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Trade-off-theory vs. pecking order theory and the determinants of corporate leverage : evidence from a panel data analysis upon French SMEs (2002 - 2010)
Adair, Philippe; Adaskou, Mohamed - In: Cogent economics & finance 3 (2015) 1, pp. 1-11
dependent variable being the debt ratio, we apply a linear model upon a balanced panel data-set of 2,370 French SMEs over the …
Persistent link: https://www.econbiz.de/10010492381
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Testing capital structure theories using error correction models: Evidence from China, India, and South Africa
Kannadhasan, M.; Thakur, Bhanu Pratap Singh; Gupta, C. P.; … - In: Cogent Economics & Finance 6 (2018) 1, pp. 1-19
structure choice made by the firms that are operating in China, India, and South Africa. The study tests the capital structure … using a large data-set of firms in China, India, and South Africa that has not been done so far. … theories as a stand-alone basis as well as an integrated framework of nested models using advanced dynamic panel data methods …
Persistent link: https://www.econbiz.de/10011988834
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Testing Capital Structure Theories Using Error Correction Models : Evidence from the UK, France and Germany
Dang, Viet Anh - 2012
process. We also augment our empirical models to test the pecking order theory. Using appropriate and advanced dynamic panel …
Persistent link: https://www.econbiz.de/10013107613
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Capital Structure Irrelevance : The Modigliani-Miller Theorem
Cheremushkin, Sergei Vasilievich - 2012
The paper provides review of Modigliani-Miller capital structure irrelevance proposition and its development since 1958. The paper suggests some pedagogical insights and introduce risk-shifting interpretations of the MM model. We also discuss shapes of cost of debt and cost of equity functions...
Persistent link: https://www.econbiz.de/10013102169
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Determinants of capital structure in non-financial companies
Kühnhausen, Fabian; Stieber, Harald W. - 2014
leverage and depict differences in industry and country characteristics. Using a short panel data set with a large cross …' (1995) four-factor core model in terms of explaining data variation. The results are robust against different panel …
Persistent link: https://www.econbiz.de/10010399001
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On the Determinants of Firm Leverage : Evidence from a Structural Estimation
Menichini, Amilcar Armando - 2015
I provide further evidence on the determinants of corporate capital structure by estimating a dynamic trade-off model of the firm that includes investment, leverage, and payout decisions. The structural model generates a leverage ratio that oscillates around a long-run, time-invariant level and...
Persistent link: https://www.econbiz.de/10013038606
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The relationship between changes in corporate payout policy and capital structure
Kim, Songhee; Khil, Jaeuk; Lee, Yu Kyung - In: Journal of derivatives and quantitative studies 32 (2024) 2, pp. 116-144
This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for...
Persistent link: https://www.econbiz.de/10015054088
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Determinants of corporate capital structure : evidence from Macedonian panel data
Jovanovic, Biljana - Narodna Banka na Republika Makedonija - 2015
for the period 2000-2014. More specifically the study is focused on two specific questions. First, by using dynamic panel …
Persistent link: https://www.econbiz.de/10011620576
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Testing trade-off theory and pecking order theory under managerial overconfidence
Bukalska, Elżbieta - In: International journal of management and economics 55 (2019) 2, pp. 99-117
We address our research to the problem of managerial overconfidence and financing behavior. The aim of the paper is, hence, to ascertain the pattern of financing decisions of overconfident managers and identify the relevant capital structure theory (trade-off or pecking order theory) that can be...
Persistent link: https://www.econbiz.de/10012131516
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National Culture and Capital Structure Decisions : Evidence from Foreign Joint Ventures in China
Li, Kai - 2015
ventures in China. We hypothesize that national culture enters the joint optimization process leading to foreign joint ventures … in China …
Persistent link: https://www.econbiz.de/10013038580