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Determinants of Capital Structure and Adjustment to Long Run Target: Evidence From UK Company Panel Data
Abstract
This paper examines the empirical determinants of borrowing decisions of firms and the role of adjustment process. A partial adjustment model is estimated by GMM estimation procedure using data for an unbalanced panel of 390 UK firms over the period of 1984–1996. Our results suggest that firms have long‐term target borrowing ratios and they adjust to their target ratios relatively fast, which might suggest that the costs of being away from their target ratios are significant. The results also provide support for positive impact of size, and negative effects of growth opportunities, liquidity, profitability of firms and non‐debt tax shields on the borrowing decisions of companies.
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Citations
Cited by
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Margaritis, D., & Psillaki, M. (2010) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2009.08.023 · Cited by 870
Determinants of capital structure of Chinese-listed companies
Chen, J. J. (2004) · Journal of Business Research · doi:10.1016/s0148-2963(03)00070-5 · Cited by 853
An International Comparison of Capital Structure and Debt Maturity Choices
Fan, J. P. H., Twite, G. J., & Titman, S. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.423483 · Cited by 339
Capital structure in an emerging stock market: The case of India
Chakraborty, I. (2010) · Research in International Business and Finance · doi:10.1016/j.ribaf.2010.02.001 · Cited by 294
Evaluation of credit risk based on firm performance
Psillaki, M., Tsolas, I. E., & Margaritis, D. (2010) · European Journal of Operational Research · doi:10.1016/j.ejor.2009.03.032 · Cited by 234
Metadata
- Authors
- Ozkan, A.
- Venue
- Journal of Business Finance & Accounting
- Publisher
- Wiley
- Published
- 2001-01
- Volume
- 28
- Issue
- 1-2
- Pages
- 175-198
- ISSN
- 0306-686X (ISSN-L)
- 1468-5957
- OpenAlex
- W2034625637
- Cited by
- 839
- References
- 0
- FWCI
- 29.12
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long Run Target: Evidence From UK Company Panel Data. Journal of Business Finance & Accounting. https://doi.org/10.1111/1468-5957.00370
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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.
