메뉴 건너뛰기




Volumn 3, Issue 1, 2008, Pages 1-93

Empirical capital structure: A review

Author keywords

[No Author keywords available]

Indexed keywords


EID: 78650307848     PISSN: 15672395     EISSN: 15672409     Source Type: Journal    
DOI: 10.1561/0500000018     Document Type: Review
Times cited : (122)

References (128)
  • 2
    • 18844416662 scopus 로고    scopus 로고
    • Intra-industry capital structure dispersion
    • DOI 10.1111/j.1530-9134.2005.00042.x
    • Almazan, A. and C. Molina (2005), 'Intra-industry capital structure dispersion'. Journal of Economics and Management Strategy 14(2), 263-297. (Pubitemid 40688123)
    • (2005) Journal of Economics and Management Strategy , vol.14 , Issue.2 , pp. 263-297
    • Almazan, A.1    Molina, C.A.2
  • 3
    • 36649034710 scopus 로고    scopus 로고
    • The risk-adjusted cost of financial distress
    • Almeida, H. and T. Philippon (2007), 'The risk-adjusted cost of financial distress'. Journal of Finance 62(6), 2557-2586.
    • (2007) Journal of Finance , vol.62 , Issue.6 , pp. 2557-2586
    • Almeida, H.1    Philippon, T.2
  • 4
    • 84868380668 scopus 로고    scopus 로고
    • How persistent is the impact of market timing on capital structure?
    • Alti, A. (2006). 'How persistent is the impact of market timing on capital structure?' Journal of Finance 13(1), 191-218.
    • (2006) Journal of Finance , vol.13 , Issue.1 , pp. 191-218
    • Alti, A.1
  • 5
    • 0033270858 scopus 로고    scopus 로고
    • Are there economies of scale in underwriting fees? Evidence of rising external financing costs
    • Altinkilic, O. and R. S. Hansen (2000), 'Are there economies of scale in underwriting fees? Evidence of rising external financing costs'. Review of Financial Studies 13(1), 191-218.
    • (2000) Review of Financial Studies , vol.13 , Issue.1 , pp. 191-218
    • Altinkilic, O.1    Hansen, R.S.2
  • 6
    • 0346671714 scopus 로고
    • Optimal debt versus debt capacity: A disequilibirum model of coporate debt behavior
    • A. W. Chen (ed.): Greenwich, CT: JAI Press.
    • Ang, J. S. and D. R. Peterson (1986), 'Optimal debt versus debt capacity: A disequilibirum model of coporate debt behavior'. In: A. W. Chen (ed.): Research in Finance. Greenwich, CT: JAI Press.
    • (1986) Research in Finance
    • Ang, J.S.1    Peterson, D.R.2
  • 7
    • 0001398253 scopus 로고
    • Share valuation and corporate equity policy
    • Auerbach, A. J. (1979), 'Share valuation and corporate equity policy'. Journal of Public Economics 11, 291-305.
    • (1979) Journal of Public Economics , vol.11 , pp. 291-305
    • Auerbach, A.J.1
  • 8
    • 0000621890 scopus 로고
    • Real determinants of corporate leverage
    • B. M. Friedman (ed.): Chicago, IL: University of Chicago Press.
    • Auerbach, A. J. (1985), 'Real determinants of corporate leverage'. In: B. M. Friedman (ed.): Corporate Capital Structures in the United States. Chicago, IL: University of Chicago Press.
    • (1985) Corporate Capital Structures in the United States
    • Auerbach A., .J.1
  • 9
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker, M. and J.Wurgler (2002), 'Market timing and capital structure'. Journal of Finance 57(1), 1-32. (Pubitemid 36931755)
    • (2002) Journal of Finance , vol.57 , Issue.1 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 10
    • 2942716949 scopus 로고    scopus 로고
    • A catering theory of dividends
    • DOI 10.1111/j.1540-6261.2004.00658.x
    • Baker, M. and J. Wurgler (2004), 'A catering theory of dividends'. Journal of Finance 59(3), 1125-1165. (Pubitemid 38799758)
    • (2004) Journal of Finance , vol.59 , Issue.3 , pp. 1125-1165
    • Baker, M.1    Wurgler, J.2
  • 11
    • 51749103773 scopus 로고    scopus 로고
    • Buyer-supplier relationships and the stakeholder theory of capital structure
    • forthcoming
    • Banerjee, S., Y. Kim, and S. Dasgupta (2008), 'Buyer-supplier relationships and the stakeholder theory of capital structure'. Journal of Finance, forthcoming.
    • (2008) Journal of Finance
    • Banerjee, S.1    Kim, Y.2    Dasgupta, S.3
  • 12
    • 19144370865 scopus 로고    scopus 로고
    • On the debt capacity of growth options
    • DOI 10.1086/497404
    • Barclay, M. J., C. W. Smith, and E. Morellec (2006), 'On the debt capacity of growth options'. Journal of Business 79(1), 37-59. (Pubitemid 43275685)
    • (2006) Journal of Business , vol.79 , Issue.1 , pp. 37-59
    • Barclay, M.J.1    Smith Jr., C.W.2    Morellec, E.3
  • 13
    • 0001595684 scopus 로고
    • Corporate choice among longterm financing instruments
    • Baxter, N. D. and J. G. Cragg (1970), 'Corporate choice among longterm financing instruments'. Review of Economics and Statistics 52(3), 301-324.
    • (1970) Review of Economics and Statistics , vol.52 , Issue.3 , pp. 301-324
    • Baxter, N.D.1    Cragg, J.G.2
  • 15
    • 0040898637 scopus 로고    scopus 로고
    • Managerial entrenchment and capital structure decisions
    • Berger, P. G., E. Ofek, and D. L. Yermack (1997), 'Managerial entrenchment and capital structure decisions'. Journal of Finance 52(4), 1411-1438.
