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A stubborn persistence: is the stability of leverage ratios determined by the stability of the economy?

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    0364563 - NHU-C 2012 RIV NL eng J - Journal Article
    Hanousek, Jan - Shamshur, Anastasiya
    A stubborn persistence: is the stability of leverage ratios determined by the stability of the economy?
    Journal of Corporate Finance. Roč. 17, č. 5 (2011), s. 1360-1376. ISSN 0929-1199. E-ISSN 1872-6313
    R&D Projects: GA ČR GA402/09/1595; GA MŠMT LC542
    Institutional research plan: CEZ:MSM0021620846
    Keywords : capital structure * financing decisions * Eastern Europe
    Subject RIV: AH - Economics
    Impact factor: 1.447, year: 2011

    The choice of capital structure firms make is a fundamental issue in the financial literature. According to a recent finding, the capital structure of firms remains almost unchanged during their lives. This stability of leverage ratios is mainly generated by an unobserved firm-specific effect that is liable for the majority of the variation in capital structure. We demonstrate that even substantial changes in the economic environment do not affect the stability of firms' leverage due to the presence of credit constraints.
    Permanent Link: http://hdl.handle.net/11104/0200018

     
     
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