Эксоцман
на главную поиск contacts

The Influence of Firm Maturation on Firms' Rate of Adjustment to Their Optimal Capital Structures

Опубликовано на портале: 21-06-2006
Journal of American Taxation Association. 2001.  Vol. 23. No. 2. P. 70-94. 
Extant empirical research on firms' adjustment to their optimal capital structures is cross-sectional. However, Scholes and Wolfson (1989) argue that refinancing costs that accumulate with age increasingly impede firms from restoring their optimal capital structures. This study provides evidence on the time-series variation in the rate at which firms move toward their leverage targets that is consistent with this prediction. In separate tests, age is measured from two dates—from firms' initial public offerings and from their incorporation—to examine whether the duration of their public and private experience, respectively, affect the evolution in financial policies. This paper contributes to the literature by developing a research design that isolates the influence of dynamic refinancing costs on the leverage adjustment problem. The evidence also justifies future research on Scholes and Wolfson's (1989) predictions about the time-series pattern in firms' tax shields by empirically validating that refinancing costs increasingly constrain their capital structures.
BiBTeX
RIS
Ключевые слова

См. также:
Franck Bancel, Usha R. Mittoo
Financial Management. 2004.  Vol. 33. No. 4. P. 103-132. 
[Статья]
Michael J. Barclay, Clifford W. Smith
Journal of Finance. 1995.  Vol. 50. No. 2. P. 609-631. 
[Статья]
Michael L. Lemmon, Jaime F. Zender
Working Paper Series (SSRN). 2002. 
[Статья]
Helen Short, Kevin Keasey, Darren Duxbury
International Journal of the Economics of Business. 2002.  Vol. 9. No. 3. P. 375-399. 
[Статья]
Harold Jr. Bierman, K. Chopra, J. Thomas
Journal of Financial and Quantitative Analysis. 1975.  Vol. 10. No. 1. P. 119-129. 
[Статья]
Sreedhar T. Bharath, Paolo Pasquariello, Guojun Wu
Working Paper Series (SSRN). 2006. 
[Статья]
Hayne E. Leland, Chris Hennessy, Dirk Hackbarth
AFA 2005 Philadelphia Meetings; 14th Annual Utah Winter Finance Conference Paper. 2004. 
[Статья]