    • (1997) Journal of Finance , vol.52 , Issue.4 , pp. 1411-1438
    • Berger, P.G.1    Ofek, E.2    Yermack, D.L.3
  • 16
    • 0345447671 scopus 로고    scopus 로고
    • Managing with style: The effect of managers on firm policies
    • DOI 10.1162/003355303322552775
    • Bertrand, M. and A. Schoar (2003), 'Managing with style: The effect of managers on firm policies'. Quarterly Journal of Economics 118(4), 1169-1208. (Pubitemid 37445863)
    • (2003) Quarterly Journal of Economics , vol.118 , Issue.4 , pp. 1169-1208
    • Bertrand, M.1    Schoar, A.2
  • 17
    • 0000107648 scopus 로고
    • The cyclical behavior of marginal cost and price
    • Bils, M. (1987), 'The cyclical behavior of marginal cost and price'. American Economic Review 77(5), 838-855.
    • (1987) American Economic Review , vol.77 , Issue.5 , pp. 838-855
    • Bils, M.1
  • 18
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • PII S0304407697000098
    • Blundell, R. and S. R. Bond (1998), 'Initial conditions and moment restrictions in dynamic panel data models'. Journal of Econometrics 87(1), 115-143. (Pubitemid 128415761)
    • (1998) Journal of Econometrics , vol.87 , Issue.1 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 19
    • 0002689871 scopus 로고
    • A theory of predation based on agency problems in financial contracting
    • Bolton, P. and D. S. Scharfstein (1990), 'A theory of predation based on agency problems in financial contracting'. American Economic Review 80(1), 93-106.
    • (1990) American Economic Review , vol.80 , Issue.1 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.S.2
  • 20
    • 13244255773 scopus 로고    scopus 로고
    • Dynamic panel data models: A guide to micro data methods and practice
    • Bond, S. R. (2002), 'Dynamic panel data models: A guide to micro data methods and practice'. Portuguese Economic Journal 1, 141-162.
    • (2002) Portuguese Economic Journal , vol.1 , pp. 141-162
    • Bond, S.R.1
  • 22
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • Bradley, M., G. Jarrell, and E. H. Kim (1984), 'On the existence of an optimal capital structure: Theory and evidence'. Journal of Finance 39(3), 857-878.
    • (1984) Journal of Finance , vol.39 , Issue.3 , pp. 857-878
    • Bradley, M.1    Jarrell, G.2    Kim, E.H.3
  • 23
    • 0000488169 scopus 로고
    • Oligopoly and financial structure: The limited liability effect
    • Brander, J. and T. Lewis (1986), 'Oligopoly and financial structure: The limited liability effect'. American Economic Review 76(5), 956-970.
    • (1986) American Economic Review , vol.76 , Issue.5 , pp. 956-970
    • Brander, J.1    Lewis, T.2
  • 24
    • 0001563627 scopus 로고
    • The threat of unionization, the use of debt, and the preservation of shareholder wealth
    • Bronars, S. G. and D. R. Deere (1991), 'The threat of unionization, the use of debt, and the preservation of shareholder wealth'. The Quarterly Journal of Economics 106(1), 231-254.
    • (1991) The Quarterly Journal of Economics , vol.106 , Issue.1 , pp. 231-254
    • Bronars, S.G.1    Deere, D.R.2
  • 25
    • 0038183943 scopus 로고    scopus 로고
    • Capital structure and product markets interactions: Evidence from business cycles
    • DOI 10.1016/S0304-405X(03)00070-9, PII S0304405X03000709
    • Campello, M. (2003), 'Capital structure and product market interactions: Evidence from business cycles'. Journal of Financial Economics 68, 353-378. (Pubitemid 36613832)
    • (2003) Journal of Financial Economics , vol.68 , Issue.3 , pp. 353-378
    • Campello, M.1
  • 26
    • 84883235838 scopus 로고    scopus 로고
    • Target behavior and financing: How conclusive is the evidene?
    • forthcoming
    • Chang, X. and S. Dasgupta, 'Target behavior and financing: How conclusive is the evidene?'. Journal of Finance, forthcoming.
    • Journal of Finance
    • Chang, X.1    Dasgupta, S.2
  • 27
    • 33751165674 scopus 로고    scopus 로고
    • Analyst coverage and financing decisions
    • Chang, X., S. Dasgupta, and G. Hilary (2006), 'Analyst coverage and financing decisions'. Journal of Finance 61(6), 3009-3048.
    • (2006) Journal of Finance , vol.61 , Issue.6 , pp. 3009-3048
    • Chang, X.1    Dasgupta, S.2    Hilary, G.3
  • 28
    • 33750166646 scopus 로고    scopus 로고
    • On the relation between the market-to-book ratio, growth opportunity, and leverage ratio
    • DOI 10.1016/j.frl.2006.06.003, PII S1544612306000407
    • Chen, L. and X. Zhao (2006), 'On the relation between the marketto- book ratio, growth opportunities, and leverage ratio'. Finance Research Letters 3(4), 253-266. (Pubitemid 44597326)
    • (2006) Finance Research Letters , vol.3 , Issue.4 , pp. 253-266
    • Chen, L.1    Zhao, X.2
  • 29
    • 26444595536 scopus 로고    scopus 로고
    • Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut
    • DOI 10.1162/003355305774268174
    • Chetty, R. and E. Saez (2005), 'Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut'. Quarterly Journal of Economics 120(3), 791-833. (Pubitemid 41436710)
    • (2005) Quarterly Journal of Economics , vol.120 , Issue.3 , pp. 791-833
    • Chetty, R.1    Saez, E.2
  • 30
    • 0029540769 scopus 로고
    • Capital structure and product-market competition: Empirical evidence from the supermarket industry
    • Chevalier, J. A. (1995a), 'Capital structure and product-market competition: Empirical evidence from the supermarket industry'. American Economic Review 85(3), 415-435. (Pubitemid 26432205)
    • (1995) American Economic Review , vol.85 , Issue.3 , pp. 415-435
    • Chevalier, J.A.1
  • 31
    • 84993865621 scopus 로고
    • Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing
    • Chevalier, J. A. (1995b), 'Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing'. Journal of Finance 50(4), 1095-1112.
