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http://hdl.handle.net/1783.1/6057
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| Title: | Capital structure decisions : which factors are reliably important? |
| Authors: | Goyal, Vidhan K.
Frank, Murray Z. |
| Keywords: | Capital structure
Pecking order
Tradeoff theory
Market timing
Multiple imputation |
| Issue Date: | 2009 |
| Citation: | Financial Management , v. 38, iss. 1, p. 1-37 |
| Abstract: | This paper examines the relative importance of many factors in the everage decisions of publicly traded American firms from 1950 to 2003. The most reliable factors are median industry leverage (+ effect on leverage), market-to-book ratio (-), tangibility (+), profits (-), log of assets (+), and expected inflation (+). Industry subsumes a number of smaller effects. The empirical evidence seems reasonably consistent with some versions of the tradeoff theory of capital structure. |
| Rights: | This is a preprint article published in Financial Management © copyright 2009 Wiley-Blackwell. The original journal article is posted on the journal's web site at http://www.interscience.wiley.com |
| URI: | http://hdl.handle.net/1783.1/6057 |
| Appears in Collections: | FINA Journal/Magazine Articles
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| LevCor2008July14.pdf | pre-published version | 263Kb | Adobe PDF | View/Open |
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