Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/springer-journals/modeling-capital-structure-decisions-in-a-transition-market-empirical-GvQ0FD0vaa
References (112)
-
M. Harris, A. Raviv (1990)
Capital Structure and the Informational Role of DebtJournal of Finance, 45
-
M. Harris, A. Raviv (1991)
The Theory of Capital StructureJournal of Finance, 46
-
M. Ismail, T. Eldomiaty (2005)
Bayesian Identification of the Predictors for Capital Structure in EgyptEmerging Markets: Finance
-
R. Hocking (1976)
The analysis and selection of variables in linear regression -
A. Young (1982)
The Bivar Criterion for Selecting RegressorsTechnometrics, 24
-
Kee Chung (1993)
ASSET CHARACTERISTICS AND CORPORATE DEBT POLICY: AN EMPIRICAL TESTJournal of Business Finance & Accounting, 20
-
J. McCall (1982)
The Economics of Information and Uncertainty -
B. Bosworth (1971)
Patterns of Corporate External Financing, 2
-
Dean Foster, E. George (1994)
The risk inflation criterion for multiple regressionAnnals of Statistics, 22
-
R. Stulz, H. Johnson (1985)
An analysis of secured debtJournal of Financial Economics, 14
-
M. Mccue, Y. Ozcan (1992)
Determinants of capital structure.Hospital & health services administration, 37 3
-
E. George, Dean Foster (2000)
Calibration and empirical Bayes variable selectionBiometrika, 87
-
David Scott (1972)
EVIDENCE ON THE IMPORTANCE OF FINANCIAL STRUCTUREFinancial Management, 1
-
James Ang, Rebel Cole, James Lin (2000)
Agency Costs and Ownership StructureJournal of Finance, 55
-
J. Graham, Campbell Harvey (1999)
The Theory and Practice of Corporate Finance: Evidence from the FieldJournal of Financial Abstracts eJournal
-
S. Ross (1985)
Debt and Taxes and UncertaintyJournal of Finance, 40
-
G Schwarz (1978)
Estimating a dimension of a modelAnn Stat., 6
-
WL White (1974)
Debt management and the form of business financingJ Finan, 29
-
P. Marsh (1982)
The Choice Between Equity and Debt: An Empirical StudyJournal of Finance, 37
-
A. Atkinson (1992)
Subset Selection in RegressionJournal of The Royal Statistical Society Series A-statistics in Society, 155
-
O. Williamson (1988)
Corporate Finance and Corporate GovernanceJournal of Finance, 43
-
David Scott, John Martin (1975)
Industry Influence on Financial StructureFinancial Management, 4
-
Nevins Baxter, J. Cragg (1970)
Corporate Choice Among Long-Term Financing InstrumentsThe Review of Economics and Statistics, 52
-
J. Graham (2000)
How Big are the Tax Benefits of DebtSocial Science Research Network
-
AJ Auerbach (1985)
Corporate capital structure in the United States -
Stuart Gilson (1997)
Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed FirmsJournal of Finance, 52
-
Tim Loughran, J. Ritter (1995)
The New Issues PuzzleJournal of Finance, 50
-
L. Booth, V. Aivazian, A. Demirguc-Kunt, Vojislav Maksimovic (2001)
Capital Structures in Developing CountriesJournal of Finance, 56
-
Ghassem Homaifar, J. Zietz, Omar Benkato (1994)
An empirical model of capital structure: Some new evidenceJournal of Business Finance & Accounting, 21
-
G. Schwarz (1978)
Estimating the Dimension of a ModelAnnals of Statistics, 6
-
John Martin, David Scott (1974)
A Discriminant Analysis of the Corporate Debt-Equity DecisionFinancial Management, 3
-
T. Opler, Lee Pinkowitz, René Stulz, Rohan Williamson (1997)
The Determinants and Implications of Corporate Cash HoldingsMcDonough: Finance (Topic)
-
(1985)
The investment financing nexus : some empirical evidence -
Armen Hovakimian, T. Opler, S. Titman (2001)
The Debt-Equity ChoiceJournal of Financial and Quantitative Analysis, 36
-
S. Titman (1984)
The effect of capital structure on a firm's liquidation decision☆Journal of Financial Economics, 13
-
J. Stein (1995)
Internal Capital Markets and the Competition for Corporate Resources -
K. Daigle, M. Maloney (1994)
Residual Claims in Bankruptcy: An Agency Theory ExplanationThe Journal of Law and Economics, 37
-
L. Baxter, E. Scheuer, D. McConalogue, W. Blischke (1982)
On the Tabulation of the Renewal FunctionTechnometrics, 24
