Determinants of the leasing decision in United Kingdom listed companies

Applied Financial Economics

Volumn 8, Issue 5, 1998, Pages 487-494

  Adams, Mike ^a   Hardwick, Philip ^b  

^a UNIVERSITY OF GLASGOW   (United Kingdom)

^b BOURNEMOUTH UNIVERSITY   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0348227065     PISSN: 09603107     EISSN: None     Source Type: Journal    
DOI: 10.1080/096031098332781     Document Type: Article

References (31)

1. Adedeji, A. and Stapleton, R. C. (1996) Leases, debt and taxable capacity, Applied Financial Economics, 6, 71-83.
2. Ang, J. and Peterson, J. J. (1984) The leasing puzzle, The Journal of Finance, 39, 1055-1065.
3. Belsley, R. G., Kuh, E. and Welsch, R. E. (1980) Regression Diagnostics: Identifying Influential Data and Sources of Collinearity. John Wiley, New York.
4. Booth, J. R. (1992) Contract costs, bank loans, and the cross-monitoring hypothesis, Journal of Financial Economics, 31, 25-41.
5. Bowman, R. G. (1980) The debt equivalence of leases: an empirical investigation, The Accounting Review, 55, 237-53.
6. Drury, C. and Braund, S. (1989) A survey of UK leasing practice, Management Accounting (UK), 67 (4), 40-43.
7. Drury, C. and Braund, S. (1990) The leasing decision: a comparison of theory and practice, Accounting and Business Research, 20, 179-91.
8. Finance and Leasing Association (FLA) (1994) Annual Report. FLA, London.
9. Finance and Leasing Association (FLA) (1995) Annual Survey of Business Finance 1994. FLA, London.
10. Flath, D. (1980) The economics of short-term leasing, Economic Inquiry, 18, 247-59.
11. Garrod, N. (1989) Regulation and response: the case of lease disclosure in the U.K., Research in Accounting Regulation, 3, 69-92.
12. Harris, F. H. deB (1994) Asset specificity, capital intensity and capital structure: an empirical test, Managerial and Decision Economics, 15, 563-76.
13. Klein, B., Crawford, R. and Alchian, A. A. (1978) Vertical integration, appropriable rents and the competitive contracting process, Journal of Law and Economics, 21, 297-326.
14. KPMG (1995) Equipment Leasing in the UK Tax Environment. KPMG, London.
15. Krishnan, V. S. and Moyer, R .C. (1994) Bankruptcy costs and the financial leasing decision, Financial Management, 23(2), 31-42.
16. Lease, R. C., McConnell J. J. and Schallheim, J. S. (1990) Realized returns and the default and prepayment experience of financial leasing contracts, Financial Management, 19(2), 11-20.
17. London Stock Exchange (LSE) (December 1994) Quality of Markets Monthly Fact Sheet. LSE, London.
18. Marston, F. and Harris, R. S. (1988) Substitutability of leases and debt in corporate capital structures, Journal of Accounting, Auditing and Finance, 3, 147-69.
19. Myers, S. C. (1977) Determinants of corporate borrowing, Journal of Financial Economics, 5, 147-75.
20. Schallheim, J. S., Johnson, R. E., Lease, R. C. and McConnell, J. J. (1987) The determinants of yields on financial leasing contracts, Journal of Financial Economics, 19, 45-67.
21. Sharpe, S. A. and Nguyen, H. H. (1995) Capital market imperfections and incentive to lease, Journal of Financial Economics, 39, 271-94.
22. Smith, C. W. and Wakeman, L. M. (1985) Determinants of corporate leasing policy, The Journal of Finance, 40, 895-908.
23. Stulz, R. and Johnson, H. (1985) An analysis of secured debt, Journal of Financial Economics, 14, 501-21.
24. Taylor, P. and Turley, S. (1985) The views of management on accounting for leases, Accounting and Business Research, 16, 59-67.
25. United Kingdom Accounting Standards Committee (ASC) (1984) SSAP 21: Accounting for leases and hire purchase contracts (ASC August 1984).
26. United Kingdom Consumer Credit Act 1974. HMSO, London.
27. United Kingdom Companies Act 1985. HMSO, London.
28. United Kingdom Finance Act 1984. HMSO, London.
29. United Kingdom Inland Revenue Statement of Practice SP3/91 (April). HMSO, London.
30. Waring, A. (1995) Determinants of corporate leasing policy: some UK evidence, Journal of Industrial Affairs, 4, 19-31.
31. Williamson, O. E. (1988) Corporate finance and corporate governance, The Journal of Finance, 43, 567-591.