nn of international e,tchange. Although conteml~waD trade theories do not fully explain the increasing prevalence of CT transactions, we will argue that it is l~ssible to conqruct and use a third (hybridl institutional form. which is congruent with the Iransaction-co,;t theories, and we will show how --tinder market imlx'rt'ections --counterlrade can reduce transaction costs while con~rving the efficiency gains generated by these specific arrangements.