Capital Structure and Interaction Among Firms in Output Markets - Theory and Evidence
Capital Structure and Interaction Among Firms in Output Markets - Theory and Evidence
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资本结构和产出市场中企业之间的相互作用——理论和证据
DOI：
10.2139/ssrn.400620
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Evgeny Lyandres
中科院分区：
文献类型：
--
作者：
Evgeny Lyandres
我开发了一个简单的模型，探讨在输出市场，他们的资本结构，和他们的经营战略的侵略性之间的竞争相互作用的程度之间的关系。企业的最优杠杆率与其经营策略影响竞争对手价值函数的程度以及由此产生的最优产出市场选择有关。无论产出市场竞争是战略替代还是战略互补，这种关系都是正的。我测试模型的预测使用两个代理公司之间的竞争互动的程度。经验证据为模型提供了支持。
I develop a simple model that examines the relations between the extent of competitive interaction among firms in output markets, their capital structures, and the aggressiveness of their operating strategies. A firm's optimal leverage is related to the degree to which its operating strategy affects its rivals' value functions and resulting optimal output market choices. This relation is positive, regardless of whether the competition in output markets is in strategic substitutes or in strategic complements. I test the model's prediction using two proxies for the extent of competitive interaction among firms. The empirical evidence provides support for the model.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels