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|Title: ||Capital structure decisions : which factors are reliably important?|
|Authors: ||Goyal, Vidhan K.|
Frank, Murray Z.
|Keywords: ||Capital structure|
|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|
|Appears in Collections:||FINA Journal/Magazine Articles|
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