The DOI matches its Crossref record; 47 of the 47 references it cites were found in a registry or an index; 6 of the 25 sources its claims cite were checked for support.
The Capital Structure Puzzle
Open accessAbstract
The finance and economics literature has at least three "managerial" strands: (1) descriptions of managerial capitalism, in which the separation of ownership and control is taken as a central fact of life, for example Berle and Means [5]; (2) agency theory, pioneered for finance by Jensen and Meckling [18], and (3) the detailed analysis of the personal risks and rewards facing managers and how their responses affect firms' financing or investment choices.For examples of Strand (3), see Ross's articles on financial signalling [36, 37]. 2 Put forward in "Debt and Taxes," [27], esp.pp.272-273.Note that Miller did not claim that all of firms' financing habits are neutral mutations, only that some of them may be.I doubt that Miller intended this idea as a strict null hypothesis (see below).
Overview
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
75 Own interpretation · 13 Sources not found · 3 Supported · 3 Partly supported · 3 No basis given · 2 No full text of the sources · 1 Not checked yet · accuracy not yet measured
The cited sources support only part of this claim — read each source’s verdict below.
In the paper
“Firms holding valuable intangible assets or growth opportunities tend to borrow less than firms holding mostly tangible assets.”
What the sources say
- Supportedcites Long and Malitz [21] 21. Long, M. S., and E. B. Malitz, "Investment Patterns and Financial Leverage," Working Paper, National Bureau of Economic Research, 1983. source
The Theory section says firms with tangible investment opportunities can support more debt than firms with intangible or firm-specific opportunities. The Conclusions and Implications section also reports that firms investing heavily in intangibles have lower debt capacity than those investing in tangible assets. (LLM, conf=0.94)
- Not matchedcites Williamson [41] 41. Williamson, S., "The Moral Hazard Theory of Corporate Financial Structure: An Empirical Test," Unpublished Ph.D. Dissertation, MIT, 1981.
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
plaincorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
- Supported
The cited sources support only part of this claim — read each source’s verdict below.
In the paper
“In Miller's theory, the personal income taxes on interest payments would exactly offset the corporate interest tax shield, provided that the firm pays the full statutory tax rate.”
What the sources say
- Partly supportedcites [27] 27. Miller, M., "Debt and Taxes," Journal of Finance, 32 (May 1977), 261-275. sourceExperimental — accuracy not yet measured
In “Market Equilibrium and the Behavior of Firms and Individuals” (page unavailable), Miller says personal taxes on bond interest can offset the corporate benefit of deductible interest, and that the offset is one-for-one when the relevant tax rates satisfy a specified relationship. Paying the full statutory corporate tax rate alone does not establish that relationship; the personal tax rates on bond and stock income also matter. (LLM, conf=0.87)
hedged- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
- Partly supported
Every source the paper cites for this claim was checked and supports it.
In the paper
“However, since the equilibrium only determines aggregates, debt policy should not matter for any single taxpaying firm.”
What the sources say
- Supportedcites [27] 27. Miller, M., "Debt and Taxes," Journal of Finance, 32 (May 1977), 261-275. source
Section IV, “Taxes and Market Equilibrium” (page not supplied), says the equilibrium sets aggregate corporate debt but no optimum debt ratio for an individual firm. It also says that, in equilibrium, a firm's value is independent of its capital structure despite the tax deductibility of interest. (LLM, conf=0.94)
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
- Supported
The cited sources support only part of this claim — read each source’s verdict below.
In the paper
“Risky firms tend to borrow less, other things equal.For example, both Long and Malitz [21] and Williamson [41] found significant negative relationships between unlevered betas and the level of borrowing.”
What the sources say
- Partly supportedcites Long and Malitz [21] 21. Long, M. S., and E. B. Malitz, "Investment Patterns and Financial Leverage," Working Paper, National Bureau of Economic Research, 1983. sourceExperimental — accuracy not yet measured
Table 6 reports a negative coefficient for unlevered beta (−0.099, t-statistic 7.62), and the Empirical Results section says its effect on leverage is negative. But that section also reports a significant positive relationship between total risk and leverage, so the broader claim that risky firms generally borrow less is not supported without specifying the risk measure. (LLM, conf=0.89)
- Not matchedcites Williamson [41] 41. Williamson, S., "The Moral Hazard Theory of Corporate Financial Structure: An Empirical Test," Unpublished Ph.D. Dissertation, MIT, 1981.
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
plaincorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: unclear — It is unclear whether the paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
- Partly supported
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Then if adjustment costs are small, and firms stay near their target debt ratios, I find it hard to understand the observed diversity of capital structures across firms that seem similar in a static tradeoff framework.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
The paper states this without a source or data behind it here, so there is nothing to check it against. The quote shows it is in the paper.
