Firm leverage and investment decisions in an emerging market

被引：14

作者：

Umutlu, Mehmet ^{[1
]}

机构：

[1] Cankaya Univ, Dept Management, TR-06530 Ankara, Turkey

来源：

QUALITY & QUANTITY | 2010年 / 44卷 / 05期

关键词：

Leverage; Investment; Panel data; Emerging markets; ERROR COMPONENTS MODELS; AGENCY COSTS;

D O I：

10.1007/s11135-009-9250-y

中图分类号：

C [社会科学总论];

学科分类号：

03 ; 0303 ;

摘要：

In this study, the effect of leverage on investment is analyzed by employing panel data methods for the Turkish non-financial firms that are quoted on Istanbul Stock Exchange. For one-way error component models, it is shown that there is a negative impact of leverage on investment for only firms with low Tobin's Q. These results are in conformity with the previous literature and agency theories of corporate finance stating that leverage has a disciplining role for firms with low growth opportunities. However, when the model is extended to include the time effects in a two-way error component model, the relation between leverage and investment disappears.

引用

页码：1005 / 1013

页数：9

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