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

本项目将开发并测试一个从组织理论和制度经济学中提取的企业融资模型，该模型关注四个因素：资本的可用性、资本成本、企业的战略取向和企业决策机构的嵌入性。为了检验该模型，将收集一组纵向数据，以1955年美国200家最大的制造公司为基准，并跟踪这些公司直到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，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、融资的替代形式、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、资产剥离和长期投资，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为科学地理解公司融资和公司采用的各种策略提供社会学的见解。%%% %研究结果可能会找出低效的决策和不良决策的来源，从而增加可以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. ***