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Corporate Behavior in Adjusting to Capital Structure and Dividend Targets: An Econometric Study

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Cited by:

  1. Frank, Murray Z. & Shen, Tao, 2019. "Corporate capital structure actions," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 384-402.
  2. Joseph Ooi & Seow-Eng Ong & Lin Li, 2010. "An Analysis of the Financing Decisions of REITs: The Role of Market Timing and Target Leverage," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 130-160, February.
  3. Chang Nam & Doina Radulescu, 2010. "Effects of corporate tax reform on optimum debt maturity," Annals of Finance, Springer, vol. 6(3), pages 369-389, July.
  4. Edgar Norton, 1991. "Capital Structure and Small Growth Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 1(2), pages 161-177, Winter.
  5. Costa-Campi, M.T. & Duch-Brown, N. & García-Quevedo, J., 2014. "R&D drivers and obstacles to innovation in the energy industry," Energy Economics, Elsevier, vol. 46(C), pages 20-30.
  6. Loof, Hans, 2004. "Dynamic optimal capital structure and technical change," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 449-468, December.
  7. Jun Jiang & Komain Jiranyakul, 2013. "Capital Structure, Cost of Debt and Dividend Payout of Firms in New York and Shanghai Stock Exchanges," International Journal of Economics and Financial Issues, Econjournals, vol. 3(1), pages 113-121.
  8. Eugene Nivorozhkin, 2003. "The dynamics of capital structure in transition economies," Macroeconomics 0303005, University Library of Munich, Germany.
  9. Diehl, Markus, 1990. "On the determinants of credit allocation in developing countries: Empirical evidence for Brazil and Peru," Kiel Working Papers 451, Kiel Institute for the World Economy (IfW Kiel).
  10. Koh, SzeKee & Durand, Robert B. & Watson, Iain, 2011. "Seize the moment: Opportunism in Australian capital markets," Pacific-Basin Finance Journal, Elsevier, vol. 19(4), pages 374-389, September.
  11. Biswajit Ghose & Kailash Chandra Kabra, 2019. "Capital Structure Dynamics and Financing Imbalance: Evidence from an Emerging Economy," Emerging Economy Studies, International Management Institute, vol. 5(2), pages 103-124, November.
  12. Valenzuela, Patricio, 2013. "Rollover Risk and Corporate Bond Spreads," Working Papers 13-10, University of Pennsylvania, Wharton School, Weiss Center.
  13. Randall S. Billingsley & David M. Smith & Robert E. Lamy, 1994. "Simultaneous Debt And Equity Issues And Capital Structure Targets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(4), pages 495-516, December.
  14. Keefe, Michael O'Connor & Yaghoubi, Mona, 2016. "The influence of cash flow volatility on capital structure and the use of debt of different maturities," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 18-36.
  15. Rizov, Marian, 2008. "Corporate capital structure and how soft budget constraints may affect it," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(4), pages 648-684.
  16. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  17. Hovakimian, Armen & Li, Guangzhong, 2011. "In search of conclusive evidence: How to test for adjustment to target capital structure," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 33-44, February.
  18. Shyam-Sunder, Lakshmi & C. Myers, Stewart, 1999. "Testing static tradeoff against pecking order models of capital structure," Journal of Financial Economics, Elsevier, vol. 51(2), pages 219-244, February.
  19. E. Tylor Claggett, 1991. "Capital Structure: Convergent And Pecking Order Evidence," Review of Financial Economics, John Wiley & Sons, vol. 1(1), pages 35-48, September.
  20. Xiaolan Bao & Qiaosheng Luo & Sicheng Li & M. James C. Crabbe & XiaoGuang Yue, 2020. "Corporate Social Responsibility and Maturity Mismatch of Investment and Financing: Evidence from Polluting and Non-Polluting Companies," Sustainability, MDPI, vol. 12(12), pages 1-22, June.
  21. Peter Kugler & Beatrice Weder, 2004. "International Portfolio Holdings and Swiss Franc Asset Returns," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(III), pages 301-325, September.
  22. Cristina Aybar-Arias & Alejandro Casino-Martínez & José López-Gracia, 2012. "On the adjustment speed of SMEs to their optimal capital structure," Small Business Economics, Springer, vol. 39(4), pages 977-996, November.
  23. Ajid ur Rehman & Man Wang & Sultan Sikandar Mirza, 2017. "How do Chinese firms adjust their financial leverage: an empirical investigation using multiple GMM models," China Finance and Economic Review, Springer, vol. 5(1), pages 1-30, December.
  24. Mohamed Ali AZOUZI & Anis JARBOUI, 2012. "Ceo Emotional Bias And Capital Structure Choice. Bayesian Network Method," Business Excellence and Management, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 2(2), pages 47-70, June.