In the paper
“The extensive trading of depreciation tax shields and investment tax credits, through financial leases and other devices, proves that plenty of firms face low marginal rates.”
boosteddirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: unclear — It is unclear why the paper says it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Thus Miller's model allows us to explain the dispersion of actual debt policies without having to introduce non-value-maximizing managers.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Firms can not immediately offset the random events that bump them away from the optimum, so there should be some cross-sectional dispersion of actual debt ratios across a sample of firms having the same target ratio.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“and that is an assumption we can immediately reject.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Trouble is, this explanation works only if we assume that all firms face approximately the same marginal tax rate”
plainconditional- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
- Probably not a substantial claim. 13
- It may state two separate claims as one. 24
Every source the paper cites for this claim was checked and supports it.
In the paper
“Miller described an equilibrium of aggregate supply and demand for corporate debt, in which personal income taxes paid by the marginal investor in corporate debt just offset the corporate tax saving.”
What the sources say
- Supportedcites [27] 27. Miller, M., "Debt and Taxes," Journal of Finance, 32 (May 1977), 261-275. source
In Section IV, “Taxes and Market Equilibrium” (page unavailable), Miller describes an equilibrium level of aggregate corporate debt set by the intersection of bond demand and supply. The paper also explains that the bondholders’ personal-tax disadvantage can offset the corporate benefit of deductible interest one-for-one, leaving no gain from debt financing. (LLM, conf=0.91)
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
Probably not a substantial claim.
- Supported
Every source the paper cites for this claim was checked and supports it.
In the paper
“For example, Long and Malitz [21] found a significant negative relationship between rates of investment in advertising and research and development (R & D) and the level of borrowing.They also found a significant positive relationship between the rate of capital expenditure (in fixed plant and equipment) and the level of borrowing.”
What the sources say
- Supportedcites Long and Malitz [21] 21. Long, M. S., and E. B. Malitz, "Investment Patterns and Financial Leverage," Working Paper, National Bureau of Economic Research, 1983. source
Split into 2 atoms — 2 confirmed, 0 partially supported, 0 disputed, 0 misattributed, 0 unverifiable. Expand the claim to see per-atom verdicts.
plaincorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- Supported
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“However, any firm paying a lower rate would see a net loss to corporate borrowing and a net gain to lending.”
hedgeddirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“But our theories don't seem to explain actual financing behavior, and it seems presumptuous to advise firms on optimal capital structure when we are so far from explaining actual decisions.”
hedged- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“However, there must be costs, and therefore lags, in adjusting to the optimum.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. The paper may give no reason why it holds. It may state two separate claims as one.
In the paper
“We know stock prices respond to unanticipated dividend changes, so it is clear that dividends have information content-this observation dates back at least to Miller and Modigliani (MM) in 1961 [28].”
What the sources say
- Not checked — no full text of the sourcecites [28] 28. Miller, M., and F. Modigliani, "Dividend Policy, Growth and the Valuation of Shares," Journal of Business, 34 (October 1961), 411-433. "Some Estimates of the Cost of Capital to the Electric Utility Industry, 1954-1957," American Economic Review, 56 (June 1966), 333-391. source
boosteddirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: unclear — It is unclear whether the paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“This fact is embarassing to static tradeoff advocates.If firm value rises, the debt-to-value ratio falls, and firms ought to issue debt, not equity, to rebalance their capital structures.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“For some firms this number is 46 cents, or close to it.At the other extreme, there are firms with large unused loss carryforwards which pay no immediate taxes.An extra dollar of interest paid by these firms would create only a potential future deduction, usable when and if the firm earns enough to work off prior carryforwards.The expected realizable tax shield is positive but small.”
plaincorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“If there were no costs of adjustment, and the static tradeoff theory is correct, then each firm's observed debt-to-value ratio should be its optimal ratio.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Given significant differences in effective marginal tax rates, and given that the static tradeoff theory works, we would expect to find a strong tax effect in any cross-sectional test, regardless of whose theory of debt and taxes you believe.”
hedgedcorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Thus the firm faces two increasing costs as it climbs up the pecking order: it faces higher odds of incurring costs of financial distress, and also higher odds that future positive-NPV projects will be passed by because the firm will be unwilling to finance them by issuing common stock or other risky securities.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
In the paper
“Masulis [23,24] has shown that stock prices rise, on average, when a firm offers to exchange debt for equity, and fall when they offer to exchange equity for debt.”
What the sources say
- Not matchedcites Masulis [23,24]
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
boosteddirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: unclear — It is unclear whether the paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- Not matched
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Either firms take extended excursions from their targets, or the targets themselves depend on factors not yet recognized or understood.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“However, the evidence on risk and debt policy is not extensive enough to be totally convincing.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: fails — The paper’s conclusions may not depend on it.
- Based: passes — The paper gives a reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. The paper’s conclusions may not depend on it.
In the paper
“They adapt their target dividend payout ratios to their investment opportunities, although dividends are sticky and target payout ratios are only gradually adjusted to shifts in the extent of valuable investment opportunities.”
What the sources say
- Not matchedcites [13] 13. Donaldson, G., Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, Boston, Division of Research, Harvard Graduate School of Business Administration, 1961.
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: unclear — It is unclear whether the paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- Not matched
In the paper
“On average, stock price falls when firms announce a stock issue.Stock prices rise, on average, when a stock repurchase is announced.This fact has been confirmed in several studies, including those by Korwar [11].”
