کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967977 931428 2011 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Liquidity and capital structure: The case of Thailand
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Liquidity and capital structure: The case of Thailand
چکیده انگلیسی

We explore the impact of liquidity on capital structure decisions. Firms that enjoy more liquid equity experience a lower cost of equity and may be more motivated to adopt more equity and less debt in their capital structure. Consistent with this notion, the empirical evidence demonstrates an inverse relation between liquidity and leverage. Our results are especially interesting because we examine firms in Thailand, where capital markets are less sophisticated than the U.S., bank loans more prevalent, and corporate ownership much more concentrated. In spite of these differences, we document that Thai firms with more liquid equity are significantly less leveraged.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Multinational Financial Management - Volume 21, Issue 2, April 2011, Pages 106–117
نویسندگان
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