  25. Devos, Erik & Rahman, Shofiqur & Tsang, Desmond, 2017. "Debt covenants and the speed of capital structure adjustment," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 1-18.
  26. Julio Pindado & Luis Rodrigues & Chabela Torre, 2006. "How does Financial Distress Affect Small Firms’ Financial Structure?," Small Business Economics, Springer, vol. 26(4), pages 377-391, May.
  27. Tybout, James R. & Bark, Taeho, 1988. "Industrial portfolio responses to macroeconomic shocks : an econometric model for developing countries," Policy Research Working Paper Series 103, The World Bank.
  28. Christopher F. Baum & Mustafa Caglayan & Abdul Rashid, 2017. "Capital structure adjustments: Do macroeconomic and business risks matter?," Empirical Economics, Springer, vol. 53(4), pages 1463-1502, December.
  29. Chi-Fai Lo & Cho-Hoi Hui, 2016. "Pricing corporate bonds with interest rates following double square-root process," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1-31, September.
  30. Rose Ngugi, 2008. "Capital financing behaviour: evidence from firms listed on the Nairobi Stock Exchange," The European Journal of Finance, Taylor & Francis Journals, vol. 14(7), pages 609-624.
  31. Qian, Yanmin & Tian, Yao & Wirjanto, Tony S., 2009. "Do Chinese publicly listed companies adjust their capital structure toward a target level?," China Economic Review, Elsevier, vol. 20(4), pages 662-676, December.
  32. Nivorozhkin, Eugene, 2005. "Financing choices of firms in EU accession countries," Emerging Markets Review, Elsevier, vol. 6(2), pages 138-169, June.
  33. Islam, Silvia Z. & Khandaker, Sarod, 2015. "Firm leverage decisions: Does industry matter?," The North American Journal of Economics and Finance, Elsevier, vol. 31(C), pages 94-107.
  34. Yan Yang & Yingli Zhang, 2022. "The Impact of the Green Credit Policy on the Short-Term and Long-Term Debt Financing of Heavily Polluting Enterprises: Based on PSM-DID Method," IJERPH, MDPI, vol. 19(18), pages 1-18, September.
  35. Biswajit Ghose & Kailash Chandra Kabra, 2018. "Dynamic Capital Structure Adjustments and Business Group Affiliations: Indian Evidence," Business Perspectives and Research, , vol. 6(1), pages 27-41, January.
  36. Hülya Yılmaz, 2022. "Determinants of Dynamic Capital Structure and the Speed of Adjustment to Optimal Leverage: A Study on Financial Institutions in Turkey," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 72(72-1), pages 137-155, June.
  37. Leonard K Maina & Tobias Olweny & Kenneth L Wanjau, 2018. "Observed leverage and financial performance of listed firms in Kenya," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 7(2), pages 19-39, April.
  38. Bolaji Tunde Matemilola & Rubi Ahmad, 2015. "Debt financing and importance of fixed assets and goodwill assets as collateral: dynamic panel evidence," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 16(2), pages 407-421, April.
  39. Joye Khoo & Robert B. Durand & Subhrendu Rath, 2017. "Leverage adjustment after mergers and acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57, pages 185-210, April.
  40. Wong, Kacheng & Zhao, Longkai, 2023. "Customer–supplier relationships and non-linear financial policy response," Journal of Empirical Finance, Elsevier, vol. 73(C), pages 180-205.
  41. Ranjan D'Mello & Joseph Farhat, 2008. "A comparative analysis of proxies for an optimal leverage ratio," Review of Financial Economics, John Wiley & Sons, vol. 17(3), pages 213-227, August.
  42. Carlos Omar Trejo-Pech & NyoNyo A. Kyaw & Wei He, 2021. "Capital structure adjustment behavior of listed firms on the Mexican stock exchange," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(4), pages 573-595, October.
  43. Costa-Campi, M.T. & Duch-Brown, N. & García-Quevedo, J., 2014. "R&D drivers and obstacles to innovation in the energy industry," Energy Economics, Elsevier, vol. 46(C), pages 20-30.
  44. Jalilvand, Abol & Kim, Sung Min, 2013. "Matching slack resources and investment strategies to achieve long-term performance: New perspectives on corporate adaptability," The Journal of Economic Asymmetries, Elsevier, vol. 10(1), pages 38-52.
  45. Miguel Angel Acedo-Ramirez & Juan Carlos Ayala Calvo & Ernesto Navarrete-Martinez, 2017. "Determinants of Capital Structure: Family Businesses versus Non-Family Firms," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(2), pages 80-103, April.
  46. Lalita Anand & M. Thenmozhi & Nikhil Varaiya & Saumitra Bhadhuri, 2018. "Impact of Macroeconomic Factors on Cash Holdings?: A Dynamic Panel Model," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 17(1_suppl), pages 27-53, April.
