کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960594 | 929506 | 2006 | 38 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Partial adjustment toward target capital structures
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
The empirical literature provides conflicting assessments about how firms choose their capital structures. Distinguishing among the three main hypotheses (“tradeoff”, pecking order, and market timing) requires that we know whether firms have long-run leverage targets and (if so) how quickly they adjust toward them. Yet many previous researchers have applied empirical specifications that fail to recognize the potential for incomplete adjustment. A more general, partial-adjustment model of firm leverage indicates that firms do have target capital structures. The typical firm closes about one-third of the gap between its actual and its target debt ratios each year.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 79, Issue 3, March 2006, Pages 469–506
Journal: Journal of Financial Economics - Volume 79, Issue 3, March 2006, Pages 469–506
نویسندگان
Mark J. Flannery, Kasturi P. Rangan,