What the sources say
- Not matchedcites Korwar [11]
Couldn’t be matched to a paper in Crossref, so it can’t be checked.
boostedcorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- Not matched
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“I know of no study clearly demonstrating that a firm's tax status has predictable, material effects on its debt policy.”
hedged- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“For example, think of an unusually profitable firm in an industry generating relatively slow growth.That firm will end up with an unusually low debt ratio compared to its industry's average, and it won't do much of anything about it.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“However, a model based solely on this partial adjustment process would have a very low R2.Apparently the static tradeoff model captures only a small part of actual behavior.”
hedgeddirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“These results may make one a bit more comfortable with asymmetric information models of the kind sketched above, and thus a bit more comfortable with the pecking order story.”
hedged- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“For example, there is no satisfactory explanation of debt covenants unless agency costs and moral hazard problems are recognized.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Book values reflect assets-in-place (tangible assets and working capital).Market values reflect intangibles and growth opportunities as well as assets-in-place.”
plaincorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“But I think it is generally consistent with the empirical evidence.”
hedgedcorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence. The paper may give no reason why it holds.
The paper states this without a source or data behind it here, so there is nothing to check it against. The quote shows it is in the paper.
In the paper
“Costs of financial distress include the legal and administrative costs of bankruptcy, as well as the subtler agency, moral hazard, monitoring and contracting costs which can erode firm value even if formal default is avoided.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: unclear — It is unclear why the paper says it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“But issue costs in themselves do not seem large enough to override the costs and benefits of leverage emphasized in the static tradeoff story.”
hedged- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“It restrains itself for two reasons: first, to avoid any material costs of financial distress; and second, to maintain financial slack in the form of reserve borrowing power.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“They do not want to run the risk of falling into the dilemma of either passing by positive-NPV projects or issuing stock at a price they think is too low.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Any time an announcement affects stock price, we can infer that the announcement conveyed information.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: fails — The paper’s conclusions may not depend on it.
- Based: fails — The paper may give no reason why it holds.
Probably not a substantial claim. The paper’s conclusions may not depend on it. The paper may give no reason why it holds.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“The static tradeoff story works to some extent, but it seems to have an unacceptably low R2.”
hedgedcorrelational- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Thus, firms do not set target book debt ratios because accountants certify the books.Book asset values are proxies for the values of assets in place.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Since many firms have market values far in excess of book values (even if those book values are restated in current dollars), we ought to see at least a few such firms operating comfortably at very high book debt ratios-and of course we do not.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“Thus, although the theories tell different stories about aggregate supply and demand of corporate debt, they make essentially the same predictions about which firms borrow more or less than average.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“(If the manager's inside information is unfavorable, AN is negative and the firm will always issue, even if the only good use for the funds raised is to put them in the bank-a zero-NPV investment.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- The authors state this as an assumption: The firm's manager knows x and y, while investors in capital markets do not and see only a joint distribution of possible values (x, y).
- The authors state this as an assumption: Aside from the information asymmetry, capital markets are perfect and semi-strong form efficient.
- The authors state this as an assumption: MM's Proposition I holds in the sense that the stock of debt relative to real assets is irrelevant if information available to investors is held constant.
- The authors state this as an assumption: The information asymmetry is taken as given.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“I have presented it just to show how models based on asymmetric information can predict the two central ideas of the pecking order story: first, the preference for internal finance, and, second, the preference for debt over equity if external financing is sought.”
plaindirect- Asserted: passes — The authors put it forward as true.
- Checkable: passes — It can be checked against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
It may state two separate claims as one.
- The authors state this as an assumption: The firm's manager knows x and y, while investors in capital markets do not and see only a joint distribution of possible values (x, y).
- The authors state this as an assumption: Aside from the information asymmetry, capital markets are perfect and semi-strong form efficient.
- The authors state this as an assumption: MM's Proposition I holds in the sense that the stock of debt relative to real assets is irrelevant if information available to investors is held constant.
- The authors state this as an assumption: The information asymmetry is taken as given.
A conclusion the paper draws from its own results — it cites no other source for it, so there is none to check. The quote shows it is in the paper.
In the paper
“because we lack an objective proxy for changes in the degree of asymmetry.”
plain- Asserted: passes — The authors put it forward as true.
- Checkable: fails — It may be too vague to check against evidence.
- Load-bearing: passes — The paper’s conclusions depend on it.
- Based: passes — The paper gives a reason why it holds.
Probably not a substantial claim. It may be too vague to check against evidence.
The authors state this as an assumption.
Managers have special information that investors do not have.
“if one starts by assuming that managers have special information, builds a model of how that information changes financing choices, and predicts which choices will be interpreted by investors as good or bad news, then some progress has been made.”
The authors state this as an assumption.
The customary assumptions of option pricing models hold when default risk is introduced.
“Even if default risk is introduced, the absolute value of AN will be less for debt than for equity if we make the customary assumptions of option pricing models.”
