Capital Structure and Speed of Adjustment in U.S. Firms. Α Comparative Study in Microeconomic and Macroeconomic Conditions-A Quantile Regression Approach
- Andreas Kaloudis
- Dimitrios Tsolis
Abstract
The major perspective of this paper is to provide more evidence regarding how “quickly”, in different macroeconomic states, firms adjust their capital structure to their leverage targets. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression model to investigate the behavior of firm-specific and macroeconomic factors across all quantiles of distribution of leverage (book leverage and market leverage). Therefore, depending on a partial adjustment model, we find that the adjustment speed fluctuated in different stages of book versus market leverage. Furthermore, while macroeconomic states change, we detect clear differentiations of the contribution and the effects of the firm-specific and the macroeconomic variables between market leverage and book leverage debt ratios. Consequently, we deduce that across different macroeconomic states the nature and maturity of borrowing influence the persistence and endurance of the relation between determinants and borrowing.
- Full Text:
PDF
- DOI:10.5539/ibr.v12n10p98
Journal Metrics
h-index (January 2024): 102
i10-index (January 2024): 947
h5-index (January 2024): N/A
h5-median(January 2024): N/A
( The data was calculated based on Google Scholar Citations. Click Here to Learn More. )
Index
- Academic Journals Database
- ACNP
- ANVUR (Italian National Agency for the Evaluation of Universities and Research Institutes)
- CNKI Scholar
- COPAC
- CrossRef
- EBSCOhost
- EconBiz
- ECONIS
- EconPapers
- Elektronische Zeitschriftenbibliothek (EZB)
- EuroPub Database
- Excellence in Research for Australia (ERA)
- Genamics JournalSeek
- Google Scholar
- Harvard Library
- IBZ Online
- IDEAS
- Infotrieve
- Kobson
- LOCKSS
- Mendeley
- MIAR
- Norwegian Centre for Research Data (NSD)
- PKP Open Archives Harvester
- Publons
- Qualis/CAPES
- RePEc
- ResearchGate
- ROAD
- Scilit
- SHERPA/RoMEO
- SocioRePEc
- Technische Informationsbibliothek (TIB)
- The Keepers Registry
- UCR Library
- Universe Digital Library
- ZBW-German National Library of Economics
- Zeitschriften Daten Bank (ZDB)
Contact
- Kevin DuranEditorial Assistant
- ibr@ccsenet.org