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Capital structure in U.S., a quantile regression approach with macroeconomic impacts

Author

Listed:
  • Andreas KALOUDIS

    (University of Patras, Cultural Heritage and New Technologies Department, Patras, Greece.)

  • Dimitrios TSOLIS

    (University of Patras, Cultural Heritage and New Technologies Department, Patras, Greece.)

Abstract

The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure adjustment in different macroeconomics states by focusing and discussing the relative importance of firm-specific and macroeconomic characteristics from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). Thus, based on a partial adjustment model, we find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raises up while the long-term debt ratio slows down for same periods.

Suggested Citation

  • Andreas KALOUDIS & Dimitrios TSOLIS, 2018. "Capital structure in U.S., a quantile regression approach with macroeconomic impacts," Journal of Economics Bibliography, EconSciences Journals, vol. 5(1), pages 1-17, March.
    • Handle: RePEc:cvv:journ6:v:5:y:2018:i:1:p:1-17
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    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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