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Cited by 1,148

The DOI matches its Crossref record; 5 of the 5 references it cites were found in a registry or an index.

Do Peer Firms Affect Corporate Financial Policy?

Open access
LEARY, MARK T., ROBERTS, MICHAEL R.·2014·The Journal of Finance
DOI 10.1111/jofi.12094
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Abstract

We show that peer firms play an important role in determining corporate capital structures and financial policies. In large part, firms' financing decisions are responses to the financing decisions and, to a lesser extent, the characteristics of peer firms. These peer effects are more important for capital structure determination than most previously identified determinants. Furthermore, smaller, less successful firms are highly sensitive to their larger, more successful peers, but not vice versa. We also quantify the externalities generated by peer effects, which can amplify the impact of changes in exogenous determinants on leverage by over 70%.

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Metadata

Authors
LEARY, M. T., & ROBERTS, M. R.
Venue
The Journal of Finance
Publisher
Wiley
Published
2014-01-07
Volume
69
Issue
1
Pages
139-178
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12094
OpenAlex
W3126081465
Cited by
1,148
References
5
FWCI
167.95
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Do Peer Firms Affect Corporate Financial Policy? https://app.cochat.ai/papers/10.1111/jofi.12094
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LEARY, M. T., & ROBERTS, M. R. (2014). Do Peer Firms Affect Corporate Financial Policy? The Journal of Finance. https://doi.org/10.1111/jofi.12094

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.