Asymmetric adjustment toward optimal capital structure: Evidence from a crisis

International Review of Financial Analysis - Tập 33 - Trang 226-242 - 2014
Viet Anh Dang1, Minjoo Kim2, Yongcheol Shin3
1Manchester Business School, University of Manchester, MBS Crawford House, Booth Street West, Manchester M15 6PB, UK
2Adam Smith Business School, University of Glasgow, Glasgow G12 8QQ, UK
3Department of Economics and Related Studies, University of York, Heslington, York YO10 5DD, UK

Tóm tắt

Từ khóa


Tài liệu tham khảo

Aivazian, 2005, The impact of leverage on firm investment: Canadian evidence, Journal of Corporate Finance, 11, 277, 10.1016/S0929-1199(03)00062-2

Almeida, 2007, Financial constraints, asset tangibility, and corporate investment, Review of Financial Studies, 20, 1429, 10.1093/rfs/hhm019

Alvarez, 2003, The time series and cross-section asymptotics of dynamic panel data estimators, Econometrica, 71, 1121, 10.1111/1468-0262.00441

Anderson, 1982, Formulation and estimation of dynamic models using panel data, Journal of Econometrics, 18, 47, 10.1016/0304-4076(82)90095-1

Andrews, 1994, Optimal tests when a nuisance parameter is present only under the alternative, Econometrica, 62, 1383, 10.2307/2951753

Andrews, 1996, Testing for serial correlation against an ARMA(1, 1) process, Journal of the American Statistical Association, 91, 1331

Antoniou, 2008, The determinants of capital structure: Capital market oriented versus bank oriented institutions, Journal of Financial and Quantitative Analysis, 43, 59, 10.1017/S0022109000002751

Arellano, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Review of Economic Studies, 58, 227, 10.2307/2297968

Baker, 2002, Market timing and capital structure, Journal of Finance, 57, 1, 10.1111/1540-6261.00414

Bernanke, 1989, Agency costs, net worth and business fluctuations, American Economic Review, 79, 14

Bernanke, 1995, Inside the black box: The credit channel of monetary transmission, Journal of Economic Perspectives, 9, 27, 10.1257/jep.9.4.27

Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, Journal of Econometrics, 87, 115, 10.1016/S0304-4076(98)00009-8

Byoun, 2008, How and when do firms adjust their capital structures towards targets?, Journal of Finance, 63, 3069, 10.1111/j.1540-6261.2008.01421.x

Campbell, 2012, Financing constraints and the cost of capital: Evidence from the funding of corporate pension funds, Review of Financial Studies, 25, 868, 10.1093/rfs/hhr119

Campello, 2011, Liquidity management and corporate investment during a financial crisis, Review of Financial Studies, 24, 1944, 10.1093/rfs/hhq131

Campello, 2010, The real effects of financial constraints: Evidence from a financial crisis, Journal of Financial Economics, 97, 470, 10.1016/j.jfineco.2010.02.009

Chan, 1993, Consistency and limiting distribution of the least squares estimator of a threshold autoregressive model, Annals of Statistics, 21, 520, 10.1214/aos/1176349040

Chang, 2009, Target behavior and financing: How conclusive is the evidence, Journal of Finance, 64, 1767, 10.1111/j.1540-6261.2009.01479.x

Chen, 2007, Mechanical mean reversion of leverage ratios, Economic Letters, 95, 223, 10.1016/j.econlet.2006.10.008

Cook, 2010, Macroeconomic conditions and capital structure adjustment speed, Journal of Corporate Finance, 16, 73, 10.1016/j.jcorpfin.2009.02.003

Covas, 2011, The cyclical behavior of debt and equity finance, American Economic Review, 101, 877, 10.1257/aer.101.2.877

Dang, 2011, Asymmetric partial adjustment toward target leverage: International evidence

Dang, 2012, Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models, Journal of Empirical Finance, 19, 465, 10.1016/j.jempfin.2012.04.004

