Were Modern Capital Structure Theories Valid in Belgium Before World War I?

Were Modern Capital Structure Theories Valid in Belgium Before World War I?
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现代资本结构理论在第一次世界大战前的比利时有效吗？

DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Wouter Van Overfelt
Wouter Van Overfelt
中科院分区：
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文献类型：
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作者：
M. Deloof;Wouter Van Overfelt

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本研究探讨现代理论是否可以解释资本结构的历史环境，其特点是投资者保护不力，繁荣的股票市场和强大的银行，其中税收不影响杠杆。我们的研究结果是基于一战前比利时129家上市公司的556家公司年度观察数据的独特手工收集样本，与目前样本的发现非常相似。杠杆与资产有形性、公司规模和公司成立时间呈正相关，与盈利能力和股票收益呈负相关。银行关系与较低的杠杆率有关。版权所有(c) 2008作者杂志编辑(c) 2008 Blackwell出版有限公司。
This study investigates whether modern theories can explain capital structure in a historical environment which was characterized by poor investor protection, booming stock markets and strong banks, and in which taxes did not affect leverage. Our results, based on a unique, hand-collected sample of 556 firm-year observations for 129 listed companies in Belgium before World War I, are remarkably similar to findings for present-day samples. Leverage was positively related to asset tangibility, firm size and firm age, and it was negatively related to profitability and prior stock returns. Bank relationships were associated with lower leverage. Copyright (c) 2008 The Authors Journal compilation (c) 2008 Blackwell Publishing Ltd.