Capital structure volatility in Europe

被引：17

作者：

Campbell, Gareth ^{[1
]}

Rogers, Meeghan ^{[2
]}

机构：

[1] Queens Univ Belfast, Queens Management Sch, Riddel Hall, Belfast BT9 5EE, Antrim, North Ireland

[2] Farmingdale State Coll, Dept Business Management, Sch Business, New York, NY USA

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2018年 / 55卷

关键词：

Capital structure; Debt volatility; Corporate finance; CORPORATE-FINANCE; CASH FLOW; DECISIONS; LEVERAGE; FIRMS; DETERMINANTS; INVESTMENT; POLICY; STOCK; MODEL;

D O I：

10.1016/j.irfa.2017.11.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Contrary to the predictions of the trade-off theory, we find that many companies in Europe had substantial variation in their capital structures between 2006 and 2016. We show that this pattern occurred across countries. Companies with the most volatile debt ratios tended to be smaller, and were less profitable. Their high debt volatility was partly due to high volatility in operating and investing activities, and partly due to a reduced propensity to let cash balances and equity payouts absorb the fluctuations.

引用

页码：128 / 139

页数：12

共 26 条

[1] Aggarwal R., 2010, International Review of Financial Analysis, V19, P140, DOI DOI 10.1016/J.IRFA.2010.01.001
[2] [Anonymous], 1962, IMF Economic Review, DOI DOI 10.2307/3866091
[3] Capital structure, equity mispricing, and stock repurchases
Bonaime, Alice Adams
Oeztekin, Oezde
Warr, Richard S.
[J]. JOURNAL OF CORPORATE FINANCE, 2014, 26 : 182 - 200
[4] How and When Do Firms Adjust Their Capital Structures toward Targets?
Byoun, Soku
[J]. JOURNAL OF FINANCE, 2008, 63 (06) : 3069 - 3096
[5] Copeland T.E., 2005, FINANCIAL THEORY COR, Vfourth
[6] Firms' debt-equity decisions when the static tradeoff theory and the pecking order theory disagree
de Jong, Abe
Verbeek, Marno
Verwijmeren, Patrick
[J]. JOURNAL OF BANKING & FINANCE, 2011, 35 (05) : 1303 - 1314
[7] How Stable Are Corporate Capital Structures?
DeAngelo, Harry
Roll, Richard
[J]. JOURNAL OF FINANCE, 2015, 70 (01) : 373 - 418
[8] Financing decisions: who issues stock?
Fama, EF
French, KR
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2005, 76 (03) : 549 - 582
[9] Capital Structure Choices
Fama, Eugene F.
French, Kenneth R.
[J]. CRITICAL FINANCE REVIEW, 2012, 1 (01): : 59 - 101
[10] The Interdependent and Intertemporal Nature of Financial Decisions: An Application to Cash Flow Sensitivities
Gatchev, Vladimir A.
Pulvino, Todd
Tarhan, Vefa
[J]. JOURNAL OF FINANCE, 2010, 65 (02) : 725 - 763

← 1 2 3 →