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Deviation from the target capital structure and acquisition choices

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  1. Chung, Chune Young & Hur, Seok-Kyun & Wang, Kainan, 2017. "Strategic merger decisions across business cycles: Evidence from bidders' time-varying appetite for operating leverage," International Review of Economics & Finance, Elsevier, vol. 47(C), pages 143-158.
  2. Croci, Ettore & Petmezas, Dimitris, 2015. "Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 1-23.
  3. Aflatooni, Abbas & Ghaderi, Kaveh & Mansouri, Kefsan, 2022. "Sanctions against Iran, political connections and speed of adjustment," Emerging Markets Review, Elsevier, vol. 51(PB).
  4. Attaoui, Sami & Cao, Wenbin & Six, Pierre, 2021. "Capital structure and the optimal payment methods in acquisitions," International Review of Law and Economics, Elsevier, vol. 66(C).
  5. Alexandridis, George & Chen, Zhong & Zeng, Yeqin, 2021. "Financial hedging and corporate investment," Journal of Corporate Finance, Elsevier, vol. 67(C).
  6. Karampatsas, Nikolaos & Petmezas, Dimitris & Travlos, Nickolaos G., 2014. "Credit ratings and the choice of payment method in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 474-493.
  7. Ha Thanh Nguyen & Balachandran Muniandy & Darren Henry, 2024. "Adjustment speed of capital structure: A literature survey of empirical research," Australian Journal of Management, Australian School of Business, vol. 49(3), pages 448-477, August.
  8. Burns, Natasha & Minnick, Kristina & Smith, Aimee Hoffmann, 2021. "The role of directors with related supply chain industry experience in corporate acquisition decisions," Journal of Corporate Finance, Elsevier, vol. 67(C).
  9. Aktas, Nihat & Petmezas, Dimitris & Servaes, Henri & Karampatsas, Nikolaos, 2021. "Credit ratings and acquisitions," Journal of Corporate Finance, Elsevier, vol. 69(C).
  10. Faiza Asad & Saqib Gulzar & Kenbata Bangassa & Majid Jamal Khan, 2020. "Capital structure adjustment and market reaction following seasoned equity offerings," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 25(3), pages 388-411, July.
  11. 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.
  12. Ke, Dun-Yao & Su, Xuan-Qi, 2024. "How Do Elite-Educated CEOs Choose the M&A Payment Method? Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 88(C).
  13. 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.
  14. Zhou, Qing & Tan, Kelvin Jui Keng & Faff, Robert & Zhu, Yushu, 2016. "Deviation from target capital structure, cost of equity and speed of adjustment," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 99-120.
  15. Ma, Rufei & Fu, Xinxin & Ji, Qiang & Zhai, Pengxiang, 2025. "Climate awareness in management and deviation from target leverage: Evidence from China," Finance Research Letters, Elsevier, vol. 76(C).
  16. Li, Xiaoyi & Shiu, Yung-Ming, 2023. "How does actual relative to target leverage affect reinsurance use?," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 874-890.
  17. Field, Laura Casares & Mkrtchyan, Anahit & Wang, Yuan, 2022. "Bond liquidity and investment," Journal of Banking & Finance, Elsevier, vol. 145(C).
  18. Bai, Min & Ho, Ly & Lu, Yue & Qin, Yafeng, 2023. "Labor protection and dynamic leverage adjustments in the OECD countries," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 502-527.
  19. Bouteska, Ahmed, 2019. "The effect of investor sentiment on market reactions to financial earnings restatements: Lessons from the United States," Journal of Behavioral and Experimental Finance, Elsevier, vol. 24(C).
  20. Dang, Man & Henry, Darren, 2016. "Partial-control versus full-control acquisitions: Does target corporate governance matter? Evidence from eight East and Southeast Asian countries," Pacific-Basin Finance Journal, Elsevier, vol. 40(PB), pages 251-265.
  21. Emanuele Teti & Maurizio Dallocchio & Tancredi Currao, 2022. "Family ownership and M&A payment method," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 1989-2005, April.