    • (1995) Journal of Finance , vol.50 , Issue.4 , pp. 1095-1112
    • Chevalier, J.A.1
  • 32
    • 0030318587 scopus 로고    scopus 로고
    • Capital market imperfections and countercyclical markups: Theory and evidence
    • Chevalier, J. A. and D. S. Scharfstein (1996), 'Capital market imperfections and countercyclical markups: Theory and evidence'. American Economic Review 86(4), 703-725.
    • (1996) American Economic Review , vol.86 , Issue.4 , pp. 703-725
    • Chevalier, J.A.1    Scharfstein, D.S.2
  • 34
    • 0027750030 scopus 로고
    • Sunk investment, bargaining and choice of capital structure
    • Dasgupta, S. and K. Sengupta (1993), 'Sunk investment, bargaining and choice of capital structure'. International Economic Review 34(1), 203-220. (Pubitemid 24387059)
    • (1993) International Economic Review , vol.34 , Issue.1 , pp. 203-220
    • Dasgupta, S.1    Sengupta, K.2
  • 35
    • 0032352929 scopus 로고    scopus 로고
    • Pricing strategy and financial policy
    • Dasgupta, S. and S. Titman (1998), 'Pricing strategy and financial policy'. The Review of Financial Studies 11(4), 705-737. (Pubitemid 128353221)
    • (1998) Review of Financial Studies , vol.11 , Issue.4 , pp. 705-737
    • Dasgupta, S.1    Titman, S.2
  • 36
    • 37649023213 scopus 로고
    • Optimal capital structure under corporate and personal taxation
    • DeAngelo, H. and R. Masulis (1980), 'Optimal capital structure under corporate and personal taxation'. Journal of Financial Economics 8, 3-29.
    • (1980) Journal of Financial Economics , vol.8 , pp. 3-29
    • Deangelo, H.1    Masulis, R.2
  • 38
    • 84917319886 scopus 로고
    • Reputation acquisition in debt markets
    • Diamond, D. (1989), 'Reputation acquisition in debt markets'. Journal of Political Economy 97(4), 828-862.
    • (1989) Journal of Political Economy , vol.97 , Issue.4 , pp. 828-862
    • Diamond, D.1
  • 40
    • 0036116031 scopus 로고    scopus 로고
    • Testing trade-off and pecking order predictions about dividends and debt
    • Fama, E. and K. French (2002), 'Testing trade-off and pecking order predictions about dividends and debt'. Review of Financial Studies 15(1), 1-33. (Pubitemid 37496120)
    • (2002) Review of Financial Studies , vol.15 , Issue.1 , pp. 1-33
    • Fama, E.F.1    French, K.R.2
  • 41
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • DOI 10.1093/rfs/hhj003
    • Faulkender, M. and M. Petersen (2006). 'Does the source of capital affect capital structure?' Review of Financial Studies 19(1), 45-79. (Pubitemid 43007155)
    • (2006) Review of Financial Studies , vol.19 , Issue.1 SPEC. ISSUE , pp. 45-79
    • Faulkender, M.1    Petersen, M.A.2
  • 42
    • 33745686510 scopus 로고    scopus 로고
    • Corporate equity ownership and the governance of product market relationships
    • DOI 10.1111/j.1540-6261.2006.00871.x
    • Fee, C. E., C. J. Hadlock, and S. Thomas (2006), 'Corporate equity ownership and the governance of product market relationships'. Journal of Finance 61(3), 1217-1251. (Pubitemid 44001312)
    • (2006) Journal of Finance , vol.61 , Issue.3 , pp. 1217-1251
    • Fee, C.E.1    Hadlock, C.J.2    Thomas, S.3
  • 43
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fischer, E., R. Heinkel, and J. Zechner (1989), 'Dynamic capital structure choice: Theory and tests'. Journal of Finance 44(1), 19-40.
    • (1989) Journal of Finance , vol.44 , Issue.1 , pp. 19-40
    • Fischer, E.1    Heinkel, R.2    Zechner, J.3
  • 44
    • 32544454993 scopus 로고    scopus 로고
    • Partial adjustment toward target capital structures
    • DOI 10.1016/j.jfineco.2005.03.004, PII S0304405X05001571
    • Flannery, M. J. and K. P. Rangan (2006), 'Partial adjustment toward target capital structure'. Journal of Financial Economics 79, 469-506. (Pubitemid 43231374)
    • (2006) Journal of Financial Economics , vol.79 , Issue.3 , pp. 469-506
    • Flannery, M.J.1    Rangan, K.P.2
  • 45
    • 70349635002 scopus 로고    scopus 로고
    • Testing the pecking order of capital structure
    • Frank, M. and V. K. Goyal (2003), 'Testing the pecking order of capital structure'. Journal of Financial Economics 15, 2-33.
    • (2003) Journal of Financial Economics , vol.15 , pp. 2-33
    • Frank, M.1    Goyal, V.K.2
  • 46
    • 3242655702 scopus 로고    scopus 로고
    • The effect of market conditions on capital structure adjustment
    • DOI 10.1016/S1544-6123(03)00005-9, PII S1544612303000059
    • Frank, M. and V. K. Goyal (2004), 'The effect of market conditions on capital structure adjustment'. Finance Research Letters 1(1), 47-55. (Pubitemid 38956151)
    • (2004) Finance Research Letters , vol.1 , Issue.1 , pp. 47-55
    • Frank, M.Z.1    Goyal, V.K.2
  • 47
    • 84977707417 scopus 로고
    • An empirical test of the impact of managerial self-interest on corporate capital structure
    • Friend, I. and L. H. P. Lang (1988), 'An empirical test of the impact of managerial self-interest on corporate capital structure'. Journal of Finance 43(2), 271-281.