The authors state this as an assumption.
The firm's manager knows x and y, while investors in capital markets do not and see only a joint distribution of possible values (x, y).
“The firm's manager knows what x and y are, but investors in capital markets do not: they see only a joint distribution of possible values (x, y).”
The authors state this as an assumption.
Aside from the information asymmetry, capital markets are perfect and semi-strong form efficient.
“Aside from the information asymmetry, capital markets are perfect and semi-strong form efficient.”
The authors state this as an assumption.
MM's Proposition I holds in the sense that the stock of debt relative to real assets is irrelevant if information available to investors is held constant.
“MM's Proposition I holds in the sense that the stock of debt relative to real assets is irrelevant if information available to investors is held constant.”
The authors state this as an assumption.
Changes in firm value are lognormally distributed.
“This amounts to assuming that changes in firm value are lognormally distributed, that managers and investors agree on the variance rate, and that managers know the current value of x + y but investors do not.”
The authors state this as an assumption.
Managers and investors agree on the variance rate.
“This amounts to assuming that changes in firm value are lognormally distributed, that managers and investors agree on the variance rate, and that managers know the current value of x + y but investors do not.”
The authors state this as an assumption.
Managers know the current value of x + y but investors do not.
“This amounts to assuming that changes in firm value are lognormally distributed, that managers and investors agree on the variance rate, and that managers know the current value of x + y but investors do not.”
The authors state this as an assumption.
New shares or risky debt would be underpriced in the example.
“This example assumes that new shares or risky debt would be underpriced.”
The authors state this as an assumption.
If the firm always has a zero-NPV opportunity available to it, the distribution of y is truncated at y = 0.
“If the firm always has a zero-NPV opportunity available to it, the distribution of y is truncated at y = 0.”
The authors state this as an assumption.
x is non-negative.
“I also assume that x is non-negative.”
The authors state this as an assumption.
The information asymmetry is taken as given.
“The information asymmetry is taken as given.”
The authors state this as an assumption.
The information asymmetry applies to both the investment project and the firm without the project.
“The information asymmetry applies to both goods-for example, the manager may receive inside information that amounts to good news about x and bad news about y, or vice versa, or good or bad news about both.”
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
Each contradiction between two passages listed here was confirmed by an independent check.
Rated minor: it would not touch a result — a value no result rests on, a p-value that stays on the same side of the significance level, or a conflict that is clerical, resolved elsewhere in the paper, or outside its own findings.
In the paper
§ The Journal of Finance
“This fact has been confirmed in several studies, including those by Korwar [11].”
§ References
“19. Korwar, A. N., "The Effect of New Issues of Equity: An Empirical Examination," Working Paper, University of California, Los Angeles, 1981.”
Rated minor: it would not touch a result — a value no result rests on, a p-value that stays on the same side of the significance level, or a conflict that is clerical, resolved elsewhere in the paper, or outside its own findings.
In the paper
§ Conclusion
“Jalilvand and Harris[16], for example.”
§ References
“17. Jalilvand, A. and R. S. Harris, "Corporate Behavior in Adjusting Capital Structure and Dividend Policy: An Econometric Study," Journal of Finance, 39 (March 1984), 127-145.”
Citations
Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
The Market for "Lemons": Quality Uncertainty and the Market Mechanism
Akerlof, G. A. (1970) · The Quarterly Journal of Economics · doi:10.2307/1879431 · Cited by 23,016
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
Self-citationThe Cost of Capital, Corporation Finance and the Theory of Investment
Miller, M. H. (1958) · American Economic Review · Cited by 14,574
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Self-citationThe cost of capital, corporation finance and the theory of investment
