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How Capital Structure Adjusts Dynamically during Financial Crisis

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Author Info

  • Shamsher M.

    (University Putra Malaysia)

  • M. Ariff

    (University of Tokyo & Bond University)

  • Taufiq H

    (University Putra Malaysia)

Abstract

The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were estimated. The results identified 13 significant variables, which included many macroeconomic variables previously not studied, thus evidence is produced of the impact of macroeconomic factors on capital structure for the first time. We also estimated the adjustment parameters using a new dynamic adjustment model applied to an unbalanced panel data set of distressed and healthy firms. It is found that the adjustment parameters are different in the short term and long term. These new findings add to the capital structure literature.

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File URL: http://www.carf.e.u-tokyo.ac.jp/pdf/workingpaper/fseries/134.pdf
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Bibliographic Info

Paper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-130.

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Length: 35 pages
Date of creation: Aug 2008
Date of revision:
Handle: RePEc:cfi:fseres:cf130

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Cited by:
  1. Sandra Leitner & Robert Stehrer, 2012. "Access to Finance and Composition of Funding during the Crisis: A firm-level analysis for Latin American countries," wiiw Working Papers 78, The Vienna Institute for International Economic Studies, wiiw.

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