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Cited by 1,101

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

The Choice Between Equity and Debt: An Empirical Study

MARSH, PAUL·1982·The Journal of Finance
DOI 10.1111/j.1540-6261.1982.tb01099.x
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Abstract

This empirical study of security issues by UK companies between 1959 and 1974 focuses on how companies select between financing instruments at a given point in time. It throws light on a number of interesting questions. First, it demonstrates that companies are heavily influenced by market conditions and the past history of security prices in choosing between debt and equity. Second, it provides evidence that companies appear to make their choice of financing instrument as if they have target levels of debt in mind. Finally, the results are consistent with the notion that these target debt levels are themselves a function of company size, bankruptcy risk, and asset composition.

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Citations

Cites

Show all 3 references

Research works printed but not linked: 46

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Cited by

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Metadata

Authors
MARSH, P.
Venue
The Journal of Finance
Publisher
Wiley
Published
1982-03
Volume
37
Issue
1
Pages
121-144
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1982.tb01099.x
OpenAlex
W2138593640
Cited by
1,101
References
3
FWCI
31.28
Type
journal article
Language
en
Open access
closed
Licence
onlinelibrary.wiley.com/termsAndConditions#vor (vor, 11018 d)

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CoChat. (2026). Citation check: The Choice Between Equity and Debt: An Empirical Study. https://app.cochat.ai/papers/10.1111/j.1540-6261.1982.tb01099.x
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MARSH, P. (1982). The Choice Between Equity and Debt: An Empirical Study. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1982.tb01099.x

Data sources

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.