Terra, P. R. S. (2008) · BASE - Revista de Administração e Contabilidade da Unisinos · doi:10.4013/base.20082.07 · Cited by 9,281
The Modern Corporation and Private Property
Kline, J. V., Berle, A. A., & Means, G. C. (1933) · Columbia Law Review · doi:10.2307/1115736 · Cited by 7,445
Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have
Myers, S., & Majluf, N. (1984) · doi:10.3386/w1396 · Cited by 6,745
Self-citationDividend Policy, Growth, and the Valuation of Shares
Miller, M. H., & Modigliani, F. (1961) · The Journal of Business · doi:10.1086/294442 · Cited by 6,558
The Determination of Financial Structure: The Incentive‐Signalling Approach,
Ross, S. A. (1977) · The Bell Journal of Economics · doi:10.2307/3003485 · Cited by 4,168
Research works printed but not linked: 1
- Myers S., 1984, The Search for Optimal Capital Structure,, Midland Corporate Finance Journal, 1, 6
Cited by
Sorted by citations
Items 7,201–7,300 of 7,569
Naibaho, E. A. B., & Naurah, Z. (2023) · JRAK · doi:10.23969/jrak.v15i2.6585
Bilişim Sektörü Finansal Analizi
Taysı, K. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub255.c1155
Borsa İstanbul'da Finansal Analiz Uygulamaları: Sektörler Bazında İncelemeler II
Kılıç, Y., Buğan, M. F., Hızarcı, A. E., et al. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub255
Mesleki, Bilimsel ve Teknik Faaliyetler Sektörü Finansal Analizi
Kınay, B., & Ciğer, A. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub255.c1147
Aracı Kurumlar Sektörü Finansal Analizi
Aslan, L. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub255.c1152
Bilgi ve İletişim Sektörü Finansal Analizi
Fidancan, C., & İskenderoğlu, Ö. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub255.c1146
Ugbede, N., Felix, E., Odobi, D. O., et al. (2023) · European Journal of Accounting Auditing and Finance Research · doi:10.37745/ejaafr.2013/vol11n101935
THE RELATIONSHIP BETWEEN DERIVATIVES USE AND BANK PROFITABILITY OF THE FIVE LARGEST U.S. BANKS
(2022) · Global Journal of Accounting and Finance · doi:10.47177/gjaf.06.01.2022.044
Impact of Managers’ Gender Difference on Firms’ Liability in Vietnam
Nguyen, V. T., Dang, N. T. T., Ha, V. D., et al. (2023) · Studies in systems, decision and control · doi:10.1007/978-3-031-35763-3_35
Bond Issuance as Reputational Signal: Debunking the Negative Perception of Additional Liability
Sheng, D., & Montgomery, H. A. (2023) · International Journal of Financial Studies · doi:10.3390/ijfs11040126
Country-Specific Factors and Capital Structure of the Oil and Gas Industry: A Review
Hamzah, H. H., & Marimuthu, M. (2023) · Journal of Social Transformation and Regional Development · doi:10.30880/jstard.2023.05.01.004
Mahakud, J., & Gupta, G. (2023) · India studies in business and economics · doi:10.1007/978-981-99-5041-6_6
Owusu, C. K., Garr, D. K., & Awadzie, D. M. (2023) · International Journal of Business Management and Economics · doi:10.47747/ijbme.v4i4.1455
The Efficacy of Interest Subsidies as an Investment Incentive Instrument
ÇELEBİ, E. (2023) · Industrial Policy · doi:10.61192/indpol.1358282
Fiirst, C., Quiraque, E. H., da Silva, T. P., et al. (2023) · Enfoque Reflexão Contábil · doi:10.4025/enfoque.v42i3.59163
The Speed of Adjustment Capital Structure in The Perspective of Structure-Conduct-Performance Theory
Heryana, T., Septiani, D. H., & Tyastuty, D. R. D. R. (2023) · Jurnal ASET (Akuntansi Riset) · doi:10.17509/jaset.v15i1.56659
Exploring the Impact of Financing Practices on Sustainability of Water and Sanitation Firms in Kenya
Ndumo, D., Kiragu, D., & Shano, M. (2023) · International Journal of Science and Research (IJSR) · doi:10.21275/sr23913135012
Adebiyi, I. M., Eniola, O. J., Oluwagbade, O. I., et al. (2023) · European Journal of Accounting Auditing and Finance Research · doi:10.37745/ejaafr.2013/vol11n1196120
Corporate Site Visits and the Speed of Leverage AdjustmentPreprint
Cao, Z., Chen, M., & Wen, F. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4657136
Ashaal, A., Aziz, S., & Bazih, J. H. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4657213
Andriyani, N. K. Y., & Dwirandra, A. A. N. B. (2023) · E-Jurnal Akuntansi · doi:10.24843/eja.2023.v33.i09.p17
Öztürkmen, R. (2023) · Özgür Yayınları eBooks · doi:10.58830/ozgur.pub364
Sorriente, R. H., & Bueno, J. M. (2023) · Revista Ibero-Americana de Estratégia · doi:10.5585/2023.24887
The Effect of Family Influence and Identification on Cash Holding Decisions in Family FirmsPreprint
Alayo, M., Maseda, A., Iturralde, T., et al. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4670653
