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| Title | The joint determinants of capital structure and stock rate of return: A LISREL model approach |
| Creator | 陳鴻毅 Chen, Hong-Yi Lee, Cheng Few Tai, Tzu |
| Contributor | 財管系 |
| Key Words | LISREL;structural equation modeling (SEM);confirmatory factor analysis (CFA);capital structure |
| Date | 2019-10 |
| Date Issued | 25-May-2021 11:52:06 (UTC+8) |
| Summary | We develop a simultaneous determination model of capital structure and stock returns. Specifically, we incorporate the managerial investment autonomy theory into the structural equation modeling with confirmatory factor analysis to jointly determine the capital structure and stock return. Besides attributes introduced in previous studies, we introduce indicators affecting a firm’s financing decision, such as managerial entrenchment, macroeconomic factors, government financial policy, and pricing factors. Empirical results show that stock returns, asset structure, growth, industry classification, uniqueness, volatility, financial rating, profitability, government financial policy, and managerial entrenchment are major factors of the capital structure. |
| Relation | Review of Pacific Basin Financial Markets and Policies, Vol.22, No.2, pp.1950013-1-51 |
| Type | article |
| DOI | https://doi.org/10.1142/S0219091519500139 |
| dc.contributor | 財管系 | - |
| dc.creator (作者) | 陳鴻毅 | - |
| dc.creator (作者) | Chen, Hong-Yi | - |
| dc.creator (作者) | Lee, Cheng Few | - |
| dc.creator (作者) | Tai, Tzu | - |
| dc.date (日期) | 2019-10 | - |
| dc.date.accessioned | 25-May-2021 11:52:06 (UTC+8) | - |
| dc.date.available | 25-May-2021 11:52:06 (UTC+8) | - |
| dc.date.issued (上傳時間) | 25-May-2021 11:52:06 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/135120 | - |
| dc.description.abstract (摘要) | We develop a simultaneous determination model of capital structure and stock returns. Specifically, we incorporate the managerial investment autonomy theory into the structural equation modeling with confirmatory factor analysis to jointly determine the capital structure and stock return. Besides attributes introduced in previous studies, we introduce indicators affecting a firm’s financing decision, such as managerial entrenchment, macroeconomic factors, government financial policy, and pricing factors. Empirical results show that stock returns, asset structure, growth, industry classification, uniqueness, volatility, financial rating, profitability, government financial policy, and managerial entrenchment are major factors of the capital structure. | - |
| dc.format.extent | 130 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | Review of Pacific Basin Financial Markets and Policies, Vol.22, No.2, pp.1950013-1-51 | - |
| dc.subject (關鍵詞) | LISREL;structural equation modeling (SEM);confirmatory factor analysis (CFA);capital structure | - |
| dc.title (題名) | The joint determinants of capital structure and stock rate of return: A LISREL model approach | - |
| dc.type (資料類型) | article | - |
| dc.identifier.doi (DOI) | 10.1142/S0219091519500139 | - |
| dc.doi.uri (DOI) | https://doi.org/10.1142/S0219091519500139 | - |