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Non-linearity in the determinants of capital structure: evidence from UK firms

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  • Bassam Fattouh

    ()

  • Laurence Harris
  • Pasquale Scaramozzino

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File URL: http://hdl.handle.net/10.1007/s00181-007-0128-3
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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 34 (2008)
Issue (Month): 3 (June)
Pages: 417-438

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Handle: RePEc:spr:empeco:v:34:y:2008:i:3:p:417-438

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Related research

Keywords: Capital structure; Quantile regression method; UK; G32; C29;

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References

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  1. Koenker, Roger W & Bassett, Gilbert, Jr, 1978. "Regression Quantiles," Econometrica, Econometric Society, vol. 46(1), pages 33-50, January.
  2. Peyer, Urs C. & Shivdasani, Anil, 2001. "Leverage and internal capital markets: evidence from leveraged recapitalizations," Journal of Financial Economics, Elsevier, vol. 59(3), pages 477-515, March.
  3. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
  4. Doukas, John A. & Pantzalis, Christos, 2003. "Geographic diversification and agency costs of debt of multinational firms," Journal of Corporate Finance, Elsevier, vol. 9(1), pages 59-92, January.
  5. Castanias, Richard, 1983. " Bankruptcy Risk and Optimal Capital Structure," Journal of Finance, American Finance Association, vol. 38(5), pages 1617-35, December.
  6. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02.
  7. Andres Almazan & Carlos A. Molina, 2005. "Intra-Industry Capital Structure Dispersion," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(2), pages 263-297, 06.
  8. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
  9. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
  10. repec:sae:niesru:v:139:y::i:1:p:88-94 is not listed on IDEAS
  11. Bo, Hong & Sterken, Elmer, 2002. "Volatility of the interest rate, debt and firm investment: Dutch evidence," Journal of Corporate Finance, Elsevier, vol. 8(2), pages 179-193, March.
  12. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-44, June.
  13. Bradley, Michael & Jarrell, Gregg A & Kim, E Han, 1984. " On the Existence of an Optimal Capital Structure: Theory and Evidence," Journal of Finance, American Finance Association, vol. 39(3), pages 857-78, July.
  14. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
  15. Michael J. Barclay & Clifford W. Smith, 1999. "The Capital Structure Puzzle: Another Look At The Evidence," Journal of Applied Corporate Finance, Morgan Stanley, vol. 12(1), pages 8-20.
  16. Omar Arias & Kevin F. Hallock & Walter Sosa Escudero, 1999. "Individual Heterogeneity in the Returns to Schooling: Instrumental Variables Quantile Regression using Twins Data," Department of Economics, Working Papers 016, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
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Citations

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Cited by:
  1. Joaquim Ramalho & J. Silva, 2013. "Functional form issues in the regression analysis of financial leverage ratios," Empirical Economics, Springer, vol. 44(2), pages 799-831, April.
  2. Valérie Revest & Alessandro Sapio, 2012. "Financing technology-based small firms in Europe: what do we know?," Small Business Economics, Springer, vol. 39(1), pages 179-205, July.
  3. Sánchez-Vidal, F. Javier, 2014. "High debt companies' leverage determinants in Spain: A quantile regression approach," Economic Modelling, Elsevier, vol. 36(C), pages 455-465.
  4. Ralf Sabiwalsky, 2008. "Nonlinear Modeling of Target Leverage with Latent Determinant Variables – New Evidence on the Trade-off Theory," SFB 649 Discussion Papers SFB649DP2008-062, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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