محددات هيكل رأس المال وتأثيرها على السلوك التمويلي للمشروعات الصغرى في ليبيا "دراسة تطبيقية"
محمد, م. ع. ا., الكزة, ع. ا. أ., & الفضلي, خ. ز. (2023) · The Scientific Journal of University of Benghazi · doi:10.37376/sjuob.v36i1.3913
FAKTOR FAKTOR RASIO KEUANGAN YANG MEMPENGARUHI CASH HOLDINGS
Hermanto, H., & Mesy, M. (2023) · Akuntansi Dewantara · doi:10.30738/ad.v7i2.15497
The Relationship Of Capital Structure To Profitability: Eviden Of Power Companies In G-20 Countries
Puspitasari, F. (2023) · Cakrawala Repositori IMWI · doi:10.52851/cakrawala.v6i6.559
Improving Municipal Enterprise Capitalization: Insights on Determining Factors—Evidence from Ukraine
Bagatska, K. V., Blakyta, H. V., Guliaieva, N., et al. (2023) · Studies in systems, decision and control · doi:10.1007/978-3-031-42085-6_18
Determinants of Debt Financing Decision in Sri Lankan Listed Companies
Koperunthevy, K. (2023) · International Journal of Accounting and Business Finance · doi:10.4038/ijabf.v9i2.147
Impact of Covid-19 on the capital structure of publicly listed firm: Evidence from Malaysia
Jafarian, M., Yi, Y. Z., & Carryn, C. (2024) · AIP conference proceedings · doi:10.1063/5.0181806
COMPOSITE SCORES OF DEBT FINANCING AND ECONOMIC VALUE: EMPIRICAL EVIDENCE
Aljaaidi, K. S., & Khaled Aljaaidi, N. A. (2023) · Journal of Southwest Jiaotong University · doi:10.35741/issn.0258-2724.58.6.39
Determinants of Liquidity in Microfinance Institutions: Evidence from Developing Economies
Jibir, A., Omeke, M., Mia, M. A., et al. (2024) · International Journal of Empirical Economics · doi:10.1142/s281094302450001x
¿Deuda o recursos propios? Decisiones de Financiamiento Empresarial (Estudio de Casos)
del Azuay, U., & Moscoso-Serrano, X. (2024) · doi:10.33324/ceuazuay.310
Indonesia, U. M., Situmorang, J., Sembiring, R., et al. (2023) · Jurnal Ilmu Manajemen METHONOMIX · doi:10.46880/mtx.vol6no1.pp58-65
DETERMINANTS OF CASH HOLDING OF NON-CYCLICALS SECTOR COMPANIES LISTED ON INDONESIA STOCK EXCHANGE
Angelika, S., Bangun, N., & Lukman, H. (2023) · International Journal of Application on Economics and Business · doi:10.24912/ijaeb.v1i4.2303-2314 · Cited by 2
Diterminants of Dividend Policy: The role of Corporate Governance as Moderating Variable
Sari, F., Parawiyati, P., & Harmono, H. (2024) · Journal of Economics Finance and Management Studies · doi:10.47191/jefms/v7-i2-14
Impact of Dividend Regulation on Islamic Banking Performance in PakistanPreprint
Iqbal, M. S., & Fikri, S. M. (2024) · Research Square · doi:10.21203/rs.3.rs-3930982/v1
MAPPING THE EVOLUTION OF CAPITAL STRUCTURE THEORIES-A BIBLIOMETRIC ANALYSIS USING SCOPUS DATABASE
Tolani, K. B., & Pandya, H. (2024) · EPRA International Journal of Multidisciplinary Research (IJMR) · doi:10.36713/epra15753
An Assessment of Capital Structure Decisions among Listed Deposit Money Banks in Nigeria
Ibukun-Falayi, O. R. (2024) · INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH · doi:10.56201/ijssmr.v9.no10.2023.pg1.13
Are trade credit and bank loans substitutional or complementary? A cross-size study of EU firms
(2023) · Scientific Papers of Silesian University of Technology Organization and Management Series · doi:10.29119/1641-3466.2023.179.12
Strategic Equity Issuance and Zero-Leverage PoliciesPreprint
Chen, M., Li, S., & Li, X. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4711635
Palacios, E. R. B., Luna, R. V. R., Chicaiza, J. G. A., et al. (2024) · Revista Economía y Política · doi:10.25097/rep.n39.2024.02
Martins, V. A., Kunz, A., de Almeida, R. S., et al. (2024) · Revista de Administração Contabilidade e Economia da Fundace · doi:10.13059/racef.v15i1.1147
Carlos, F. D. J., & Antonio, H. N. (2024) · doi:10.31428/10317/12463
Monetary Policy and Deleveraging of Microfinance Institutions in China: A Dynamic Threshold Approach
Li, Y., Ashhari, Z. M., Razak, N. H. A., et al. (2024) · International Journal of Academic Research in Business and Social Sciences · doi:10.6007/ijarbss/v14-i3/20863
Investigating Capital and Resources Supply Solutions in Micro and Macro Construction ProjectsPreprint
Haghighi, M. F. F. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4725106
Theoretical review of capital structure theories
Pham, H. L. (2020) · Oceňování · doi:10.18267/j.ocenovani.251
Mayangsari, D., & Wahyuningsih, P. (2023) · Jurnal Ilmiah Fokus Ekonomi Manajemen Bisnis & Akuntansi (EMBA) · doi:10.34152/emba.v1i3.636
Seasoning Effects in Corporate Bond Markets
