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Determinants of corporate financing decisions: A survey evidence from Czech firms
Jindřichovská, Irena; Körner, Pavel - 2008
managers perceive particular instruments of internal and external financing. We find, that firms follow pecking order theory … for working capital financing, however the arguments for pecking order theory in investment financing are not that strong …
Persistent link: https://www.econbiz.de/10010322315
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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Technology spillovers, asset redeployability, and corporate financial policies
Nguyen, Phuong Anh; Kecskés, Ambrus - 2021
Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This...
Persistent link: https://www.econbiz.de/10012610154
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Financing of technology-intensive small businesses: Some evidence on the uniqueness of the ICT industry
Hyytinen, Ari; Pajarinen, Mika - 2002
Using recently collected data on Finnish small businesses, we provide evidence that the debt capacity of growth options, defined as the amount of debt that firms optimally raise for an incremental project, is negative, especially in the information and communications technology (ICT) sector. We...
Persistent link: https://www.econbiz.de/10010284897
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New Paradigms in Banking, Financial Markets and Regulation?
Balling, Morten; Lierman, Frank; den Spiegel, Freddy Van; … - 2012
On May 11-12, 2011, SUERF, the Belgian Financial Forum, the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) jointly organised the 29th SUERF Colloquium New paradigms in money and finance? The papers included in this SUERF Study are based on contributions to the...
Persistent link: https://www.econbiz.de/10011689953
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Nonlinear modeling of target leverage with latent determinant variables: new evidence on the trade-off theory
Sabiwalsky, Ralf - 2008
The trade-off theory on capital structure is tested by modelling the capital structure target as the solution to a … determinants. In contrast, the framework applied here allows for a direct test: results confirm the trade-off theory for small and …
Persistent link: https://www.econbiz.de/10010263749
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Disagreement and Flexibility: A Theory of Optimal Security Issuance and Capital Structure
Boot, Arnoud W.A.; Thakor, Anjan V. - 2003
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10010324789
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Capital structure decisions under the German tax code
Nippel, Peter - 2006
We consider the tax advantage of an increase in the firms leverage under the German tax code. The analysis is performed (i) for the case of a given investment and future dividend policy and (ii) to decide on the relative tax advantage of debt versus equity for funding new investments. We start...
Persistent link: https://www.econbiz.de/10011558817
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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10010307836
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How Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?
Müller, Elisabeth - 2005
This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the capital structure of private companies. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company (SNWI). Exposure to idiosyncratic risk...
Persistent link: https://www.econbiz.de/10010297423