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Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung

  • Wolfgang Drobetz
  • Pascal Pensa
  • Claudia B. Wöhle

    ()

    (University of Basel)

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    Im Rahmen einer Fragebogenuntersuchung werden die Determinanten der Kapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen, österreichische n und schweizerischen börsennotierten Unternehmen untersucht. Die Ergebnisse decken sich weitgehend mit der Befragungsstudie von Graham und Harvey (2001) bei US-amerikanischen Unternehmen. Bei Entscheidungen über die Aufnahme von Fremdkapital sind ein Bedürfnis nach Flexibilität und die Sorge um das Bonitätsrating besonders stark ausgeprägt. Bei einer Kapitalerhöhung stehen hingegen die Einhaltung eines Zielverschuldungsgrades, negative Kursreaktionen sowie eine mögliche Gewinnverwässerung im Vordergrund. Im Unterschied zu den US-amerikanischen Ergebnissen wird Markt-Timing von den befragten Unternehmen als nicht relevant eingestuft. Theoretische Ansätze wie das Trade-Off-Modell, die Signalhypothese und die Pecking-Order-Theorie erhalten insgesamt nur geringe Zustimmung, obwohl diesen in Teilaspekten praktische Bedeutung zukommt. Insgesamt zeigt sich aber, dass Finanzentsche ider immer noch eher „Faustregeln“ befolgen, deren Anwendung zwar einfach ist, die aus theoretischer Sicht aber zumeist kritisch hinterfragt werden müssen.

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    Paper provided by Faculty of Business and Economics - University of Basel in its series Working papers with number 2004/09.

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    Date of creation: 2004
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    Handle: RePEc:bsl:wpaper:2004/09
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