  47. Cook, Douglas O. & Tang, Tian, 2010. "Macroeconomic conditions and capital structure adjustment speed," Journal of Corporate Finance, Elsevier, vol. 16(1), pages 73-87, February.
  48. Zélia Serrasqueiro & Manuel Armada & Paulo Nunes, 2011. "Pecking Order Theory versus Trade-Off Theory: are service SMEs’ capital structure decisions different?," Service Business, Springer;Pan-Pacific Business Association, vol. 5(4), pages 381-409, December.
  49. Harford, Jarrad & Klasa, Sandy & Walcott, Nathan, 2009. "Do firms have leverage targets? Evidence from acquisitions," Journal of Financial Economics, Elsevier, vol. 93(1), pages 1-14, July.
  50. Chakraborty, Indrani, 2010. "Capital structure in an emerging stock market: The case of India," Research in International Business and Finance, Elsevier, vol. 24(3), pages 295-314, September.
  51. Chauhan, Gaurav Singh & Huseynov, Fariz, 2018. "Corporate financing and target behavior: New tests and evidence," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 840-856.
  52. Stewart C. Myers, 2001. "Capital Structure," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 81-102, Spring.
  53. Do, Trung K. & Lai, Tuan N. & Tran, Thuy T.C., 2020. "Foreign ownership and capital structure dynamics," Finance Research Letters, Elsevier, vol. 36(C).
  54. Evaldo Guimarães Barbosa & Cristiana De Castro Moraes, 2003. "Determinants Of The Firm’S Capital Structure - The Case Of The Very Small Enterprises," Finance 0302001, University Library of Munich, Germany, revised 06 Oct 2003.
  55. Philippe GAUD & Martin HOESLI & André BENDER, 2004. "Further Evidence on Debt-Equity Choice," FAME Research Paper Series rp114, International Center for Financial Asset Management and Engineering.
  56. Stephen C. Vogt, 1994. "The role of internal financial sources in firm financing and investment decisions," Review of Financial Economics, John Wiley & Sons, vol. 4(1), pages 1-24, September.
  57. Nivorozhkin, Eugene, 2003. "The dynamics of capital structure in transition economies," BOFIT Discussion Papers 2/2003, Bank of Finland, Institute for Economies in Transition.
  58. Biswajit Ghose, 2017. "Impact of Business Group Affiliation on Capital Structure Adjustment Speed: Evidence from Indian Manufacturing Sector," Emerging Economy Studies, International Management Institute, vol. 3(1), pages 54-67, May.
  59. McMillan, David G. & Camara, Omar, 2012. "Dynamic capital structure adjustment: US MNCs & DCs," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 278-301.
  60. Raja Zekri Ben Hamouda & Nessrine Hamzaoui & Faouzi Jilani, 2023. "Capital Structure Determinants: New Evidence from the MENA Region Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 13(1), pages 144-163, January.
  61. Flannery, Mark J. & Rangan, Kasturi P., 2006. "Partial adjustment toward target capital structures," Journal of Financial Economics, Elsevier, vol. 79(3), pages 469-506, March.
  62. Cheung, W.K. Adrian & Wei, K.C. John, 2006. "Insider ownership and corporate performance: Evidence from the adjustment cost approach," Journal of Corporate Finance, Elsevier, vol. 12(5), pages 906-925, December.
  63. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March.
  64. Dominique Dufour & Eric Molay, 2010. "La Structure Financiere Des Pme Françaises : Une Analyse Sectorielle Sur Donnees De Panel," Post-Print hal-00479529, HAL.
  65. González, Vi­ctor M. & González, Francisco, 2008. "Influence of bank concentration and institutions on capital structure: New international evidence," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 363-375, September.
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  67. Shou-Min Tsao & Wei-Hao Lien, 2013. "Family Management and Internationalization: The Impact on Firm Performance and Innovation," Management International Review, Springer, vol. 53(2), pages 189-213, April.
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  69. Amarjit Gill & Harvinder S. Mand & Afshin Amiraslany & John D. Obradovich, 2019. "The Impact of Internal Financing Sources and Bank Financing on Information Technology Investment," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 18(1), pages 1-16, June.
  70. Louie DACOSTA & Charles ADUSEI, 2016. "Testing the Pecking Order Theory of Capital Structure in FTSE 350 Food Producers Firms in United Kingdom between 2001 and 2005," Expert Journal of Finance, Sprint Investify, vol. 4, pages 66-91.
  71. Kokoreva, Maria (Кокорева, Мария) & Ulugova, Aziza (Улугова, Азиза), 2015. "Corporate governance and finance company policy: a review of research [Корпоративное Управление И Политика Финансирования Компаний: Обзор Исследований]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 160-170.
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