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

9308443 Mizruchi这个项目将开发和测试一个来自组织理论和制度经济学的公司融资模型，该模型侧重于四个因素：资本的可用性、资本成本、公司的战略定位和公司决策工具的嵌入性。为了检验该模型，将收集一个纵向数据集，使用1955年美国最大的200家制造公司作为基线，并跟踪这些公司直到1992年。这项研究将寻求预测几个变量，包括公司对外部融资的总使用量、总债务和股权融资，以及特定类型的债务，包括短期、长期私人债务和长期公共债务。自变量将包括公司的可用资本(留存收益)、董事会组成、首席执行官的背景、替代融资形式、对收购的参与以及市场背景变量，如利率、商业周期阶段和经济中对资本的总需求。这项研究还将审查战略的决定因素，如合并和收购、资产剥离，以及长期投资，如研发和新厂房和设备支出。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。经济社会学的这个项目将有助于对公司融资和公司采取的各种战略的科学理解提供社会学见解。结果可能会找出低效和决策不力的根源，从而增加能够增强美国竞争力和促进经济增长的知识基础。***

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. ***