  22. Cline, Brandon N. & Garner, Jacqueline L. & Yore, Adam S., 2014. "Exploitation of the internal capital market and the avoidance of outside monitoring," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 234-250.
  23. Alexandridis, George & Antypas, Nikolaos & Gulnur, Arman & Visvikis, Ilias, 2020. "Corporate financial leverage and M&As choices: Evidence from the shipping industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 133(C).
  24. Peng, Fei & Anwar, Sajid & Kang, Lili, 2020. "Institutional monitoring, coordination and corporate acquisitions in China," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
  25. Ahmed, Yousry & Elshandidy, Tamer, 2016. "The effect of bidder conservatism on M&A decisions: Text-based evidence from US 10-K filings," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 176-190.
  26. Tan, Kelvin Jui Keng & Zhou, Qing & Pan, Zheyao & Faff, Robert, 2021. "Business shocks and corporate leverage," Journal of Banking & Finance, Elsevier, vol. 131(C).
  27. Croci, Ettore & Pantzalis, Christos & Park, Jung Chul & Petmezas, Dimitris, 2017. "The role of corporate political strategies in M&As," Journal of Corporate Finance, Elsevier, vol. 43(C), pages 260-287.
  28. Lai, Xiaobing & Zhang, Fan, 2022. "Can ESG certification help company get out of over-indebtedness? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
  29. Jaffe, Jeffrey & Jindra, Jan & Pedersen, David & Voetmann, Torben, 2015. "Returns to acquirers of public and subsidiary targets," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 246-270.
  30. Yousry Ahmed & Tamer Elshandidy, 2021. "Effect of leverage deviation on choices and outcomes of public versus non‐public acquisitions," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3436-3459, July.
  31. Dennis, Steven A. & Wang, Song & Zhang, Yilei, 2021. "Debt Issues around Mergers & Acquisitions," Research in International Business and Finance, Elsevier, vol. 58(C).
  32. Yanmin Shao, 2024. "Does excessive debt affect the green technology innovation? Evidence from China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(8), pages 19579-19596, August.
  33. Mario Fischer, 2015. "Challenging the payment effect in bank-financed takeovers," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(4), pages 347-376, October.
  34. Agliardi, Elettra & Amel-Zadeh, Amir & Koussis, Nicos, 2016. "Leverage changes and growth options in mergers and acquisitions," Journal of Empirical Finance, Elsevier, vol. 37(C), pages 37-58.
  35. Suman Lodh & Nitin Deshmukh & Alireza Rohani, 2024. "Stemming the tide: Does climate risk affect M&A performance?," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 858-881, February.
  36. Harford, Jarrad & Uysal, Vahap B., 2014. "Bond market access and investment," Journal of Financial Economics, Elsevier, vol. 112(2), pages 147-163.
  37. Fischer, Mario, 2017. "The source of financing in mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 227-239.
  38. Moataz Elmassri & Tariq Z Elrazaz & Yousry Ahmed, 2024. "Unlocking the mergers and acquisitions puzzle in the United Arab Emirates: Investigating the impact of corporate leverage on target selection and payment methods," PLOS ONE, Public Library of Science, vol. 19(3), pages 1-16, March.
  39. Ralf Bebenroth & Kashif Ahmed, 2021. "Japanese firms' overpayments for cross‐border acquisitions," International Finance, Wiley Blackwell, vol. 24(2), pages 257-273, August.
  40. Hong Zhu & Qi Zhu, 2016. "Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals," Asia Pacific Journal of Management, Springer, vol. 33(4), pages 1107-1149, December.
  41. Henry Agyei-Boapeah, 2017. "Easing Financing and M&A Investment Constraints: The Role of Corporate Industrial Diversification," Annals of Economics and Finance, Society for AEF, vol. 18(2), pages 277-290, November.
  42. Renneboog, Luc & Vansteenkiste, Cara, 2019. "Failure and success in mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 650-699.
