The DOI matches its Crossref record; 8 of the 8 references it cites were found in a registry or an index.
Does the Source of Capital Affect Capital Structure?
Abstract
Prior work on leverage implicitly assumes capital availability depends solely on firm characteristics. However, market frictions that make capital structure relevant may also be associated with a firm’s source of capital. Examining this intuition, we find firms that have access to the public bond markets, as measured by having a debt rating, have significantly more leverage. Although firms with a rating are fundamentally different, these differences do not explain our findings. Even after controlling for firm characteristics that determine observed capital structure, and instrumenting for the possible endogeneity of having a rating, firms with access have 35% more debt.
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Cites
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Cited by
Capital structure decisions: Which factors are reliably important?
Frank, M. Z., & Goyal, V. K. (2009) · Financial Management · doi:10.1111/j.1755-053x.2009.01026.x · Cited by 2,859
Does Credit Competition Affect Small‐Firm Finance?
RICE, T., & STRAHAN, P. E. (2010) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01555.x · Cited by 684
Accounting conservatism and firm investment efficiency
García Lara, J. M., García Osma, B., & Penalva, F. (2016) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2015.07.003 · Cited by 659
A Review of Empirical Capital Structure Research and Directions for the Future
Graham, J. R., & Leary, M. T. (2011) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102710-144821 · Cited by 547
ALTERNATIVE ESTIMATING AND TESTING EMPIRICAL STRATEGIES FOR FRACTIONAL REGRESSION MODELS
Ramalho, E. A., Ramalho, J. J. S., & Murteira, J. M. R. (2011) · Journal of Economic Surveys · doi:10.1111/j.1467-6419.2009.00602.x · Cited by 448
Metadata
- Authors
- Faulkender, M., & Petersen, M. A.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2005-10-28
- Volume
- 19
- Issue
- 1
- Pages
- 45-79
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3022374830
- Cited by
- 1,375
- References
- 8
- FWCI
- 139.53
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
