...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Managerial finance >Testing trade-off and pecking order models of capital structure: does legal system matter?
【24h】

Testing trade-off and pecking order models of capital structure: does legal system matter?

机译：测试资本结构的权衡取舍模型：法律制度重要吗？

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Purpose - This paper aims to examine the link between financing patterns, information asymmetry and legal traditions in 37 countries during the 1990-2004 period. Design/methodology/approach - The analysis is based on three theories: the trade-off theory, peeking order hypothesis and market timing hypothesis. The authors test the predictions of these theories/hypotheses using regression analysis. The econometric method used is panel data with firm and country fixed effects. The authors develop a modified pecking order model which controls for short- and long-term debt level changes and simultaneously test the predictions of all theories. Findings - Consistent with studies for US firms, the results show that firms across all countries adjust toward the target leverage, but with significantly different rate. The long-term debt contribution in the rate of adjustment is 64 percent in common law countries and 51 percent in civil law countries. The ability of the model to explain changes in leverage ratios is higher in common law countries. The authors find support for market timing hypothesis but no support for pecking order of financing. These results support their conjecture that stronger investor protection, higher transparency and well-developed financial markets in common law countries reduce the cost of recapitalization. Research limitations/implications - The limitation of this study comes from lack of data availability to measure contract enforcement, transparency, and corporate governance variables. Future research can incorporate these variables to explain the differences in capital structure decisions across countries with different legal systems. Practical implications - The findings show that firms' capital structure decisions are not only a function of their own characteristics but also the result of legal and financial market development in which they operate. Originality/value - This is the first study that sheds light about rate of adjustment to optimal capital structure and pecking order of financing in 37 countries with different legal traditions and financial market developments. The authors are not aware of any other study that uses a modified pecking order model in an international context.
机译：目的-本文旨在研究1990-2004年间37个国家/地区的融资模式，信息不对称与法律传统之间的联系。设计/方法/方法-分析基于三种理论：权衡理论，偷看订单假设和市场时机假设。作者使用回归分析检验了这些理论/假设的预测。使用的计量经济学方法是具有固定和国家固定影响的面板数据。作者开发了一种改进的啄食顺序模型，该模型可以控制短期和长期债务水平的变化，并同时检验所有理论的预测。调查结果-与针对美国公司的研究一致，结果表明，所有国家/地区的公司都朝着目标杠杆调整，但比率却大不相同。调整后的长期债务贡献率在普通法国家为64％，在大陆法系国家为51％。在普通法国家中，该模型解释杠杆比率变化的能力更高。作者发现支持市场时机假设，但不支持啄食顺序。这些结果支持了他们的推测，即普通法国家中更好的投资者保护，更高的透明度和发达的金融市场降低了资本重组的成本。研究的局限性/意义-这项研究的局限性在于缺乏数据可用性来衡量合同执行，透明度和公司治理变量。未来的研究可以结合这些变量来解释具有不同法律制度的国家之间资本结构决策的差异。实际意义-研究结果表明，企业的资本结构决策不仅是其自身特征的函数，而且还是其经营所在的法律和金融市场发展的结果。原创性/价值-这是第一个研究，揭示了在37个法律传统和金融市场发展不同的国家中，对最佳资本结构的调整率和融资顺序的研究。作者没有意识到任何其他在国际背景下使用改良的啄食顺序模型的研究。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号