High debt companies' leverage determinants in Spain: A quantile regression approach

被引：19

作者：

Javier Sanchez-Vidal, F. ^{[1
]}

机构：

[1] Univ Politecn Cartagena, Dept Finance & Accounting, Cartagena 30201, Spain

来源：

ECONOMIC MODELLING | 2014年 / 36卷

关键词：

Quantile regressions; Capital structure; High-debt companies; OPTIMAL CAPITAL STRUCTURE; TESTING STATIC TRADEOFF; PECKING ORDER MODELS; STRUCTURE CHOICE; CORPORATE; FIRM; OWNERSHIP; DECISIONS; DIVIDEND; GROWTH;

D O I：

10.1016/j.econmod.2013.08.043

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

With a severe debt overhang problem in Spain, either public or private, the analysis of the factors that influence companies' leverage in this country reveals essential, in particular for the high-indebted firms. This study benefits from the quantile regression approach advantages over the OLS method to analyze the leverage determinants for a large sample of companies for the 2001-2011 period depending on their level of indebtedness. This method reveals that for the highly-leveraged companies many factors are no longer significant and that cash flow variable is crucial if the companies would like to decrease their debt levels. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：455 / 465

页数：11

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