Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 庄太量教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1142/S0217590812500270 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/0WOS source URL
其它资讯
摘要This paper examines the impact of profitability, stock price performance and growth opportunity on the capital structure of firms in Singapore, Taiwan and Hong Kong. In contrast to Kayhan and Titman (2http://aims.cuhk.edu.hk/converis/portal/Publication/0http://aims.cuhk.edu.hk/converis/portal/Publication/07), it is found that firms in these three Chinese-dominated economies strongly prefer debt to equity or internal fund financing. They also take advantage of stock price appreciation by issuing more shares. An adjustment model for debt ratios is estimated. The results suggest that the leverage ratios of these firms slowly adjust toward their target levels. Deviations from the target due to the pecking order and market timing effects are found to be significant.
着者Chong TTL, Law DTY, Zou L
期刊名称SINGAPORE ECONOMIC REVIEW
出版年份2http://aims.cuhk.edu.hk/converis/portal/Publication/012
月份12
日期1
卷号57
期次4
出版社World Scientific Publishing
国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/0217-59http://aims.cuhk.edu.hk/converis/portal/Publication/08
语言英式英语
关键词Capital structure; financial deficit; market timing; pecking order
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
