Financial Pressure and Balance Sheet Adjustment by Firms
AbstractThis paper examines the financial policies and balance sheet adjustment of companies. Using a large panel of UK-listed firms we consider how companies resolve pressures on their balance sheet, estimating models for dividends, new equity issuance and investment. The results indicate that companies resolve balance sheet pressures by each of these means. Financial policies, through dividends and new equity issuance, and real investment decisions, respond to the underlying level of debt and the borrowing cost of servicing that debt. Dividends are estimated to be slow to adjust in the short run. Copyright 2007 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics and Statistics.
Volume (Year): 69 (2007)
Issue (Month): 5 (October)
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