  43. Hu, May & Mou, Jiayi & Tuilautala, Mataiasi, 2020. "How trade credit affects mergers and acquisitions," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 1-12.
  44. Bates, Thomas W. & Neyland, Jordan B. & Wang, Yolanda Yulong, 2018. "Financing acquisitions with earnouts," Journal of Accounting and Economics, Elsevier, vol. 66(2), pages 374-395.
  45. Ralf Elsas & Mark J. Flannery & Jon A. Garfinkel, 2014. "Financing Major Investments: Information about Capital Structure Decisions," Review of Finance, European Finance Association, vol. 18(4), pages 1341-1386.
  46. Joseph J. French & Juxin Yan & Yukihiro Yasuda, 2019. "Relationships Matter: the Impact of Bank-Firm Relationships on Mergers and Acquisitions in Japan," Journal of Financial Services Research, Springer;Western Finance Association, vol. 56(3), pages 259-305, December.
  47. Muhammad Usman & Ernest Gyapong & Henry Agyei-Boapeah & Junming Yin, 2025. "Returnee directors and corporate fraud," Review of Accounting Studies, Springer, vol. 30(3), pages 2822-2867, September.
  48. Huang, Chia-Wei & Lin, Chih-Yen & Lin, Wen-Chun & Tsai, Yun-Ching, 2022. "Corruption transfer and acquisition performance," Journal of Banking & Finance, Elsevier, vol. 135(C).
  49. Blomkvist, Magnus & Felixson, Karl & Löflund, Anders & Vyas, Hitesh, 2022. "Strategic underleveraging and acquisitions," Journal of Corporate Finance, Elsevier, vol. 76(C).
  50. Magnus Blomkvist & Johannes Kortekangas & Hitesh Vyas, 2021. "Credit rating levels and acquisitions: the European evidence," Economics Bulletin, AccessEcon, vol. 41(2), pages 222-233.
  51. Magnus Blomkvist & Johannes Kortekangas & Hitesh Vyas, 2021. "Credit Rating Levels and Acquisitions: The European Evidence," Post-Print hal-03196701, HAL.
  52. Chung, Chune Young & Liu, Chang & Wang, Kainan, 2018. "Do firms have target capital structures? Evidence from institutional monitoring," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 65-77.
  53. Arman Gülnur & Nikolaos Antypas, 2023. "Favourable funding conditions: friend or foe of shipping M&As?," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(4), pages 728-754, December.
  54. Mona Yaghoubi & Reza Yaghoubi & Graeme Guthrie, 2018. "How Do Firms Make Capital Structure Decisions When Facing Big Events? The Case of Hospital Corporation of America (HCA)," Working Papers in Economics 18/21, University of Canterbury, Department of Economics and Finance.
  55. Fang, Tian Jin & Han, Jianlei & He, Jing & Shi, Jing, 2021. "Property rights protection and mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  56. Dang, Man & Henry, Darren & Hoang, Viet Anh Duong, 2017. "Target CEO age, ownership decisions, and takeover outcomes," Research in International Business and Finance, Elsevier, vol. 42(C), pages 769-783.
  57. Alex Edmans & Vivian W. Fang & Allen H. Huang, 2022. "The Long‐Term Consequences of Short‐Term Incentives," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 60(3), pages 1007-1046, June.
  58. Flannery, Mark J. & Hanousek, Jan & Shamshur, Anastasiya & Tresl, Jiri, 2023. "M&A Activity and the Capital Structure of Target Firms," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 58(5), pages 2064-2095, August.
  59. Magnus Blomkvist & Karl Felixson & Anders Loflund, 2019. "Do bidders pay cash for underleveraged targets?," Economics Bulletin, AccessEcon, vol. 39(1), pages 547-553.
  60. Abeyratna Gunasekarage & Mehdi Khedmati & Kristina Minnick & Syed Shams, 2023. "Board gender diversity and acquisition choices," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(4), pages 949-991, December.
