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The article analyzes the factors determining the capital structure of the Spanish small and medium enterprises [SMEs]. The analysis is grounded on the agency theory, the signalling approach and the pecking order theory. In particular, the article provides a qualitative and quantitative analysis...
Persistent link: https://www.econbiz.de/10010765325
Erkenntnis, dass immobilienbezogene Entscheidungen langfristig über den gesamten Lebenszyklus zu treffen sind, damit ein …
Persistent link: https://www.econbiz.de/10011263014
We identify firms according to two life cycle stages, namely growth and maturity, and test the pecking order theory of financing. We find a strong maturity effect, i.e., the pecking order theory describes the financing behavior of mature firms better than growth firms. Our findings show that...
Persistent link: https://www.econbiz.de/10010598992
Persistent link: https://www.econbiz.de/10004998728
This paper shows that obligations from debt hinder tacit collusion if equity owners are protected by limited liability. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite interaction. Contrasting uncorrelated shocks with a cyclical...
Persistent link: https://www.econbiz.de/10009151418
In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die...
Persistent link: https://www.econbiz.de/10009004777
This paper develops an alternative interpretation of the observed inverse relation between market-to-book ratio and long term indebtedness based on the market timing theory of capital structure and provides empirical evidence to substantiate the same. Our findings suggest that in the presence of...
Persistent link: https://www.econbiz.de/10011111610
In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...
Persistent link: https://www.econbiz.de/10011259963
In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...
Persistent link: https://www.econbiz.de/10011084368
In this article we study the corporate tax effects on credit market equilibria. In particular, we develop a model that accounts for five pieces of evidence: i) the existence of a tax incentive to borrow, ii) the negative relationship between leverage and profitability, iii) the existence of...
Persistent link: https://www.econbiz.de/10010764291