    • (1988) Journal of Finance , vol.43 , Issue.2 , pp. 271-281
    • Friend, I.1    Lang, L.H.P.2
  • 48
    • 45249128199 scopus 로고
    • Management turnover and financial distress
    • Gilson, S. (1989), 'Management turnover and financial distress'. Journal of Financial Economics 25, 241-262.
    • (1989) Journal of Financial Economics , vol.25 , pp. 241-262
    • Gilson, S.1
  • 49
    • 0000697997 scopus 로고
    • Taxes and capital structure: Evidence from firms' response to the tax reform act of 1986
    • Givoly, D., C. Hahn, A. Ofer, and O. Sarig (1992), 'Taxes and capital structure: Evidence from firms' response to the tax reform act of 1986'. Review of Financial Studies 5, 331-355.
    • (1992) Review of Financial Studies , vol.5 , pp. 331-355
    • Givoly, D.1    Hahn, C.2    Ofer, A.3    Sarig, O.4
  • 50
    • 0011314024 scopus 로고
    • Effects of the tax reform act of 1986 on corporate financial policy and organizational form
    • J. Slemrod (ed.): Cambridge, MA: MIT Press.
    • Gordon, R. and J. MacKie-Mason (1990), 'Effects of the tax reform act of 1986 on corporate financial policy and organizational form'. In: J. Slemrod (ed.): Do Taxes Matter? The Impact of the Tax Reform Act of 1986. Cambridge, MA: MIT Press.
    • (1990) Do Taxes Matter? the Impact of the Tax Reform Act of 1986
    • Gordon, R.1    MacKie-Mason, J.2
  • 51
    • 0030140519 scopus 로고    scopus 로고
    • Debt and the marginal tax rate
    • DOI 10.1016/0304-405X(95)00857-B
    • Graham, J. R. (1996a), 'Debt and the marginal tax rate'. Journal of Financial Economics 41, 41-73. (Pubitemid 126162155)
    • (1996) Journal of Financial Economics , vol.41 , Issue.1 , pp. 41-73
    • Graham, J.R.1
  • 52
    • 0030269260 scopus 로고    scopus 로고
    • Proxies for the corporate marginal tax rate
    • DOI 10.1016/0304-405X(96)00879-3, PII S0304405X96008793
    • Graham, J. R. (1996b), 'Proxies for the corporate marginal tax rate'. Journal of Financial Economics 42, 187-221. (Pubitemid 126167636)
    • (1996) Journal of Financial Economics , vol.42 , Issue.2 , pp. 187-221
    • Graham, J.R.1
  • 53
    • 0000361825 scopus 로고    scopus 로고
    • Do personal taxes affect corporate financing decisions?
    • Graham, J. R. (1999). 'Do personal taxes affect corporate financing decisions?' Journal of Public Economy 73, 147-185.
    • (1999) Journal of Public Economy , vol.73 , pp. 147-185
    • Graham, J.R.1
  • 54
    • 39849094425 scopus 로고    scopus 로고
    • A review of taxes and corporate finance
    • Graham, J. R. (2006), 'A review of taxes and corporate finance'. Foundations and Trends in Finance 1(7), 573-691.
    • (2006) Foundations and Trends in Finance , vol.1 , Issue.7 , pp. 573-691
    • Graham, J.R.1
  • 55
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: Evidence from the field
    • DOI 10.1016/S0304-405X(01)00044-7, PII S0304405X01000447
    • Graham, J. R. and C. R. Harvey (2001), 'The theory and practice of corporate finance: Evidence from the field'. Journal of Financial Economics 60, 187-243. (Pubitemid 33623432)
    • (2001) Journal of Financial Economics , vol.60 , Issue.2-3 , pp. 187-243
    • Graham, J.R.1    Harvey, C.R.2
  • 56
    • 0040844857 scopus 로고    scopus 로고
    • Debt, leases, taxes, and the endogeneity of corporate tax status
    • Graham, J. R., M. L. Lemmon, and J. S. Schallheim (1998), 'Debt, leases, taxes, and the endogeneity of corporate tax status'. Journal of Finance 53(1), 131-162.
    • (1998) Journal of Finance , vol.53 , Issue.1 , pp. 131-162
    • Graham, J.R.1    Lemmon, M.L.2    Schallheim, J.S.3
  • 57
    • 34547666953 scopus 로고    scopus 로고
    • Long difference instrumental variables estimation for dynamic panel models with fixed effects
    • DOI 10.1016/j.jeconom.2006.07.005, PII S0304407606001485
    • Hahn, J., J. Hausman, and G. Kuersteiner (2007), 'Long difference instrumental variables estimation for dynamic panel models with fixed effects'. Journal of Econometrics 140(2), 574-617. (Pubitemid 47223545)
    • (2007) Journal of Econometrics , vol.140 , Issue.2 , pp. 574-617
    • Hahn, J.1    Hausman, J.2    Kuersteiner, G.3
  • 58
    • 0038855144 scopus 로고    scopus 로고
    • Debt and the terms of employment
    • PII S0304405X98000129
    • Hanka, G. (1998), 'Debt and the terms of employment'. Journal of Financial Economics 48, 245-282. (Pubitemid 128375161)
    • (1998) Journal of Financial Economics , vol.48 , Issue.3 , pp. 245-282
    • Hanka, G.1
  • 59
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris, M. and A. Raviv (1991), 'The theory of capital structure'. Journal of Finance 46(1), 297-355.
    • (1991) Journal of Finance , vol.46 , Issue.1 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 60
    • 84934453985 scopus 로고
    • Property rights and the nature of the firm
    • Hart, O. and J. Moore (1990), 'Property rights and the nature of the firm'. Journal of Political Economy 98(6), 1119-1158.
    • (1990) Journal of Political Economy , vol.98 , Issue.6 , pp. 1119-1158
    • Hart, O.1    Moore, J.2
  • 61
    • 84960599817 scopus 로고
    • A theory of debt based on the inalienability of human capital
    • Hart, O. and J. Moore (1994), 'A theory of debt based on the inalienability of human capital'. Quarterly Journal of Economics 109(4), 841-879.
