Business cycles, financial cycles and capital structure
Sign Up to like & getrecommendations! Published in 2018 at "Annals of Finance"
DOI: 10.1007/s10436-017-0306-z
Abstract: We perform peridogram based cycle analysis of firm capital structure and find evidence that firms’ leverage is both persistent and cyclical. The cyclicality of leverage is supported by the trade-off, pecking order and market timing… read more here.
Keywords: capital structure; capital; financial cycles; business ... See more keywords
R&D Investment timing, default and capital structure
Sign Up to like & getrecommendations! Published in 2019 at "Review of Quantitative Finance and Accounting"
DOI: 10.1007/s11156-019-00807-6
Abstract: This paper investigates the interaction between R&D investment timing, probability of default, and capital structure. In particular we are interested in studying the investment behaviour of three different types of firms according to their capital… read more here.
Keywords: capital structure; investment; investment timing; default ... See more keywords
Capital structure, debt maturity, and financial crisis: empirical evidence from SMEs
Sign Up to like & getrecommendations! Published in 2019 at "Small Business Economics"
DOI: 10.1007/s11187-019-00165-6
Abstract: Based on a unique dataset of Italian small- and medium-sized enterprises (SMEs) over the 2006–2016 period, we investigate how the recent global financial crisis impacted SMEs’ capital structure decisions and their determinants. Our results show… read more here.
Keywords: debt; capital structure; financial crisis; crisis ... See more keywords
Capital structure and firm performance: evidence of Germany under IFRS adoption
Sign Up to like & getrecommendations! Published in 2019 at "Review of Managerial Science"
DOI: 10.1007/s11846-019-00344-5
Abstract: This paper is an attempt to empirically examine the relationship between firm performance and capital structure. The study sample consists of the non-financial firms listed in Germany during the period 1993–2016. The European stock market… read more here.
Keywords: capital structure; firm; firm performance;
Generalized trust, personalized trust, and dynamics of capital structure: Evidence from China
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DOI: 10.1016/j.chieco.2021.101640
Abstract: Abstract This paper investigates the impact of social trust on a firm's adjustment speed toward an optimal capital structure. Leveraging the availability of generalized trust and personalized trust metrics in China, we find that, as… read more here.
Keywords: personalized trust; generalized trust; trust; capital structure ... See more keywords
Regional variation in the capital structure adjustment speed of listed firms: Evidence from China
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DOI: 10.1016/j.econmod.2017.03.028
Abstract: This paper investigates whether in China, a country large in size, geographically diverse and imbalanced in regional economic development, variation in firm capital structure11Capital structure=total debt/(total debt+market equity), It stands for a firm's leverage ratio.… read more here.
Keywords: capital structure; capital; regional variation; listed firms ... See more keywords
Capital structure and speed of adjustment in non-financial firms: Does sharia compliance matter? Evidence from Saudi Arabia
Sign Up to like & getrecommendations! Published in 2019 at "Emerging Markets Review"
DOI: 10.1016/j.ememar.2019.03.008
Abstract: Abstract This study investigates the effect of sharia compliance status on firms' capital structure decisions and speed of adjustment in non-financial firms in the Saudi Arabian market from 2005 to 2016. It finds that sharia… read more here.
Keywords: capital structure; speed adjustment; structure; sharia compliance ... See more keywords
Ethical investing and capital structure
Sign Up to like & getrecommendations! Published in 2020 at "Emerging Markets Review"
DOI: 10.1016/j.ememar.2020.100774
Abstract: Abstract We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we… read more here.
Keywords: capital structure; capital; investing capital; ethical investing ... See more keywords
Capital structure volatility, financial vulnerability, and stock returns: Evidence from Korean firms
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DOI: 10.1016/j.frl.2018.10.019
Abstract: Abstract Using a large dataset of listed firms in Korea, we test whether volatility of capital structure affects stock returns in a systematic way. Stock returns of high capital-structure-volatility firms belonging to different size groups… read more here.
Keywords: structure volatility; capital structure; volatility; stock ... See more keywords
The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan
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DOI: 10.1016/j.heliyon.2020.e04741
Abstract: The study aimed to analyse the role of the capital structure in the financial performance of 90 textile firms listed in Pakistan Stock Exchange (PSX) during the period 2008–2017. The dependent variable was return on… read more here.
Keywords: capital structure; financial performance; performance; firm ... See more keywords
Entry and capital structure mimicking in concentrated markets: The role of incumbents’ financial disclosures
Sign Up to like & getrecommendations! Published in 2020 at "Journal of Accounting and Economics"
DOI: 10.1016/j.jacceco.2020.101379
Abstract: Abstract We examine whether the public availability of product market incumbents’ financial disclosures leads to greater capital structure mimicking of incumbents by entrants. Exploiting a change in disclosure enforcement for German private firms in the… read more here.
Keywords: capital structure; structure mimicking; financial disclosures; incumbents financial ... See more keywords