Počet záznamů: 1

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

  1. 1.
    0364563 - NHU-C 2012 RIV NL eng J - Článek v odborném periodiku
    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
    Grant CEP: GA ČR GA402/09/1595; GA MŠk LC542
    Výzkumný záměr: CEZ:MSM0021620846
    Klíčová slova: capital structure * financing decisions * Eastern Europe
    Kód oboru RIV: AH - Ekonomie
    Impakt faktor: 1.447, rok: 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.
    Trvalý link: http://hdl.handle.net/11104/0200018