Macroeconomic Conditions, Firm-Level Productivity, and Capital Structure Choices | Publication

Title	Macroeconomic Conditions, Firm-Level Productivity, and Capital Structure Choices
Creator	Huang, Hsing-Hua;Chen, Wei-Kuang;Lin, Chia-Fan 陳威光;林家帆
Contributor	金融系
Key Words	Capital;Capital Structure;Firm;Firm Level;Manufacturing;Productivity
Date	2011-03
Date Issued	15-Sep-2015 14:42:57 (UTC+8)
Summary	This study develops a simple structural model to scrutinize a firm`s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks by which the dynamics of the firm`s unlevered asset value and EBIT are endogenously determined. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. We further provide some supportive empirical evidence from US manufacturing firms.
Relation	Middle Eastern Finance and Economics, 11, 44-52
Type	article

dc.contributor	金融系
dc.creator (作者)	Huang, Hsing-Hua;Chen, Wei-Kuang;Lin, Chia-Fan
dc.creator (作者)	陳威光;林家帆	zh_TW
dc.date (日期)	2011-03
dc.date.accessioned	15-Sep-2015 14:42:57 (UTC+8)	-
dc.date.available	15-Sep-2015 14:42:57 (UTC+8)	-
dc.date.issued (上傳時間)	15-Sep-2015 14:42:57 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/78480	-
dc.description.abstract (摘要)	This study develops a simple structural model to scrutinize a firm`s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks by which the dynamics of the firm`s unlevered asset value and EBIT are endogenously determined. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. We further provide some supportive empirical evidence from US manufacturing firms.
dc.format.extent	159 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	Middle Eastern Finance and Economics, 11, 44-52
dc.subject (關鍵詞)	Capital;Capital Structure;Firm;Firm Level;Manufacturing;Productivity
dc.title (題名)	Macroeconomic Conditions, Firm-Level Productivity, and Capital Structure Choices
dc.type (資料類型)	article	en