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Empirical corporate capital structure

In: Handbook of Corporate Finance

Author

Listed:
  • Murray Z. Frank
  • Vidhan K. Goyal

Abstract

Corporate capital structure has been a key, challenging puzzle for finance for more than 50 years. Why do firms use the observed financing methods? The literature has developed useful ideas and a much-improved sense of the relevant facts to solve this puzzle. Taxes, the need to fund investments, and informational imperfections all play a role in the capital structure decisions of firms. Many other factors may also be significant, at least under some circumstances. Currently, no generally accepted unified theory adequately accounts for all of the stylized facts. This survey provides a review that focuses on the empirical aspects of the issue.

Suggested Citation

  • Murray Z. Frank & Vidhan K. Goyal, 2024. "Empirical corporate capital structure," Chapters, in: David J. Denis (ed.), Handbook of Corporate Finance, chapter 2, pages 27-125, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20105_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800373891.00009
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