Davies, 1987, Hypothesis testing when a nuisance parameter is present only under the alternative, Biometrika, 74, 33

DeAngelo, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics, 8, 3, 10.1016/0304-405X(80)90019-7

Diebold, 2009, Measuring financial asset return and volatility spillovers with application to global equity markets, The Economic Journal, 119, 158, 10.1111/j.1468-0297.2008.02208.x

Diebold, 2014, On the network topology of variance decompositions: Measuring the connectedness of financial firms, Journal of Econometrics, 10.1016/j.jeconom.2014.04.012

Drobetz, 2006, Firm characteristics and dynamic capital structure adjustment

Drobetz, 2006, What determines the speed of adjustment to the target capital structure?, Applied Financial Economics, 16, 941, 10.1080/09603100500426358

Duchin, 2010, Costly external finance, corporate investment, and the subprime mortgage credit crisis, Journal of Financial Economics, 97, 418, 10.1016/j.jfineco.2009.12.008

Ebrahim, 2014, Dynamic capital structure and political patronage: The case of Malaysia, International Review of Financial Analysis, 31, 117, 10.1016/j.irfa.2013.11.004

Elsas, 2011, Heterogeneity in the speed of adjustment toward target leverage, International Review of Finance, 11, 181, 10.1111/j.1468-2443.2011.01130.x

Erel, 2012, Macroeconomic conditions and capital raising, Review of Financial Studies, 25, 341, 10.1093/rfs/hhr085

European Central Bank, 2012, Corporate indebtedness in the Euro area, 87

Fama, 2002, Testing trade-off and pecking order predictions about dividends and debt, Review of Financial Studies, 15, 1, 10.1093/rfs/15.1.1

Faulkender, 2012, Cash flows and leverage adjustments, Journal of Financial Economics, 103, 632, 10.1016/j.jfineco.2011.10.013

Fischer, 1989, Dynamic capital structure choice: Theory and tests, Journal of Finance, 44, 19, 10.1111/j.1540-6261.1989.tb02402.x

Flannery, 2013, Estimating dynamic panel models in corporate finance, Journal of Corporate Finance, 19, 1, 10.1016/j.jcorpfin.2012.09.004

Flannery, 2006, Partial adjustment toward target capital structures, Journal of Financial Economics, 79, 469, 10.1016/j.jfineco.2005.03.004

Frank, 2007, Trade-off and pecking order theories of debt

Frank, 2009, Capital structure decisions: Which factors are reliably important?, Financial Management, 38, 1, 10.1111/j.1755-053X.2009.01026.x

Gertler, 1993, The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence, Scandinavian Journal of Economics, 95, 43, 10.2307/3440134

Hackbarth, 2006, Capital structure, credit risk, and macroeconomic conditions, Journal of Financial Economics, 82, 519, 10.1016/j.jfineco.2005.10.003

Hadlock, 2010, New evidence on measuring financial constraints: Moving beyond the KZ index, Review of Financial Studies, 23, 1909, 10.1093/rfs/hhq009

Hall, 2005

Hanousek, 2011, A stubborn persistence: Is the stability of leverage ratios determined by the stability of the economy?, Journal of Corporate Finance, 17, 1360, 10.1016/j.jcorpfin.2011.07.004

Hansen, 1996, Inference when a nuisance parameter is not identified under the null hypothesis, Econometrica, 64, 413, 10.2307/2171789

Hansen, 1999, Threshold effects in non-dynamic panels: Estimation, testing and inference, Journal of Econometrics, 93, 345, 10.1016/S0304-4076(99)00025-1

Hansen, 2000, Sample splitting and threshold estimation, Econometrica, 68, 575, 10.1111/1468-0262.00124

Hovakimian, 2011, In search of conclusive evidence: How to test for adjustment to target capital structure, Journal of Corporate Finance, 17, 33, 10.1016/j.jcorpfin.2010.07.004