  61. Surendranath Rakesh Jory & Thanh Ngo & Ca Nguyen, 2021. "Debt covenants and asset versus equity acquisitions," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(1), pages 145-177, April.
  62. Durand, Robert B. & Laing, Elaine & Thao Ngo, Minh, 2016. "The disciplinary role of leverage: evidence from East Asian cross-border acquirers’ returns," Finance Research Letters, Elsevier, vol. 18(C), pages 83-88.
  63. Ann‐Ngoc Nguyen & David Kernohan & Tung Nguyen, 2024. "Minority versus majority: The choice of acquisition in Asia‐Pacific countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 1125-1140, January.
  64. Pei Chu & Mohamed Elsayed & Yousry Ahmed, 2025. "Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 1163-1189, April.
  65. Chen, Zehao & Li, Yibo & Lin, Yuyang & Pan, Jingrui, 2023. "Business environment and corporate financing decisions: From the perspective of dynamic adjustment of capital structure," Finance Research Letters, Elsevier, vol. 58(PB).
  66. Aktas, Nihat & Andries, Kathleen & Croci, Ettore & Ozdakak, Ali, 2019. "Stock market development and the financing role of IPOs in acquisitions," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 25-38.
  67. He Huang & Ye Ye, 2021. "Rethinking capital structure decision and corporate social responsibility in response to COVID‐19," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 4757-4788, September.
  68. Gunasekarage, Abeyratna & Minnick, Kristina & Shams, Syed, 2025. "Board gender diversity at target firms and acquisition decisions of gender diverse bidders," Journal of Financial Stability, Elsevier, vol. 78(C).
  69. Sholomitskaya, Elena (Шоломицкая, Елена), 2017. "New Capital Investment vs. M&A: Evidence from Russian Public Corporates [Инвестиции В Новый Капитал И Сделки Поглощений: Случай Российских Публичных Корпораций]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 226-249, February.
  70. Ahmed, Yousry & Elshandidy, Tamer, 2018. "Why do over-deviated firms from target leverage undertake foreign acquisitions?," International Business Review, Elsevier, vol. 27(2), pages 309-327.
  71. Michael Gombola & Dalia Marciukaityte, 2013. "Changes In Capital Structure: Asset Characteristics Or Managerial Preferences," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 519-542, December.
  72. Eckbo, B. Espen & Makaew, Tanakorn & Thorburn, Karin S., 2018. "Are stock-financed takeovers opportunistic?," Journal of Financial Economics, Elsevier, vol. 128(3), pages 443-465.
  73. Qi, Qianru & Wang, Jing, 2021. "Debt structure instability using machine learning," Journal of Financial Stability, Elsevier, vol. 57(C).
  74. Col, Burcin & Sen, Kaustav, 2019. "The role of corporate governance for acquisitions by the emerging market multinationals: Evidence from India," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 239-254.
  75. Chen, Sheng-Syan & Lin, Chih-Yen, 2018. "Managerial ability and acquirer returns," The Quarterly Review of Economics and Finance, Elsevier, vol. 68(C), pages 171-182.
  76. Boone, Audra & Uysal, Vahap B., 2020. "Reputational concerns in the market for corporate control," Journal of Corporate Finance, Elsevier, vol. 61(C).
  77. Murray, Benjamin & Svec, Jiri & Wright, Danika, 2017. "Wealth transfer, signaling and leverage in M&A," International Review of Financial Analysis, Elsevier, vol. 52(C), pages 203-212.
  78. Kangqi Jiang & Mengling Zhou & Zhongfei Chen, 2025. "Digitalization and firms' systematic risk in China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(1), pages 522-551, January.
  79. Tang, Haodan & Fang, Senhui & Jiang, Dianchun, 2022. "The market value effect of digital mergers and acquisitions: Evidence from China," Economic Modelling, Elsevier, vol. 116(C).
  80. Shofiqur Rahman, 2020. "Credit supply and capital structure adjustments," Financial Management, Financial Management Association International, vol. 49(4), pages 949-972, December.
