This study aims to determine the influence of various firm level characteristics such as, profitability, size, growth opportunities, asset tangibility, non-debt tax shield, volatility and liquidity on capital structure. Employing the cross-sectional data methodology, the researcher examines the...

This study aims to determine the influence of various firm level characteristics such as, profitability, size, growth opportunities, asset tangibility, non-debt tax shield, volatility and liquidity on capital structure. Employing the cross-sectional data methodology, the researcher examines the...

This paper examines the relative importance of many factors in the capital structure decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (−),...

We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. We identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. We find that...

The capital structure refers to the long-term financing types used by the enterprises (for example, reinvested profit, long-term shares and debts) and the way they are financed by a combination of the own capital and debts. An optimal structure of the capital involves making some important...

The study focuses on Greek non-financial firms listed on the Athens Exchange in the period 1998-2002 and shows that only a small fraction of these firms were in a position to finance their growth by exclusively using internal resources with the findings varying depending on the firms’ size....

Market power in the hands of a supplier- such as a labor union - affects an industry’s capital structure. Using panel data techniques for 1992-2004, this note shows that industries indeed appear to employ financial leverage strategically to influence collective bargaining decisions. The...

The aim of our research is to study the association between observed leverage and a set of explanatory variables, using panel data analysis to establish the determinants of a time varying optimal capital structure from new high-tech firms over the period 1998-2002, and to explore whether the...

This paper analyzes a source of financing for commodity producers known as a streaming loan, where the producer makes periodic payments in proportion to their level of production. Streaming loans functions like a cropshare contract, whereas fixed rate debt is like a wage contract. Thus,...

Traditionelle Wohlfahrtsanalysen, die sich alleine auf monetäre Einkommensangaben stützen, bedürfen der Erweiterung um die zeitliche Dimension, zumal auch in den vergangenen Jahren der Vollzeitarbeitstag anderen, flexibleren Arbeitszeitformen gewichen ist. Mit unserem Fokus auf die Frage, wer...