This paper develops a model of dynamic capital structure based on a sample of NASDAQ listed firms and estimated the unobservable optimal capital structure using a wide range of observable determinants. The authors separate the firms into two categories—Information and Communication Technology (ICT) and non-ICT—in order to test whether the uniqueness of the former has any different implications. For a panel of ICT and non-ICT firms listed on the NASDAQ stock exchange, the results reveal that the leverage ratio of an ICT firm is more affected by income variability, uniqueness, and the dot-com crisis compared to non-ICT firms.
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