Gao, H., Jiang, R., Wang, J., et al. (2024) · Emerald Group Publishing Limited eBooks · doi:10.1108/s2514-465020240000012002
Widyarfendhi, W., & Dalimunthe, F. R. (2023) · JWM (Jurnal Wawasan Manajemen) · doi:10.20527/jwm.v11i2.243
Material Sustainability and Investment Efficiency: An Unconventional InfluencePreprint
Nazari, J. A., & Poursoleyman, E. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4772106
THE MICROECONOMIC DETERMINANTS OF THE PERFORMANCE OF LARGE COMPANIES: CASE OF ALGERIAN COMPANIES
Benachour, A., & Tarhlissia, L. (2024) · Modern Management Review · doi:10.7862/rz.2024.mmr.02
Faktor Internal yang Mempengaruhi Cash Holding pada Perusahaan yang Terdaftar di BEI
Rokhayati, I., Pujiastuti, R., & Harsuti, H. (2024) · Monex Journal Research Accounting Politeknik Tegal · doi:10.30591/monex.v13i01.5668
Herce-Lezeta, B., Gago, M., & Bengoa, I. A. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4774331
Analisis Pengaruh Struktur Modal Terhadap Kinerja Perusahaan pada Perbankan Syariah di Indonesia
Kelvin, K., & Haryanto, H. (2023) · JURNAL ILMIAH EKONOMI ISLAM · doi:10.29040/jiei.v9i2.8845
Do Firms ESG Commitments Affect Investment in-Efficiency in the Global Context
Shah, S. S. A., & Nosheen, S. (2023) · THE ASIAN BULLETIN OF GREEN MANAGEMENT AND CIRCULAR ECONOMY · doi:10.62019/abgmce.v3i1.38
Riani, K. C. (2024) · Syntax Literate Jurnal Ilmiah Indonesia · doi:10.36418/syntax-literate.v9i3.14936
Pengaruh Struktur Aset, Profitabilitas dan Ukuran Perusahaan terhadap Struktur Modal
Budiarti, D., Kinasih, H. W., Pratiwi, R. D., et al. (2024) · JURNAL MANEKSI · doi:10.31959/jm.v13i1.2038
How Does Eps Affect Firms’ Capital Structure?Preprint
Chen, Y., Chou, R. K., Lin, C., et al. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4793002
Pratiwi, L. L., Wahyuni, E. T., & Adrianto, Z. (2024) · Quantitative Economics and Management Studies · doi:10.35877/454ri.qems2322
Saeed, Y., Khan, A., & Haq, I. U. (2024) · CARC Research in Social Sciences · doi:10.58329/criss.v3i1.106
Fohlin, C., & Gregg, A. (2024) · The Economic History Review · doi:10.1111/ehr.13342
Nguyen, T. N. D., & Nguyen, B. L. (2024) · Springer eBooks · doi:10.1007/978-981-99-8472-5_49
Regulatory Quality and Corporate Leverage: Evidence From a Large International Sample
Belaounia, S., Nguyên, P., Rahman, N. I., et al. (2024) · Management international · doi:10.59876/a-hcem-07j4
Pearce, R. E. O., & Bah, A. (2024) · European Journal of Economic and Financial Research · doi:10.46827/ejefr.v8i2.1676
Estrutura de capital: oportunidades para estudos e pesquisa no Brasil
da Rosa, M. J. A., Rocha, P. R. M., Vendruscolo, M. I., et al. (2024) · Revista de Gestão e Secretariado (Management and Administrative Professional Review) · doi:10.7769/gesec.v15i4.3736
Guy, O. R., & Cédric, M. Y. (2023) · Journal of Enterprising Culture · doi:10.1142/s0218495823500140
Guberaj, E., Kurtaj, D., & Kapaj, A. M. (2024) · WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS · doi:10.37394/23207.2024.21.91
FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING DI PERUSAHAAN MANUFAKTUR
Eka, D. A., & Salim, S. (2024) · Jurnal Paradigma Akuntansi · doi:10.24912/jpa.v6i2.29874
Sofia, M. (2024) · Jurnal Perspektif Pembiayaan dan Pembangunan Daerah · doi:10.22437/ppd.v12i1.20146
Insider Ceo-Led Firms, Managerial Ability, and Capital ConstraintsPreprint
Osinubi, I. S. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4823450
Grek, Å., Hartwig, F., & Dougherty, M. S. (2024) · Journal of risk and financial management · doi:10.3390/jrfm17050207
EVALUATE THE IMPACT OF CAPITAL STRUCTURE MODELING ON THE PERFORMANCE OF PRODUCTION PROCESSES
KADHIM, H. A. K., & YENER, E. (2023) · Journal of Administration and Economics · doi:10.31272/jae.i141.1015
The Impact of Capital Structure on Performance in SMEs: The Saudi Parallel Financial Market
Al-Shehab, Q., & Al-Omran, A. A. (2024) · Scientific Journal of King Faisal University Humanities and Management Sciences · doi:10.37575/h/mng/240019
Call Protection, Financial Flexibility, and Debt Maturity DecisionPreprint
Dai, T., Liu, C., Tseng, K., et al. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4848726
Hamida, A., Colot, O., & Kechad, R. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4848408
Finanzierungsinstrumente und Transaktionen
Spiess-Knafl, W., & Scheck, B. (2024) · Springer eBooks · doi:10.1007/978-3-031-48006-5_5
The Debt Policy and Performance of State-Owned Companies in Indonesia
Sinurat, M., Ilham, R. N., Sinta, I., et al. (2024) · Jurnal Manajemen Bisnis · doi:10.18196/mb.v15i1.20285
