Many U.S. corporate bonds are either callable or convertible. While callable bonds provide a higher coupon to bondholders in exchange for a firm's repurchase option of its claim, convertible bonds offer investors the option to exchange a firm's debt to equity. This paper analyzes the choice...

This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...

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...

This study is undertaken to discover the factors determining the capital structure decision of non-financial Pakistani firms. The effect of firm's profitability, liquidity, size, tangibility and non-debt tax shield on capital structure decision of ten non-financial firms operating at Pakistan...

Purpose – This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach – The...

The study aims to empirically analyse whether corporate taxation has an impact on firm capital structure decisions. The results based on a panel data of Russian private (non-listed), non-financial and non-state owned firms show that taxation has significant impact on firm financial leverage...

We investigate whether the tax status of a country has an impact on the corporate capital structure. This research question is important and timely given that the empirical literature has not reached a consensus on the effect of taxes on corporate leverage. The Gulf Cooperation Council region,...

The objective of this article is to analyse how the regional financial and economic differences influence the capital structure decisions of small and medium-sized enterprises (SMEs). Specifically, the paper considers the regional financial and economic differences dividing four aspects: the...

This study documents the fact that large dividend increases are followed by a significant increase in leverage, consistent with management increasing the dividend to use up excess debt capacity. However, the leverage increase is not captured by a standard partial adjustment model of leverage....

The study aims to identify the capital structure determinants of the listed Russian firms. The determinants are the factors that would affect firm financial leverage. The capital structures theories and their applications are considered in the article. The study is based on a sample of 48...