An Empirical Analysis of the Capital Structure of New Zealand Firms

1997 ◽  
Vol 5 (2) ◽  
pp. 29-38 ◽  
Author(s):  
Ed Vos ◽  
Robert Ochoki Nyamori
Keyword(s):  
New Zealand ◽  
Capital Structure ◽  
Empirical Analysis ◽  
The Capital Structure

scholarly journals Ambiguity and the Tradeoff Theory of Capital Structure

2021 ◽  
Author(s):  
Yehuda Izhakian ◽  
David Yermack ◽  
Jaime F. Zender
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Theory Model ◽  
Knightian Uncertainty ◽  
Risk Averse ◽  
The Impact ◽  
The Capital Structure

We examine the impact of ambiguity, or Knightian uncertainty, on the capital structure decision, using a static tradeoff theory model in which agents are both ambiguity and risk averse. The model confirms the well-known result that greater risk—the uncertainty over outcomes—leads firms to decrease leverage. Conversely, the model indicates that greater ambiguity—the uncertainty over the probabilities associated with the outcomes—leads firms to increase leverage. Using a theoretically based measure of ambiguity, our empirical analysis presents evidence consistent with these notions, showing that ambiguity has an important and distinct impact on capital structure. This paper was accepted by Gustavo Manso, finance.

scholarly journals Capital structure of Brazilian public companies: normality, global financial crisis and economic recession

2018 ◽  
Vol 64 (1) ◽  
pp. 78
Author(s):  
Flavio Paulino Ramos Júnior ◽  
Isabela dos Santos ◽  
Luiz Eduardo Gaio ◽  
Nelson Oliveira Stefanelli ◽  
Ivan Carlin Passos
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Financial Crisis ◽  
Capital Structure ◽  
Empirical Analysis ◽  
Global Financial Crisis ◽  
Economic Recession ◽  
Public Companies ◽  
Main Determinants ◽  
The Capital Structure

<p>This article aims to identify the determinants of the capital structure of Brazilian companies and compare it with financial theories. In addition, the normality periods (2007, 2009–2014) and financial crisis periods (2008 and 2015) will be considered in the analysis. The sample has 114 Brazilian public companies in the periods from 2007 to 2015. The methodology used for data analysis was multiple regression for panel data. The results showed that there are differences between the determinants of the capital structure in periods of crisis and of normality. Some of the hypotheses tested were accepted. These hypotheses relate financial theory to empirical analysis. Finally, the research contributed by demonstrating the main determinants of the capital structure in the analyzed periods, showing changes between such determinants.</p>

Sign in / Sign up

Export Citation Format

Share Document