12. Variations in capital structures Capital structures vary among firms in the United States and around the world. Relationships, attitudes, tax codes, and accounting differences contribute to some of the differences. As U.S. firms become increasingly involved in worldwide operations, they must become increasingly aware of worldwide conditions, and they must be prepared to adapt to conditions in the various countries in which they do business. True or False: Indicate whether each of the following statements about the various capital structures is true or false. True False Statements The least-leveraged industries have the highest TIE ratios. O In general, utilities do not use debt. U.S. firms have more equity and less debt than Germany or Japan. A conservative CEO may be less inclined to finance with debt