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| Tekijä: | Ovtchinnikov, A.V. |
| Otsikko: | Capital structure decisions: Evidence from deregulated industries |
| Lehti: | Journal of Financial Economics
2010 : FEB, VOL. 95:2, p. 249-274 |
| Asiasana: | finance policy capital structure of companies deregulation industries USA |
| Kieli: | eng |
| Tiivistelmä: | Firms' operating environment and leverage decisions are significantly affected by deregulation. Firms experience a significant decline in profitability, asset tangibility and a significant increase in growth opportunities. Firms respond by reducing leverage. Also, the cross-sectional relation btw. leverage and its determinants is affected. Leverage is much less negatively correlated with profitability and market-to-book and much more positively /(negatively) correlated with firm size /(earnings volatility) after deregulation. These results are consistent with the dynamic trade-off theory of capital structure. |
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