    • (1994) Quarterly Journal of Economics , vol.109 , Issue.4 , pp. 841-879
    • Hart, O.1    Moore, J.2
  • 62
    • 19944408944 scopus 로고    scopus 로고
    • Debt dynamics
    • DOI 10.1111/j.1540-6261.2005.00758.x
    • Hennessy, C. and T. Whited (2005), 'Debt dynamics'. Journal of Finance 60(3), 1129-1165. (Pubitemid 40758676)
    • (2005) Journal of Finance , vol.60 , Issue.3 , pp. 1129-1165
    • Hennessy, C.A.1    Whited, T.M.2
  • 63
    • 15744398631 scopus 로고    scopus 로고
    • The role of target leverage in security issues and repurchases
    • DOI 10.1086/422442
    • Hovakimian, A. (2004), 'The role of target leverage in security issues and repurchases'. Journal of Business 77(4), 1041-1071. (Pubitemid 40419151)
    • (2004) Journal of Business , vol.77 , Issue.4 , pp. 1041-1071
    • Hovakimian, A.1
  • 65
    • 68249155948 scopus 로고    scopus 로고
    • Testing theories of capital structure and estimating the speed of adjustment
    • forthcoming
    • Huang, R. and J. R. Ritter (2008), 'Testing theories of capital structure and estimating the speed of adjustment'. Journal of Financial and Quantitative Analysis, forthcoming.
    • (2008) Journal of Financial and Quantitative Analysis
    • Huang, R.1    Ritter, J.R.2
  • 66
    • 0010826226 scopus 로고
    • Capital and ownership structures, and market for corporate control
    • Israel, R. (1992), 'Capital and ownership structures, and market for corporate control'. Review of Financial Studies 5(2), 181-198.
    • (1992) Review of Financial Studies , vol.5 , Issue.2 , pp. 181-198
    • Israel, R.1
  • 67
    • 84944838146 scopus 로고
    • Corporate behavior in adjusting to capital structure and dividend targets: An econometric study
    • Jalilvand, A. and R. Harris (1984), 'Corporate behavior in adjusting to capital structure and dividend targets: An econometric study'. Journal of Finance 39(1), 127-145.
    • (1984) Journal of Finance , vol.39 , Issue.1 , pp. 127-145
    • Jalilvand, A.1    Harris, R.2
  • 68
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. C. (1986), 'Agency costs of free cash flow, corporate finance, and takeovers'. American Economic Review 76(2), 323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 69
    • 0039597702 scopus 로고
    • Capital markets, organizational innovation, and restructuring
    • Presented at, Washington DC.
    • Jensen, M. C. (1989), 'Capital markets, organizational innovation, and restructuring'. Presented at the Board of Governors of the Federal Reserve System, Washington DC.
    • (1989) The Board of Governors of the Federal Reserve System
    • Jensen, M.C.1
  • 70
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and capital structure
    • Jensen, M. C. and W. Meckling (1976), 'Theory of the firm: Managerial behavior, agency costs, and capital structure'. Journal of Financial Economics 3, 305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 71
    • 23944513280 scopus 로고    scopus 로고
    • Market timing and managerial portfolio decisions
    • Jenter, D. (2005), 'Market timing and managerial portfolio decisions'. Journal of Finance 60(4), 1903-1949.
    • (2005) Journal of Finance , vol.60 , Issue.4 , pp. 1903-1949
    • Jenter, D.1
  • 72
    • 0030269231 scopus 로고    scopus 로고
    • Timing, investment opportunities, managerial discretion, and the security issue decision
    • Jung, K., Y. Kim, and R. M. Stulz (1996), 'Timing, investment opportunities, managerial discretion, and the security issue decision'. Journal of Financial Economics 42, 159-186.
    • (1996) Journal of Financial Economics , vol.42 , pp. 159-186
    • Jung, K.1    Kim, Y.2    Stulz, R.M.3
  • 73
    • 0001731473 scopus 로고
    • The effect of business risk on corporate capital structure: Theory and evidence
    • Kale, J. R., T. H. Noe, and G. G. Ramirez (1991), 'The effect of business risk on corporate capital structure: Theory and evidence'. Journal of Finance 46(5), 1693-1715.
    • (1991) Journal of Finance , vol.46 , Issue.5 , pp. 1693-1715
    • Kale, J.R.1    Noe, T.H.2    Ramirez, G.G.3
  • 74
    • 33846484766 scopus 로고    scopus 로고
    • Corporate capital structure and the characteristics of suppliers and customers
    • Kale, J. R. and H. Shahrur (2007), 'Corporate capital structure and the characteristics of suppliers and customers'. Journal of Financial Economics 83, 321-365.
    • (2007) Journal of Financial Economics , vol.83 , pp. 321-365
    • Kale, J.R.1    Shahrur, H.2
  • 75
    • 33845293198 scopus 로고    scopus 로고
    • Firms' histories and their capital structures
    • DOI 10.1016/j.jfineco.2005.10.007, PII S0304405X06001437
    • Kayhan, A. and S. Titman (2007), 'Firms' histories and their capital structures'. Journal of Financial Economics 83, 1-32. (Pubitemid 44873763)
    • (2007) Journal of Financial Economics , vol.83 , Issue.1 , pp. 1-32
    • Kayhan, A.1    Titman, S.2
  • 76
    • 0040211603 scopus 로고    scopus 로고
    • Strategic responses of incumbents to new entry: The effect of ownership structure, capital structure, and focus
    • Khanna, N. and S. Tice (2000), 'Strategic responses of incumbents to new entry: The effect of ownership structure, capital structure, and focus'. Review of Financial Studies 13(3), 749-779.
