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This paper examines the relative importance of many factors in the capital structure decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (−), tangibility (+), profits (−), log of assets ...
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First, starting with a long list of factors from the prior...
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24 Ιουλ 2004 · The most reliable factors are median industry leverage (+ effect on leverage), market-to-book ratio (-), tangibility (+), profits (-), log of assets (+), and expected inflation (+). Industry subsumes a number of smaller effects. The empirical evidence seems reasonably consistent with some versions of the tradeoff theory of capital structure.
First, starting with a long list of factors from the prior literature, we examine which factors are reliably signed, and reliably important, for predicting leverage. Second, it is likely that patterns of corporate financing decisions have changed over the decades.
1 Μαρ 2009 · The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (-), tangibility (+), profits (-), log of assets...
When corporations decide on the use of debt finance, they are reallocating some expected future cash flows away from equity claimants in exchange for cash up front. The factors that drive this...
10 Οκτ 2007 · This study explores the important factors which determine a firm’s capital structure using the Ordinary Linear Squares (OLS) technique. The focus is on trade-off theory and corporate governance … Expand
The most reliable factors for explaining market leverage are: median industry leverage (+ effect on leverage), market-to-book assets ratio (-), tangibility (+), profits (-), log of assets (+), and expected inflation (+). In addition, we find that dividend-paying firms tend to have lower leverage.
