کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960349 929445 2007 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of state laws on capital structure
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
The effect of state laws on capital structure
چکیده انگلیسی

US manufacturing firms incorporated in states with stronger payout restrictions use less debt, while antitakeover statutes do not significantly reduce long-run leverage. Correcting for the endogenously determined choice of where to incorporate, we find that firms sort themselves according to state laws and capital structure needs. After accounting for self-selection, state antitakeover laws are positively associated with debt as a fraction of market value, possibly due to lower market values for these firms. Payout restrictions appear to reduce leverage for firms that have not reincorporated outside their home states. These constraints explain part of the negative relation between profitability and leverage.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 83, Issue 2, February 2007, Pages 297–319
نویسندگان
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