Revisiting the capital-structure puzzle: UK evidence
Revisiting the capital-structure puzzle: UK evidence
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DOI：
10.1108/15265941111158505
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发表时间：
2011-01-01
影响因子：
3
通讯作者：
Hussainey, Khaled
中科院分区：
文献类型：
--
作者：
Al-Najjar, Basil;Hussainey, Khaled
目的-本文试图探索公司资本结构的潜在驱动因素。设计/方法论/方法--本文使用固定效应面板模型和随机效应托比特模型来检验这一问题。研究发现，公司特征(公司规模、公司风险、公司增长率、公司盈利能力和资产有形性)和公司治理特征(董事会规模和外部董事职位)是英国公司资本结构的主要驱动因素。此外，结果表明，改变资本结构的定义可能会导致这些潜在驱动因素的符号和意义的改变。原始性/价值-本文认为可以引入资本结构之谜的另一个维度，这与以往研究中使用的资本结构定义有关。值得注意的是，本文的目的不是提供一组可能影响资本结构决策的最优因素，而是突出不同研究可以使用的不同资本结构定义的影响，这使得这类研究之间的比较变得困难甚至错误。
Purpose - This paper seeks to explore the potential drivers of corporate capital structure.Design/methodology/approach - The paper applies both fixed effects panel models and random effects tobit models to examine this issue. A sample of 379 firms is used across the period from 1991 to 2002.Findings - It is found that corporate characteristics (firm size, firm risk, firm growth rate, firm profitability and asset tangibility) and corporate governance characteristics (board size and outside directorships) are the main drivers of capital structure of UK firms. In addition, the results show that changing the definition of capital structure may result in changing the sign and the significance of these potential drivers.Originality/value - The paper argues that another dimension of the capital structure puzzle can be introduced which is related to the definition of capital structure used in prior studies. It is worth noting that the aim of this paper is not to provide an optimal set of factors that may affect the decision of capital structure, but to highlight the effect of the different definitions of capital structure that can be used by different studies, which makes the comparison between such studies difficult or even erroneous.