    • (2000) Review of Financial Studies , vol.13 , Issue.3 , pp. 749-779
    • Khanna, N.1    Tice, S.2
  • 77
    • 12144278732 scopus 로고    scopus 로고
    • Pricing, exit, and location decisions of firms: Evidence on the role of debt and operating efficiency
    • DOI 10.1016/j.jfineco.2004.02.002, PII S0304405X04001497
    • Khanna, N. and S. Tice (2005), 'Pricing, exit, and location of firms: Evidence on the role of debt and operating efficiency'. Journal of Financial Economics 75, 397-427. (Pubitemid 40105917)
    • (2005) Journal of Financial Economics , vol.75 , Issue.2 , pp. 397-427
    • Khanna, N.1    Tice, S.2
  • 78
    • 84976010763 scopus 로고
    • Evidence on the impact of the agency costs of debt on corporate debt policy
    • Kim, W. S. and E. H. Sorensen (1986), 'Evidence on the impact of the agency costs of debt on corporate debt policy'. Journal of Financial and Quantitative Analysis 21(2), 131-144.
    • (1986) Journal of Financial and Quantitative Analysis , vol.21 , Issue.2 , pp. 131-144
    • Kim, W.S.1    Sorensen, E.H.2
  • 79
    • 0031484752 scopus 로고    scopus 로고
    • Capital structure and product market behavior: An examination of plant exit and investment decisions
    • Kovenock, D. and G. M. Phillips (1997), 'Capital structure and product market behavior: An examination of plant closing and investment decisions'. The Review of Financial Studies 10(3), 767-803. (Pubitemid 127348629)
    • (1997) Review of Financial Studies , vol.10 , Issue.3 , pp. 767-803
    • Kovenock, D.1    Phillips, G.M.2
  • 81
    • 0009167334 scopus 로고    scopus 로고
    • Cash flow and investment: Evidence from internal capital markets
    • Lamont, O. (1997), 'Cash flow and investment: Evidence from internal capital markets'. Journal of Finance 52(1), 83-109. (Pubitemid 127343964)
    • (1997) Journal of Finance , vol.52 , Issue.1 , pp. 83-109
    • Lamont, O.1
  • 82
    • 0029693533 scopus 로고    scopus 로고
    • Leverage, investment, and firm growth
    • DOI 10.1016/0304-405X(95)00842-3
    • Lang, L., E. Ofek, and R. Stulz (1996), 'Leverage, investment, and firm growth'. Journal of Financial Economics 40, 3-29. (Pubitemid 126169086)
    • (1996) Journal of Financial Economics , vol.40 , Issue.1 , pp. 3-29
    • Lang, L.1    Ofek, E.2    Stulz, R.M.3
  • 83
    • 28244478078 scopus 로고    scopus 로고
    • Do firms rebalance their capital structures?
    • DOI 10.1111/j.1540-6261.2005.00811.x
    • Leary, M. T. and M. R. Roberts (2005). 'Do firms rebalance their capital structures?' Journal of Finance 60(6), 2575-2619. (Pubitemid 41706357)
    • (2005) Journal of Finance , vol.60 , Issue.6 , pp. 2575-2619
    • Leary, M.T.1    Roberts, M.R.2
  • 84
    • 47749124164 scopus 로고    scopus 로고
    • Back to the beginning: Persistence and the cross-section of corporate capital structure
    • Lemmon, M., M. Roberts, and J. F. Zender (2008), 'Back to the beginning: Persistence and the cross-section of corporate capital structure'. Journal of Finance 1575-1608.
    • (2008) Journal of Finance , pp. 1575-1608
    • Lemmon, M.1    Roberts, M.2    Zender, J.F.3
  • 85
    • 0002426435 scopus 로고
    • The investment-financing nexus: Some empirical evidence
    • Long, M. S. and I. B. Malitz (1985), 'The investment-financing nexus: Some empirical evidence'. Midland Corporate Finance Journal 3, 53-59.
    • (1985) Midland Corporate Finance Journal , vol.3 , pp. 53-59
    • Long, M.S.1    Malitz, I.B.2
  • 87
    • 27544451588 scopus 로고    scopus 로고
    • How does industry affect firm financial structure?
    • DOI 10.1093/rfs/hhi032
    • MacKay, P. and G. M. Phillips (2005). 'How does industry affect firm financial structure?' Review of Financial Studies 18(4), 1433-1466. (Pubitemid 41539632)
    • (2005) Review of Financial Studies , vol.18 , Issue.4 , pp. 1433-1466
    • MacKay, P.1    Phillips, G.M.2
  • 88
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • MacKie-Mason, J. (1990), 'Do taxes affect corporate financing decisions?'. Journal of Finance 45(5), 1471-1493.
    • (1990) Journal of Finance , vol.45 , Issue.5 , pp. 1471-1493
    • MacKie-Mason, J.1
  • 90
    • 0000495344 scopus 로고
    • Capital structure in repeated games
    • Maksimovic, V. (1988), 'Capital structure in repeated games'. RAND Journal of Economics 19(3), 389-407.
    • (1988) RAND Journal of Economics , vol.19 , Issue.3 , pp. 389-407
    • Maksimovic, V.1
  • 91
    • 84977724968 scopus 로고
    • Product market imperfections and loan commitments
    • Maksimovic, V. (1990), 'Product market imperfections and loan commitments'. Journal of Finance 45(5), 1641-1653.
    • (1990) Journal of Finance , vol.45 , Issue.5 , pp. 1641-1653
    • Maksimovic, V.1
  • 92
    • 0006037895 scopus 로고
    • Financial policy and reputation for product quality
    • Maksimovic, V. and S. Titman (1991), 'Financial policy and reputation for product quality'. The Review of Financial Studies 4(1), 175-200.
    • (1991) The Review of Financial Studies , vol.4 , Issue.1 , pp. 175-200
    • Maksimovic, V.1    Titman, S.2
  • 93
    • 84977409606 scopus 로고
    • The choice between equity and debt: An empirical study
    • Marsh, P. (1982), 'The choice between equity and debt: An empirical study'. Journal of Finance 37(1), 121-144.
