search query: @author Homaifar, G. / total: 4
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| Author: | Homaifar, G. Zietz, J. Benkato, O. |
| Title: | An empirical model of capital structure: some new evidence |
| Journal: | Journal of Business Finance and Accounting
1994 : JAN, VOL. 21:1, p. 1-14 |
| Index terms: | MODELS CAPITAL GEARING |
| Language: | eng |
| Abstract: | Using a general autoragressive distributed lag model, the authors estimate the long-run steady state determinants of corporate capital structure. They find that, in the long run, the leverage ratio is related positively to the corporate tax rate and firm size and negatively to future growth opportunities and stock returns. By contrast, there appears to be no relation between leverage and the corporate tax rate on a short-run year to year basis. The results suggest that prior empirical evidence on capital structure is of questionable value. |
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