haku: @indexterm Gearing / yhteensä: 211
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Tekijä: | Asgharian, H. |
Otsikko: | Are highly leveraged firms more sensitive to an economic downturn? |
Lehti: | European Journal of Finance
2003 : JUN, VOL. 9:3, p. 219-241 |
Asiasana: | Company performance Gearing Nonlinear programming Regression analysis |
Kieli: | eng |
Tiivistelmä: | The hypothesis that highly leveraged companies lose market shares to their less leveraged rivals in an industry downturn is tested in this paper. Both parametric and semiparametric regression methods are applied to analyse the relationships between company performance and leverage. The results indicate that the highly leveraged companies in distressed industries face relatively lower sales growth and stock returns but are still able to retain a relatively higher growth in profitability. |
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