    • (1982) Journal of Finance , vol.37 , Issue.1 , pp. 121-144
    • Marsh, P.1
  • 94
    • 21144476502 scopus 로고
    • Executive incentive plans, corporate control, and capital structure
    • Mehran, H. (1992), 'Executive incentive plans, corporate control, and capital structure'. Journal of Financial and Quantitative Analysis 27(4), 539-560.
    • (1992) Journal of Financial and Quantitative Analysis , vol.27 , Issue.4 , pp. 539-560
    • Mehran, H.1
  • 95
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller, M. (1977), 'Debt and taxes'. Journal of Finance 32(2), 261-275.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 261-275
    • Miller, M.1
  • 96
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S. C. (1977), 'Determinants of corporate borrowing'. Journal of Financial Economics 5, 147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 97
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, S. C. (1984), 'The capital structure puzzle'. Journal of Finance 39(1), 575-592.
    • (1984) Journal of Finance , vol.39 , Issue.1 , pp. 575-592
    • Myers, S.C.1
  • 98
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information investors do not have
    • Myers, S. C. and N. Majluf (1984), 'Corporate financing and investment decisions when firms have information investors do not have'. Journal of Financial Economics 13, 187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.2
  • 99
    • 84993839712 scopus 로고
    • Financial distress and corporate performance
    • Opler, T. C. and S. Titman (1994), 'Financial distress and corporate performance'. Journal of Finance 49(3), 1015-1040.
    • (1994) Journal of Finance , vol.49 , Issue.3 , pp. 1015-1040
    • Opler, T.C.1    Titman, S.2
  • 100
    • 0041407115 scopus 로고    scopus 로고
    • Leverage and internal capital markets: Evidence from leveraged recapitalizations
    • DOI 10.1016/S0304-405X(00)00094-5, PII S0304405X00000945
    • Peyer, U. C. and A. Shivdasani (2001), 'Leverage and internal capital markets: Evidence from leveraged recapitalizations'. Journal of Financial Economics 59, 477-515. (Pubitemid 33619251)
    • (2001) Journal of Financial Economics , vol.59 , Issue.3 , pp. 477-515
    • Peyer, U.C.1    Shivdasani, A.2
  • 101
    • 0002110167 scopus 로고
    • Increased debt and industry product markets: An empirical analysis
    • Phillips, G. (1995), 'Increased debt and industry product markets: An empirical analysis'. Journal of Financial Economics 37, 189-238.
    • (1995) Journal of Financial Economics , vol.37 , pp. 189-238
    • Phillips, G.1
  • 102
    • 0040250337 scopus 로고    scopus 로고
    • Do asset fire sales exist? An empirical investigation of commercial aircraft transactions
    • Pulvino, T. (1998), 'Do asset fire sales exist? An empirical investigation of commercial aircraft transactions'. Journal of Finance 53(3), 939-978.
    • (1998) Journal of Finance , vol.53 , Issue.3 , pp. 939-978
    • Pulvino, T.1
  • 103
    • 84993839747 scopus 로고
    • What do we know about capital structure? some evidence from international data
    • Rajan, R. G. and L. Zingales (1995), 'What do we know about capital structure? Some evidence from international data'. Journal of Finance 50(5), 1421-1460. (Pubitemid 126007543)
    • (1995) Journal of Finance , vol.50 , Issue.5 , pp. 1421-1460
    • Rajan, R.G.1    Zingales, L.2
  • 104
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter, J. R. (1991), 'The long-run performance of initial public offerings'. Journal of Finance 42(1), 3-27.
    • (1991) Journal of Finance , vol.42 , Issue.1 , pp. 3-27
    • Ritter, J.R.1
  • 105
    • 84944829894 scopus 로고
    • Debt and taxes and uncertainty
    • Ross, S. (1985), 'Debt and taxes and uncertainty'. Journal of Finance 40(3), 637-657.
    • (1985) Journal of Finance , vol.40 , Issue.3 , pp. 637-657
    • Ross, S.1
  • 106
    • 84980096265 scopus 로고
    • Some surrogate evidence in support of the concept of optimal financial structure
    • Schwartz, E. and R. J. Aronson (1967), 'Some surrogate evidence in support of the concept of optimal financial structure'. Journal of Finance 22(1), 10-18.
    • (1967) Journal of Finance , vol.22 , Issue.1 , pp. 10-18
    • Schwartz, E.1    Aronson, R.J.2
  • 107
    • 0001268374 scopus 로고
    • Financial market imperfections, firm leverage, and the cyclicality of employment
    • Sharpe, S. A. (1994), 'Financial market imperfections, firm leverage, and the cyclicality of employment'. The American Economic Review 84(4), 1060-1074.
    • (1994) The American Economic Review , vol.84 , Issue.4 , pp. 1060-1074
    • Sharpe, S.A.1
  • 108
    • 0039244094 scopus 로고    scopus 로고
    • Are internal capital markets efficient?
    • Shin, H. and R. Stulz (1998). 'Are internal capital markets efficient?' Quarterly Journal of Economics 113(2), 531-552. (Pubitemid 128082172)
    • (1998) Quarterly Journal of Economics , vol.113 , Issue.2 , pp. 531-552
    • Shin, H.-H.1    Stulz, R.M.2
  • 109
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: A market equilibrium approach
    • Shleifer, A. and R. W. Vishny (1992), 'Liquidation values and debt capacity: A market equilibrium approach'. Journal of Finance 47(4), 1242-1366.
    • (1992) Journal of Finance , vol.47 , Issue.4 , pp. 1242-1366
    • Shleifer, A.1    Vishny, R.W.2
  • 110
    • 0008104389 scopus 로고    scopus 로고
    • Forecasting bankruptcy more accurately: A simple hazard model
    • Shumway, T. (2001), 'Forecasting bankruptcy more accurately: A simple hazard model'. Journal of Business 74(1), 101-124.
    • (2001) Journal of Business , vol.74 , Issue.1 , pp. 101-124
    • Shumway, T.1
  • 111
    • 0000106113 scopus 로고    scopus 로고
    • Testing static tradeoff against pecking order models of capital structure
    • Shyam-Sunder, L. and S. Meyers (1999), 'Testing static tradeoff against pecking order models of capital structure'. Journal of Financial Economics 51, 219-243.
