A Longitudinal Study of Corporate Financing Among Large U.S.Firms, 1955-1992

1955-1992 年美国大型企业企业融资纵向研究

• 批准号: 9308443
• 负责人: Mark Mizruchi
• 金额: $ 18.41万
• 依托单位: Regents of the University of Michigan - Ann Arbor
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1993
• 资助国家: 美国
• 起止时间: 1993-08-15 至 1996-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9308443&HistoricalAwards=false
• 关键词: Longitudinal; Study; Corporate; Financing; Among

9308443 Mizruchi This project will develop and test a model of corporate financing drawn from organizational theory and institutional economics, which focuses on four factors: the availability of capital, the cost of capital, the strategic orientation of the firm, and the embeddedness of the firm's decision making apparatus. To test the model, a longitudinal data set will be collected, using as a baseline the 200 largest U.S. manufacturing corporations in 1955 and following these firms through 1992. The study will seek to predict several variables, including a firm's total use of external financing, total debt and equity financing, and specific types of debt, including short-term, long-term private, and long-term public. The independent variables will include a firm's available capital (retained earnings), its board composition, the background of its CEO, alternative forms of financing, participation in acquisitions, and market context variables such as interest rates, phase of the business cycle, and the aggregate demand for capital in the economy. The research will also examine the determinants of strategies such as mergers and acquisitions, divestitures, and long-term investments such as research and development and new plant and equipment expenditures. The study will provide an empirical evaluation of the institutional and network embeddedness of organizational behavior. %%% This project in economic sociology will contribute sociological insights to a scientific understanding of corporate financing and of the various strategies that corporations adopt. The results may identify inefficiencies and sources of poor decision making, thus increasing the knowledge base that can strengthen American competitiveness and promote economic growth. ***

小行星9308443 本课题将从组织理论和制度经济学的角度出发，围绕资本的可获得性、资本的成本、企业的战略方向、企业决策机构的嵌入性等四个要素，开发并验证企业融资模型。 为了检验模型，将收集一组纵向数据，以1955年美国最大的200家制造公司为基线，并跟踪这些公司到1992年。 该研究将试图预测几个变量，包括公司对外部融资的总使用量、债务和股权融资总额以及特定类型的债务，包括短期、长期私人和长期公共债务。 自变量包括公司的可用资本（留存收益）、董事会组成、CEO背景、其他融资形式、参与收购以及市场环境变量，如利率、商业周期阶段和经济中对资本的总需求。 该研究还将审查战略的决定因素，如合并和收购，剥离，以及长期投资，如研究和开发以及新工厂和设备支出。 本研究将对组织行为的制度嵌入性和网络嵌入性进行实证评估。 这个经济社会学的项目将有助于社会学的见解，以科学地理解企业融资和企业采取的各种战略。 研究结果可能会发现效率低下和决策失误的根源，从而增加知识基础，增强美国的竞争力，促进经济增长。 ***