haku: @author Reverte, C. / yhteensä: 3
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| Tekijä: | Giner, B. Reverte, C. |
| Otsikko: | Valuation implications of capital structure: a contextual approach |
| Lehti: | European Accounting Review
2001 : VOL. 10:2, p. 291-314 |
| Asiasana: | ACCOUNTING CAPITAL STRUCTURE OF COMPANIES VALUATION |
| Kieli: | eng |
| Tiivistelmä: | In this paper, the Ohison (1995) valuation model is used to analyze the informative value of firm capital structure, decomposing the book value of equity in its two main components (i.e., total assets and liabilities) in order to test whether investors price them in a different way. The authors adopt a contextual approach and analyse the value relevance of debt taking into account the signaling and 'optimal' financial structure theories as well as the relationship between the cost of debt and return on investment. The sample used comprises all the non- financial Spanish firms listed in the Madrid Stock Exchange during the period 1991-7. The authors' results seem to support the 'optimal' capital structure theory since departures of the debt-to-equity ratio from its 'optimal' (or target) level are negatively perceived by the market. |
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