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題名 Determinants of capital structure choice: A structural equation modeling approach
作者 Chingfu Chang, ; Alice C. Lee, ; Cheng F. Lee,
張清福
貢獻者 會計系
關鍵詞 Capital structure;Structural equation modeling;Debt;Equity
日期 2009-05
上傳時間 20-Feb-2014 10:04:32 (UTC+8)
摘要 In their seminal research on the determinants of capital structure choice using structural equation modeling (SEM), Titman and Wessels [Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1–19] obtain weak results and hence call for further investigation. We apply a Multiple Indicators and Multiple Causes (MIMIC) model, with refined indicators, to a pooled sample for the period 1988–2003 and find more convincing results than those obtained by Titman and Wessels. With the capital structure measured simultaneously by the ratios of long-term debt, short-term debt, and convertible debt to the market value of equity, our results show that growth is the most important determinant of capital structure choice, followed in order by profitability, collateral value, volatility, non-debt tax shields, and uniqueness. Moreover, we find that long-term debt is the most important proxy of capital structure, followed by short-term debt, and then convertible debt.
關聯 The Quarterly Review of Economics and Finance, 49(2), 197-213
資料來源 http://dx.doi.org/10.1016/j.qref.2008.03.004
資料類型 article
DOI http://dx.doi.org/10.1016/j.qref.2008.03.004
dc.contributor 會計系en_US
dc.creator (作者) Chingfu Chang, ; Alice C. Lee, ; Cheng F. Lee,en_US
dc.creator (作者) 張清福zh_TW
dc.date (日期) 2009-05en_US
dc.date.accessioned 20-Feb-2014 10:04:32 (UTC+8)-
dc.date.available 20-Feb-2014 10:04:32 (UTC+8)-
dc.date.issued (上傳時間) 20-Feb-2014 10:04:32 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64049-
dc.description.abstract (摘要) In their seminal research on the determinants of capital structure choice using structural equation modeling (SEM), Titman and Wessels [Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1–19] obtain weak results and hence call for further investigation. We apply a Multiple Indicators and Multiple Causes (MIMIC) model, with refined indicators, to a pooled sample for the period 1988–2003 and find more convincing results than those obtained by Titman and Wessels. With the capital structure measured simultaneously by the ratios of long-term debt, short-term debt, and convertible debt to the market value of equity, our results show that growth is the most important determinant of capital structure choice, followed in order by profitability, collateral value, volatility, non-debt tax shields, and uniqueness. Moreover, we find that long-term debt is the most important proxy of capital structure, followed by short-term debt, and then convertible debt.en_US
dc.format.extent 321661 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) The Quarterly Review of Economics and Finance, 49(2), 197-213en_US
dc.source.uri (資料來源) http://dx.doi.org/10.1016/j.qref.2008.03.004-
dc.subject (關鍵詞) Capital structure;Structural equation modeling;Debt;Equityen_US
dc.title (題名) Determinants of capital structure choice: A structural equation modeling approachen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.qref.2008.03.004en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.qref.2008.03.004en_US