  81. Ho, Ly & Bai, Min & Lu, Yue & Qin, Yafeng, 2021. "The effect of corporate sustainability performance on leverage adjustments," The British Accounting Review, Elsevier, vol. 53(5).
  82. repec:cuf:journl:y:2017:v:18:i:1:agyei-boapeah is not listed on IDEAS
  83. Hu, May & Yang, Jingjing, 2016. "The role of leverage in cross-border mergers and acquisitions," International Review of Economics & Finance, Elsevier, vol. 43(C), pages 170-199.
  84. Vermaelen, Theo & Xu, Moqi, 2014. "Acquisition finance and market timing," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 73-91.
  85. Mei Cheng & Jacob Jaggi & Spencer Young, 2022. "Customer concentration of targets in mergers and acquisitions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1314-1355, July.
  86. Ang, James S. & Daher, Mai M. & Ismail, Ahmad K., 2019. "How do firms value debt capacity? Evidence from mergers and acquisitions," Journal of Banking & Finance, Elsevier, vol. 98(C), pages 95-107.
  87. Basnet, Anup & Blomkvist, Magnus & Cumming, Douglas J., 2022. "Premature listing and post-IPO venture capital refinancing," Economics Letters, Elsevier, vol. 216(C).
  88. Huang, Chia-Wei & Lin, Chih-Yen, 2023. "Extreme negative events and corporate acquisitions: Terrorist attacks," Global Finance Journal, Elsevier, vol. 58(C).
  89. Merkoulova, Yulia & Zivanovic, Branislav, 2022. "Financial constraints and financing sources in mergers and acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
  90. David Hillier & Patrick McColgan & Athanasios Tsekeris, 2022. "How did the Sarbanes–Oxley Act affect managerial incentives? Evidence from corporate acquisitions," Review of Quantitative Finance and Accounting, Springer, vol. 58(4), pages 1395-1450, May.
  91. Wan, Die & Yang, Teng & Yang, Xiaoguang, 2021. "IPO relative difficulty, M&A option and size effect," Journal of Asian Economics, Elsevier, vol. 76(C).
  92. Azizjon Alimov, 2021. "The Impact of Government Borrowing on Corporate Acquisitions: International Evidence," Working Papers 2021-ACF-04, IESEG School of Management, revised Mar 2023.
  93. Zhengqiang Feng & Siman Xie, 2021. "The DuPont financial indicators and the short‐term market performance of Chinese cross‐border M&As: The moderating role of payment method," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4262-4276, July.
  94. Dutordoir, Marie & Strong, Norman C. & Sun, Ping, 2022. "Does short-selling potential influence merger and acquisition payment choice?," Journal of Financial Economics, Elsevier, vol. 144(3), pages 761-779.
  95. Sabet, Amir H. & Agha, Mahmoud & Heaney, Richard, 2018. "Value of investment: Evidence from the oil and gas industry," Energy Economics, Elsevier, vol. 70(C), pages 190-204.
  96. Mengyao Kang, 2022. "Credit rating downgrade risk and acquisition decisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(5-6), pages 1011-1073, May.
  97. Sergey Tsyplakov, 2019. "Can Post-Merger Integration Costs and Synergy Delays Explain Leverage Dynamics of Mergers?," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-36, December.
  98. Pereira da Silva, Paulo & Vieira, Isabel & Vieira, Carlos, 2015. "M&A operations: Further evidence of informed trading in the CDS market," Journal of Multinational Financial Management, Elsevier, vol. 32, pages 116-130.
  99. Lan Thi Mai Nguyen & Trang Khanh Tran & Cameron Truong, 2024. "Family ownership and speed of adjustment towards targeted capital structures: A study of ASEAN firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 445-474, March.
  100. Hasibul Chowdhury & Shofiqur Rahman & Harikumar Sankaran, 2021. "Leverage deviation from the target debt ratio and leasing," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(2), pages 3481-3515, June.
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