Determinant of Capital Structure of Tunisian Listed Firms: A Quantile Regression Approach

Kamel EW and Nizar H

Published on: 2026-04-13

Abstract

We investigate the determinants of the capital structure of non-financial firms listed in Tunisia over the period 2012 to 2019. In addition to conventional models (Ordinary least squares and fixed effects) we use quantile regression models. We show that impact of the determinant’s changes depending on the quantile, confirming the presence of non-linear relationships. The results show the importance of depreciation as an alternative financing source and the ability of tangibility to increase debt, among highly leveraged firms.