The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Capital Structure Puzzle
Open accessAbstract
This paper contrasts the "static tradeoff" and "pecking order" theories of capital structure choice by corporations.In the static tradeoff theory, optimal capital structure is reached when the tax advantage to borrowing is balanced, at the margin, by costs of financial distress.In the pecking order theory, firms prefer internal to external funds, and debt to equity if external funds are needed.Thus the debt ratio reflects the cumulative requirement for external financing.Pecking order behavior follows from simple asyninetric information models.The paper closes with a review of empirical evidence relevant to the two theories.
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Citations
Cites
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 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
A MODEL OF CORPORATE FINANCING DECISIONS
Taggart, R. A. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03348.x · Cited by 468
Investment Patterns and Financial Leverage
Long, M., & Malitz, I. (1983) · doi:10.3386/w1145 · Cited by 295
Cited by
Capital structure, equity ownership and firm performance
Margaritis, D., & Psillaki, M. (2010) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2009.08.023 · Cited by 870
Capital structure decision making
Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001) · Journal of Business Venturing · doi:10.1016/s0883-9026(99)00053-1 · Cited by 648
Kim, P. H., Aldrich, H. E., & Keister, L. A. (2006) · Small Business Economics · doi:10.1007/s11187-006-0007-x · Cited by 622
Commercial banks in investment banking conflict of interest or certification role?
Puri, M. (1996) · Journal of Financial Economics · doi:10.1016/0304-405x(95)00855-9 · Cited by 485
The impact of firm and industry characteristics on small firms’ capital structure
Degryse, H., de Goeij, P., & Kappert, P. (2012) · Small Business Economics · doi:10.1007/s11187-010-9281-8 · Cited by 391
Metadata
- Authors
- Myers, S.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1984-07
- OpenAlex
- W3122153419
- Cited by
- 682
- References
- 4
- Type
- report
- Language
- en
- Open access
- green
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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.
