ASSET SPECIFICITY, FIRM HETEROGENEITY AND CAPITAL STRUCTURE

被引：208

作者：

BALAKRISHNAN, S ^{[1
]}

FOX, I ^{[1
]}

机构：

[1] WASHINGTON STATE UNIV,COLL BUSINESS & ECON,PULLMAN,WA 99164

来源：

STRATEGIC MANAGEMENT JOURNAL | 1993年 / 14卷 / 01期

关键词：

STRATEGY; FIRM SPECIFIC ASSETS; CAPITAL STRUCTURE;

D O I：

10.1002/smj.4250140103

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm-specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure.

引用

页码：3 / 16

页数：14

共 47 条

[1] MARKET FOR LEMONS - QUALITY UNCERTAINTY AND MARKET MECHANISM [J].

AKERLOF, GA .

QUARTERLY JOURNAL OF ECONOMICS, 1970, 84 (03) :488-500

[2]

Barney J. B., 1986, Management Science, V32, P1231, DOI 10.1287/mnsc.32.10.1231

[3] CORPORATE-STRATEGY AND CAPITAL STRUCTURE [J].

BARTON, SL ;

GORDON, PJ .

STRATEGIC MANAGEMENT JOURNAL, 1988, 9 (06) :623-632

[4]

BETTIS RA, 1983, ACAD MANAGE REV, V8, P406

[5]

BHAGAT S, 1990, BROOKINGS PAPERS MIC

[6] ON THE EXISTENCE OF AN OPTIMAL CAPITAL STRUCTURE - THEORY AND EVIDENCE [J].

BRADLEY, M ;

JARRELL, GA ;

KIM, EH .

JOURNAL OF FINANCE, 1984, 39 (03) :857-878

[7] BANKRUPTCY COSTS AND THE THEORY OF OLIGOPOLY [J].

BRANDER, JA ;

LEWIS, TR .

CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 1988, 21 (02) :221-243

[8]

BRANDER JA, 1986, AM ECON REV, V76, P956

[9]

CAVES R, 1985, 1129 HARV I EC RES D

[10] OPTIMAL CAPITAL STRUCTURE UNDER CORPORATE AND PERSONAL TAXATION [J].

DEANGELO, H ;

MASULIS, RW .

JOURNAL OF FINANCIAL ECONOMICS, 1980, 8 (01) :3-29

← 1 2 3 4 5 →