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Target Capital Structure and Adjustment Speed in Asia [PDF]
Asia-Pacific Journal of Financial Studies, 2014 AbstractStudies on the capital structure of Asian corporations are rare, and most of those studies support different explanations of financing decisions compared to the ones accepted for theUSAand Europe. We test relationships that are typical of the Tradeoff Theory and the Pecking Order Theory, and analyze the speed of adjustment toward target capital
Getzmann, André +2 more
exaly +3 more sources
Journal of Accounting and Finance in Emerging Economies, 2020 Purpose: Firms have different costs and benefits and asymmetric information across their life cycle stages and hence each stage has different financial pattern and speed of adjustment towards target capital.
Muhammad Sajid Amin +3 more
doaj +3 more sources
A note on capital structure target adjustment – Indonesian evidence
International Journal of Managerial Finance, 2010 PurposeThe purpose of this paper is to investigate whether existing capital structure target adjustment models are able to identify whether companies adjust their capital structures towards an (unobservable) target.Design/methodology/approachExisting capital structure target adjustment models are applied to a specific dataset by using different ...
Steven Li
exaly +3 more sources
The existance of target capital structure on Indonesian firms. A dynamic approach [PDF]
2014 International Symposium on Technology Management and Emerging Technologies, 2014 Very limited studies have been done on the capital structure of Indonesian firms emphasizing on the existence of target capital structure and the affecting determinants and also the speed of adjustment to target leverage. Thus, this study aims to investigate these issues among the firms in Indonesia by using a dynamic model.
Razali Haron
exaly +2 more sources
Capital Structure Adjustment Speed and the Effect of Boom and Recession on that: Evidence from Tehran Stock Exchange Listed Companies [PDF]
تحقیقات مالی, 2020 Objective: This study is aimed at measuring how fast adjustments are made on capital structures, for various industries, and investigating the impact of macroeconomic conditions, in terms of recession and boom, between 2011 and 2017.
Mahdi Zamani Sabzi +2 more
doaj +1 more source
Microeconomics and raw material price on capital structure adjustment through dynamic target in Indonesian textile industries [PDF]
Accounting, 2021 This study aims to examine the effects of company-specific macroeconomic fluctuation in raw materials prices on the speed of adjustment through dynamic targeting capital structure on textile companies listed on the Indonesia Stock Exchange during 2012 ...
Dasman, Sunita +3 more
doaj +1 more source
M&A Activity and the Capital Structure of Target Firms
Journal of Financial and Quantitative Analysis, 2022 AbstractWe study 6,083 European firms that were acquired between 1999 and 2015. Soon after the acquisition, the acquired firms promptly and substantially close the gap between their actual leverage ratios and their target (optimal) ratios. Firms that were over- (under-) leveraged at the start of their acquisition year move their debt-to-assets ratio ...
Mark J. Flannery +3 more
openaire +3 more sources
Adjustment Cost Determinants and Target Capital Structure [PDF]
SSRN Electronic Journal, 2012 Dynamic trade-off models of capital structure predict negative correlation between adjustment speed and adjustment costs. This paper empirically tests this prediction by bringing together elements from two strands of the literature: dynamic capital structure and security offerings literature.
Kostas Koufopoulos +1 more
openaire +2 more sources
Journal of Economic and Financial Sciences, 2022 Orientation: The 2007–2008 global financial crisis (GFC) represented a negative economic shock that financially constrained most firms globally. Research purpose: This study investigated the impact of the 2007–2008 GFC on firms’ speed of adjustment (SOA)
Vusani Moyo, Demetris Markou
doaj +1 more source
Deviation from target debt ratio, cash flow imbalance and capital structure adjustment [PDF]
تحقیقات مالی, 2016 Most of capital structure researches have been conducted on the two dominant theories: trade-off and pecking order. Based on the trade-off theory, every firm has a target capital structure, while pecking order theory assumes that there is no target ...
Maryam Davallou, Alireza Rezaeian
doaj +1 more source