کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959837 929373 2010 26 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Capital structure decisions: Evidence from deregulated industries
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Capital structure decisions: Evidence from deregulated industries
چکیده انگلیسی

Deregulation significantly affects the firms’ operating environment and leverage decisions. Firms experience a significant decline in profitability, asset tangibility and a significant increase in growth opportunities following deregulation. Firms respond by reducing leverage. Deregulation also significantly affects the cross-sectional relation between leverage and its determinants. Leverage is much less negatively correlated with profitability and market-to-book and much more positively (negatively) correlated with firm size (earnings volatility) following deregulation. These results are consistent with the dynamic tradeoff theory of capital structure. Also consistent with the dynamic tradeoff theory, those firms that are more likely to be above their target capital structure issue significantly more equity in the first few years following deregulation.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 95, Issue 2, February 2010, Pages 249–274
نویسندگان
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