Suhartini, T., Wati, L. N., & Mubarok, F. (2024) · Al-Kharaj Jurnal Ekonomi Keuangan & Bisnis Syariah · doi:10.47467/alkharaj.v6i5.1548
Global Economic Policy Uncertainty and Corporate Investment: Empirical Evidence from Vietnam
Minh Man, C. A. O. (2024) · International Journal of Religion · doi:10.61707/1aeppv64
A Study on Capital Structure Analysis with Reference to Ultratech Cement
(2024) · Trends in Finance and Economics · doi:10.46632/tfe/2/2/9
Hor, T. (2024) · Queensland University of Technology · doi:10.5204/thesis.eprints.248872
Financial Risks, Related Party Transactions and Value of BUMN Companies in Indonesia
Wijaya, A. L., & Ratnasari, I. W. (2024) · Accounting Analysis Journal · doi:10.15294/aaj.v12i3.76237
Uray, A. I. M., Ariffin, M., Hidayat, N., et al. (2024) · Jurnal Ekonomi STIEP · doi:10.54526/jes.v9i1.192
Pengaruh Arus Kas Bebas, Profitabilitas, dan Ukuran Perusahaan Terhadap Kebijakan Utang
Rizanti, P. Z., Gurendrawati, E., & Respati, D. K. (2024) · Jurnal Akuntansi Perpajakan dan Auditing · doi:10.21009/japa.0501.05
Alsaraireh, A. S. (2024) · مؤتة للبحوث والدراسات - سلسلة العلوم الإنسانية والاجتماعية · doi:10.35682/mjhss.v39i3.1076
An Empirical Study of Quasi Equity of SMEs: Evidence from The Hotels Of Himachal Pradesh
Sharma, M. M. (2024) · INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT · doi:10.55041/ijsrem35903
At‐the‐market equity offerings and cash flow shortfalls: Evidence from real estate investment trusts
Howton, S. D., Howton, S. W., & Scheick, B. (2024) · Real Estate Economics · doi:10.1111/1540-6229.12505 · Cited by 1
THE ROLE OF BUSINESS RISK AS AN INTERVENING VARIABLE ON FACTORS AFFECTING COMPANY VALUE
Natsir, K., Bangun, N., Ngadiman, N., et al. (2024) · International Journal of Application on Economics and Business · doi:10.24912/ijaeb.v2i2.3404-3416
Jabbouri, I., Naili, M., Jabbouri, R., et al. (2024) · Journal of Small Business and Enterprise Development · doi:10.1108/jsbed-05-2023-0217
Dividend payouts and firm-level R&D investment: International evidence
Goda, T., & Larrahondo, C. (2026) · Competition & Change · doi:10.1177/10245294261457985
Strategie finansowania w przemyśle wydobywczym w Europie
Gostkowska-Drzewicka, M., & Koralun‐Bereźnicka, J. (2024) · Gospodarka Surowcami Mineralnymi - Mineral Resources Management · doi:10.24425/gsm.2024.150830
Saputro, T. H., Akhmadi, A., & Ichwanudin, W. (2024) · Indonesian Journal of Innovation Multidisipliner Research · doi:10.69693/ijim.v2i2.144
Relação entre Estratégia de Negócios e Estrutura de Capital
Soschinski, C. K., Ames, A. C., & Beuren, I. M. (2024) · Revista de Educação e Pesquisa em Contabilidade (REPeC) · doi:10.17524/repec.v18i1.3258
Trade-Off vs. Pecking Order Theory: Panel Data Approach
Khajabee, M. (2024) · Research Bulletin · doi:10.33516/rb.v49i4.131-139p
Promoter Ownership and Speed of Adjustment Toward the Target Capital StructurePreprint
Kumar, S. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4889159
Policy Portfolios: Equilibrium Allocation in Entrepreneurial Public FundingPreprint
Kisseleva, K. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4884502
Metadata
- Authors
- MYERS, S. C.
- Affiliations
- National Bureau of Economic Research (US)
- Corresponding author
- MYERS, STEWART C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1984-07
- Volume
- 39
- Issue
- 3
- Pages
- 574-592
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2170790204
- Cited by
- 7,526
- References
- 43
- Citations by year
- 2026: 117 · 2025: 159 · 2024: 234 · 2023: 324 · 2022: 285 · 2021: 381 · 2020: 413 · 2019: 391 · 2018: 381 · 2017: 342 · 2016: 391 · 2015: 439 · 2014: 394 · 2013: 378 · 2012: 376
- FWCI
- 102.04
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- The Journal of Finance (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
- Social Sciences › Business, Management and Accounting › Strategy and Management › Financial Reporting and Valuation Research
- Keywords
- capital structure puzzle, managerial capitalism, separation of ownership and control, agency theory, corporate financing decisions, investment decision-making, Modigliani-Miller theorem
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
A language model drew the claims from the paper on 2026-10-11, under version 3 of the claim definition (model deepseek-v4.1-flash, prompt extract-v3).
A second model labelled each claim on 2026-10-11 (model jev-1.13-20260917, definition revision gold-guideline-v0.2).
Cited sources are checked with a language model’s help (gpt-6-sol).
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