    • (1999) Journal of Financial Economics , vol.51 , pp. 219-243
    • Shyam-Sunder, L.1    Meyers, S.2
  • 112
    • 2342505938 scopus 로고
    • The investment opportunity set, and corporate financing, dividend, and compensation policies
    • Smith, C. and R. Watts (1992), 'The investment opportunity set, and corporate financing, dividend, and compensation policies'. Journal of Financial Economics 32, 262-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 262-292
    • Smith, C.1    Watts, R.2
  • 113
    • 53849096468 scopus 로고
    • The dynamics of corporate capital budgeting
    • Spies, R. (1974), 'The dynamics of corporate capital budgeting'. Journal of Finance 29(3), 829-845.
    • (1974) Journal of Finance , vol.29 , Issue.3 , pp. 829-845
    • Spies, R.1
  • 115
    • 34547872054 scopus 로고    scopus 로고
    • Do tests of capital structure theory mean what they say?
    • Strebulaev, I. A. (2007), "Do tests of capital structure theory mean what they say?' Journal of Finance 62(4), 1747-1787'.
    • (2007) Journal of Finance , vol.62 , Issue.4 , pp. 1747-1787
    • Strebulaev, I.A.1
  • 116
    • 84987470874 scopus 로고
    • An empirical test of ross's cash flow beta theory of capital structure
    • Sugrue, T. F. and F. C. Scherr (1989), 'An empirical test of ross's cash flow beta theory of capital structure'. Financial Review 25(3), 355-370.
    • (1989) Financial Review , vol.25 , Issue.3 , pp. 355-370
    • Sugrue, T.F.1    Scherr, F.C.2
  • 117
    • 84977347789 scopus 로고
    • A model of corporate financing decisions
    • Taggart, R. A. (1977), 'A model of corporate financing decisions'. Journal of Finance 32(5), 1467-1484.
    • (1977) Journal of Finance , vol.32 , Issue.5 , pp. 1467-1484
    • Taggart, R.A.1
  • 118
    • 1542569926 scopus 로고
    • Determinants of the firm's capital structure
    • Taub, A. J. (1975), 'Determinants of the firm's capital structure'. Review of Economics and Statistics 57(4), 410-416.
    • (1975) Review of Economics and Statistics , vol.57 , Issue.4 , pp. 410-416
    • Taub, A.J.1
  • 119
    • 0005622429 scopus 로고
    • Cutthroat competition and the long purse
    • Telser, L. G. (1966), 'Cutthroat competition and the long purse'. Journal of Law and Economics 9, 259-277.
    • (1966) Journal of Law and Economics , vol.9 , pp. 259-277
    • Telser, L.G.1
  • 120
    • 34248193914 scopus 로고    scopus 로고
    • Giving content to investor sentiment: The role of media in the stock market
    • Tetlock, P. (2007), 'Giving content to investor sentiment: The role of media in the stock market'. Journal of Finance 62(3), 1139-1168.
    • (2007) Journal of Finance , vol.62 , Issue.3 , pp. 1139-1168
    • Tetlock, P.1
  • 121
    • 0001524993 scopus 로고
    • The effect of capital structure on a firm's liquidation decision
    • Titman, S. (1984), 'The effect of capital structure on a firm's liquidation decision'. Journal of Financial Economics 13(1), 137-151.
    • (1984) Journal of Financial Economics , vol.13 , Issue.1 , pp. 137-151
    • Titman, S.1
  • 122
    • 84977737536 scopus 로고
    • The determinants of capital structure
    • Titman, S. and R. Wessels (1988), 'The determinants of capital structure'. Journal of Finance 43(1), 1-19.
    • (1988) Journal of Finance , vol.43 , Issue.1 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 123
    • 84929703599 scopus 로고
    • A comparative international study of growth, profitability and risk as determinants of corporate debt ratios in the manufacturing sector
    • Toy, N., A. Stonehill, L. Remmers, R.Wright, and T. Beekuisen (1974), 'A comparative international study of growth, profitability and risk as determinants of corporate debt ratios in the manufacturing sector'. Journal of Financial and Quantitative Analysis 9, 875-886.
    • (1974) Journal of Financial and Quantitative Analysis , vol.9 , pp. 875-886
    • Toy, N.1    Stonehill, A.2    Remmers, L.3    Wright, R.4    Beekuisen, T.5
  • 124
    • 0000245487 scopus 로고    scopus 로고
    • How firm characteristics affect capital structure: An international comparison
    • Wald, J. K. (1999), 'How firm characteristics affect capital structure: An international comparison'. Journal of Financial Research 22(2), 161-187.
    • (1999) Journal of Financial Research , vol.22 , Issue.2 , pp. 161-187
    • Wald, J.K.1
  • 125
    • 1842842960 scopus 로고    scopus 로고
    • Capital structure and stock returns
    • DOI 10.1086/379933, Part 2
    • Welch, I. (2004), 'Capital structure and stock returns'. Journal of Political Economy 112(1), 106-131. (Pubitemid 38485517)
    • (2004) Journal of Political Economy , vol.112 , Issue.1 , pp. 106-131
    • Welch, I.1
  • 127
    • 84977702527 scopus 로고
    • Corporate finance and corporate governance
    • Williamson, O. E. (1988), 'Corporate finance and corporate governance'. Journal of Finance 43(3), 567-591.
    • (1988) Journal of Finance , vol.43 , Issue.3 , pp. 567-591
    • Williamson, O.E.1
  • 128
    • 0039066439 scopus 로고    scopus 로고
    • Survival of the fittest or the fattest? Exit and financing in the trucking industry
    • Zingales, L. (1998), 'Survival of the fittest or the fattest? Exit and financing in the trucking industry'. Journal of Finance 53(3), 905-938.
    • (1998) Journal of Finance , vol.53 , Issue.3 , pp. 905-938
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.