Huang, 2009, Testing theories of capital structure and estimating the speed of adjustment, Journal of Financial and Quantitative Analysis, 44, 237, 10.1017/S0022109009090152

Ivashina, 2010, Bank lending during the financial crisis of 2008, Journal of Financial Economics, 97, 319, 10.1016/j.jfineco.2009.12.001

Jensen, 1986, Agency costs of free cash flow, corporate finance and takeovers, American Economic Review, 76, 323

Kaplan, 1997, Do investment–cash flow sensitivities provide useful measures of financial constraints?, Quarterly Journal of Economics, 112, 159, 10.1162/003355397555163

Kiyotaki, 1997, Credit cycles, Journal of Political Economy, 105, 211, 10.1086/262072

Korajczyk, 2003, Capital structure choice: Macroeconomic conditions and financial constraints, Journal of Financial Economics, 68, 75, 10.1016/S0304-405X(02)00249-0

Kraus, 1973, A state-preference model of optimal financial leverage, Journal of Finance, 28, 911, 10.1111/j.1540-6261.1973.tb01415.x

Lamont, 2001, Financial constraints and stock returns, Review of Financial Studies, 14, 529, 10.1093/rfs/14.2.529

Leary, 2005, Do firms rebalance their capital structures, Journal of Finance, 60, 2575, 10.1111/j.1540-6261.2005.00811.x

Lee, 1995, The costs of raising capital, Journal of Financial Research, 19, 59, 10.1111/j.1475-6803.1996.tb00584.x

Leland, 1994, Corporate debt value, bond covenants, and optimal capital structure, Journal of Finance, 49, 1213, 10.1111/j.1540-6261.1994.tb02452.x

Lemmon, 2008, Back to the beginning: Persistence and the cross-section of corporate capital structure, Journal of Finance, 63, 1575, 10.1111/j.1540-6261.2008.01369.x

Mackie-Mason, 1990, Do taxes affect corporate financing decisions?, Journal of Finance, 45, 1471, 10.1111/j.1540-6261.1990.tb03724.x

Maddala, 1994, Switching regression models with exogenous and endogenous switching, vol. 2, 369

Modigliani, 1958, The cost of capital, corporate finance and the theory of investment, American Economic Review, 49, 261

Myers, 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5, 145, 10.1016/0304-405X(77)90015-0

Myers, 1984, The capital structure puzzle, Journal of Finance, 34, 575, 10.2307/2327916

Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, 13, 187, 10.1016/0304-405X(84)90023-0

Newey, 1984, A method of moments interpretation of sequential estimators, Economic Letters, 14, 201, 10.1016/0165-1765(84)90083-1

Nickell, 1981, Biases in dynamic models with fixed effects, Econometrica, 49, 1417, 10.2307/1911408

Ozkan, 2001, Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data, Journal of Business Finance and Accounting, 28, 175, 10.1111/1468-5957.00370

Pagan, 1984, Econometric issues in the analysis of regressions with generated regressors, International Economic Review, 25, 221, 10.2307/2648877

Rajan, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance, 50, 1421, 10.1111/j.1540-6261.1995.tb05184.x

Roodman, 2009, How to do xtabond2: An introduction to difference and system GMM in Stata?, Stata Journal, 9, 86, 10.1177/1536867X0900900106

Strebulaev, 2007, Do tests of capital structure theory mean what they say?, Journal of Finance, 62, 1747, 10.1111/j.1540-6261.2007.01256.x

Strebulaev, 2013, The mystery of zero-leverage firms, Journal of Financial Economics, 109, 1, 10.1016/j.jfineco.2013.02.001

Titman, 1988, The determinants of capital structure choice, Journal of Finance, 43, 1, 10.1111/j.1540-6261.1988.tb02585.x

Whited, 2006, Financial constraints risk, Review of Financial Studies, 19, 531, 10.1093/rfs/hhj012