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Dividend policy, managerial ownership and debt financing: A non-parametric perspective

Florackis, Chris; Kanas, Angelos; Kostakis, Alexandros - In: European Journal of Operational Research 241 (2015) 3, pp. 783-795

This paper examines the relation between dividend policy, managerial ownership and debt-financing for a large sample of firms listed on NYSE, AMEX and NASDAQ. In addition to standard parametric estimation methods, we use a semi-parametric approach, which helps capture more effectively...

Persistent link: https://www.econbiz.de/10011117477

The value of financial flexibility and corporate financial policy

Rapp, Marc Steffen; Schmid, Thomas; Urban, Daniel - In: Journal of Corporate Finance 29 (2014) C, pp. 288-302

We propose a novel approach to measure the value that shareholders assign to financial flexibility. In contrast to existing proxies for financial constraints, our measure is market-based, forward-looking and not directly influenced by past financial decisions. We find that firms for which...

Persistent link: https://www.econbiz.de/10011117522

Do institutional investors monitor management? Evidence from the relationship between institutional ownership and capital structure

Chung, Chune Young; Wang, Kainan - In: The North American Journal of Economics and Finance 30 (2014) C, pp. 203-233

We examine the dynamic relations between institutional ownership and a firm's capital structure. We find that a firm's leverage decreases when institutional ownership increases. This result implies that a firm reduces its debt level as institutional investors substitute for the monitoring role...

Persistent link: https://www.econbiz.de/10011117735

A mezőgazdasági vállalkozások vagyon- és tőkestruktúrájának tendenciái, a kapcsolódó sajátosságok kezelésének szükségessége

Spilakne Kertesz, Marta - In: GAZDÁLKODÁS: Scientific Journal on Agricultural Economics 56 (2012) 5

Az agrárgazdaság versenyképessége, piacorientált működése feltételezi az ágazat megfelelő tőkeellátását is. A mezőgazdaság finanszírozása köztudottan számos ágazati és nemzeti sajátosságot hordoz. Ennek megfelelően a kapcsolódó stratégiák kidolgozása is csak e...

Persistent link: https://www.econbiz.de/10011163171

Capital structure and investment dynamics with fire sales

Gale, Douglas; Gottardi, Piero - London School of Economics (LSE) - 2013

We study a general equilibrium model in which firms choose their capital structure optimally, trading off the tax advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to liquidate their assets, resulting in a fire sale if there is...

Persistent link: https://www.econbiz.de/10011163502

Bank Capital, Liquid Reserves, and Insolvency Risk

Hugonnier, Julien; Morellec, Erwan - C.E.P.R. Discussion Papers - 2015

We develop a dynamic model to assess the effects of liquidity and leverage requirements on banks' insolvency risk. The model features endogenous capital structure, liquid asset holdings, payout, and default decisions. In the model, banks face taxation, flotation costs of securities, and default...

Persistent link: https://www.econbiz.de/10011165669

The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector

ACARAVCI, Songul KAKILLI - In: International Journal of Economics and Financial Issues 5 (2015) 1, pp. 158-171

and firm size of variables used in models. Growth opportunities, size, profitability, tangibility and non-debt tax shields … there are significant relationships between growth opportunities, size, profitability, tangibility and leverage variables …, profitability and tangibility have effects and support the pecking order theory. On the other hand, profitability and growth …

Persistent link: https://www.econbiz.de/10011167164

European integration and corporate financing

Muradoğlu, Yaz Gülnur; Onay, Ceylan; Phylaktis, Kate - In: International Review of Financial Analysis 33 (2014) C, pp. 138-157

This paper explores the importance of supply of capital for corporate financing. To identify this relation, we examine the impact of two exogenous events, entry to the EU and the adoption of Euro, which caused shifts in equity and credit markets during European integration. Following membership...

Persistent link: https://www.econbiz.de/10011056747

Banking sector reforms and corporate leverage in emerging markets

Ağca, Şenay; De Nicolò, Gianni; Detragiache, Enrica - In: Emerging Markets Review 17 (2013) C, pp. 125-149

Using a large panel of non-financial firms in emerging markets, we study the relation between detailed measures of banking sector reforms and corporate leverage. We find that banking sector reforms are associated with lower corporate debt in emerging market firms, consistent with the notion that...

Persistent link: https://www.econbiz.de/10011056985

Firm location and corporate debt

Arena, Matteo P.; Dewally, Michaël - In: Journal of Banking & Finance 36 (2012) 4, pp. 1079-1092

This study examines the influence of a firm’s geographical location on corporate debt and provides evidence that the higher cost of collecting information on firms distant from urban areas has significant implications on a wide array of corporate debt characteristics. We find that rural firms...

Persistent link: https://www.econbiz.de/10011065659