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首页> 外文期刊>International Journal of Managerial Finance >The capital structure dynamics of Malaysian firms: timing behavior vs adjustment toward the target
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The capital structure dynamics of Malaysian firms: timing behavior vs adjustment toward the target

机译：马来西亚企业的资本结构动态：时机行为与向目标的调整

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Purpose - The purpose of this paper is to investigate how the timing behavior and the adjustment toward the target of capital structure interact with each other in the capital structure decisions. Past literature finds that both timing and targeting are significant in determining the leverage ratio which is inconsistent with any standalone framework. This study argues that the preference of the firm for timing behavior or targeting behavior depends on the cost of deviation from the target. Since the cost of deviation from the target is likely to be asymmetric between overleveraged and underleveraged firms, the direction of the deviation from the target leverage is expected to alter the preference toward timing or targeting in the capital structure decision. Design/methodology/approach - This study used the GMM system estimators with the Malaysian data for the period of 1992-2009 to fit a standard partial adjustment model and to estimate the speed of adjustment (SOA) of capital structure. Findings - This study finds that Malaysian firms, on average, adjust their leverage at a slow speed of 12.7 percent annually and this rate increased to 14.2 percent when the timing variable is accounted for. Moreover, the SOA is found to be significantly higher and the timing role is lower for overleveraged firms compared with underleveraged firms. Overleveraged firms seem to find less flexibility to time the market as more pressure is exerted on them to return to the target regardless the timing opportunities because of the higher costs of deviation from the target leverage. Underleveraged firms place lower priority to rebalance toward the target compared with overleveraged firms as the costs of being underleveraged are lower and hence, these firms have more flexibility to time the market. Research limitations/implications - The findings of this study support that firms consider both targeting and timing in their financing decisions. No standalone theory can interpret the full spectrum of empirical results. The empirical work is based on partial adjustment model of leverage; however, this model has been criticized by inability to distinguish between active adjustment behavior and mechanical mean reversion. This is an avenue for future research. Originality/value - This study investigates if targeting and timing behaviors are mutually exclusive as theoretically expected or they can coexist. A theoretical explanation and an empirical investigation support the conclusion that firms consider both targeting and timing in their financing decisions. This study provides evidence from Malaysian firms that are characterized by concentrated ownership structure and separation of cash flow rights and control rights of the firm due to pyramid ownership structure. Therefore, it provides evidence on how environmental characteristics may affect the capital structure determinants of the firm.
机译：目的-本文的目的是研究资本结构决策中的时间行为和对资本结构目标的调整如何相互影响。过去的文献发现，在确定杠杆比率时，时间安排和目标定位都很重要，这与任何独立的框架都不一致。这项研究认为，企业对时机行为或目标行为的偏好取决于偏离目标的成本。由于偏离目标的成本在杠杆过高和杠杆不足的公司之间可能是不对称的，因此预期偏离目标杠杆的方向会改变对资本结构决策中时机或目标的偏好。设计/方法/方法-这项研究使用GMM系统估算器和1992-2009年间的马来西亚数据来拟合标准的部分调整模型并估算资本结构的调整速度（SOA）。调查结果-该研究发现，马来西亚公司平均每年以12.7％的缓慢速度调整其杠杆率，并且在考虑时间变量后，这一比率提高到14.2％。此外，与低杠杆企业相比，高杠杆企业的SOA显着更高，时序作用更低。过度杠杆化的公司似乎发现对市场进行时间调整的灵活性较小，这是因为与目标杠杆的偏离成本较高，无论时机如何，它们都施加更大的压力以返回目标。与杠杆不足的公司相比，与杠杆不足的公司相比，杠杆不足的公司将实现目标平衡的优先级降低，因为杠杆不足的成本较低，因此，这些公司有更大的灵活性来把握市场时机。研究的局限性/含义-该研究的结果支持企业在财务决策中同时考虑目标和时机。没有任何独立的理论可以解释全部的经验结果。实证工作基于杠杆的部分调整模型。但是，该模型因无法区分主动调整行为和机械均值回复而受到批评。这是未来研究的途径。原创性/价值-这项研究调查了瞄准行为和计时行为是否如理论上预期的那样相互排斥或可以共存。理论解释和实证研究支持以下结论：企业在其融资决策中既要考虑目标又要考虑时机。这项研究提供了来自马来西亚公司的证据，这些公司的特征是所有权结构集中，并且由于金字塔所有权结构而使公司的现金流量权和控制权分离。因此，它提供了有关环境特征如何影响企业资本结构决定因素的证据。

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