-
E. Walsh, J. Ryan (1997)
Agency and Tax Explanations of Security Issuance DecisionsJournal of Business Finance & Accounting, 24
-
SC Myers (2001)
Capital structureJ Econ Perspect, 15
-
A Ghosh, F Cai, W Li (2000)
The determinants of capital structureAm Bus Rev, 18
-
A. Smith, D. Spiegelhalter (1980)
Bayes Factors and Choice Criteria for Linear ModelsJournal of the royal statistical society series b-methodological, 42
-
T Whited (1992)
Debt, liquidity constraints, and corporate investment: evidence from panel dataJ Finan, 47
-
JR Graham (2000)
How big are the tax benefits of debt?J Finan, 55
-
(1984)
Corporate financing and investment decisions when firms have information that investors do not have -
MC Jensen (1986)
Agency costs of free cash flow, corporate finance, and takeoversAm Econ Rev, 76
-
R. Bowen, L. Daley, Charles Huber (1982)
Evidence on the Existence and Determinants of Inter-Industry Differences in LeverageFinancial Management, 11
-
Lakshmi Shyam-Sunder, S. Myers (1999)
Testing static tradeoff against pecking order models of capital structure 1 -
R. Taggart (1977)
A MODEL OF CORPORATE FINANCING DECISIONSJournal of Finance, 32
-
L. Booth, V. Demirgu-Kunt, Vojislav Maksimovic (1999)
Capital Structure in Developing Countries -
Sanford Grossman, O. Hart (1983)
Corporate Financial Structure and Managerial Incentives -
Michael Barclay, Clifford Smith, R. Watts (1995)
THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIESJournal of Applied Corporate Finance, 7
-
John Graham (1996)
Debt and the Marginal Tax RateJournal of Financial Economics, 41
-
N. Jaspen, Norman Draper, Harry Smith (1968)
Applied Regression AnalysisMathematics of Computation, 22
-
W. Mikkelson (1984)
On the Existence of an Optimal Capital Structure: Theory and Evidence: DiscussionJournal of Finance, 39
-
E. Fischer, R. Heinkel, J. Zechner (1989)
Dynamic Capital Structure Choice: Theory and TestsJournal of Finance, 44
-
W. White (1974)
Session Topic: Corporate Finance and Capital BudgetingJournal of Finance, 29
-
S. Myers (1977)
Determinants of corporate borrowingJournal of Financial Economics, 5
-
Merton Miller (1988)
The Modigliani-Miller Propositions After Thirty YearsJournal of Applied Corporate Finance, 2
-
TI Eldomiaty, MA Ismail (2004)
Bayesian identification of the predictors for capital structure in EgyptAdv Appl Stat, 4
-
M. Lasfer (1995)
Agency costs, taxes and debt: The UK evidenceEuropean Financial Management, 1
-
C. Mallows (1973)
Some comments on C_pTechnometrics, 15
-
Deborah Lucas, R. McDonald (1989)
Equity Issues and Stock Price DynamicsNBER Working Paper Series
-
Michael Ferri, Wesley Jones (1979)
Determinants of Financial Structure: A New Methodological ApproachJournal of Finance, 34
-
(1974)
/1975) Eurobonds: determining the demand for capital and the international interest rate structure -
(2004)
Dynamics of financial signaling theory and systematic risk classes in transitional economy : perspectives from Egypt -
B. Lev (1969)
INDUSTRY AVERAGES AS TARGETS FOR FINANCIAL RATIOSJournal of Accounting Research, 7
-
James Scott (1976)
A Theory of Optimal Capital StructureThe Bell Journal of Economics, 7
-
E. Hannan, B. Quinn (1979)
The determination of the order of an autoregressionJournal of the royal statistical society series b-methodological, 41
-
W. Kim, E. Sorensen (1986)
Evidence on the Impact of the Agency Costs of Debt on Corporate Debt PolicyJournal of Financial and Quantitative Analysis, 21
-
De Long, J. Bradford (2001)
A Symposium on the North American EconomyJournal of Economic Perspectives, 15
-
S. Titman, R. Wessels (1988)
The Determinants of Capital Structure ChoiceJournal of Finance, 43
-
C. Mallows (1995)
More comments on C pTechnometrics, 42
-
RG Rajan, L Zingales (1995)
What do we know about capital structure? Some evidence from international dataJ Finan, 50
-
(1976)
Determinants of corporate debt ratios in Germany. European finance association proceedings -
Murray Frank, V. Goyal (2007)
Capital Structure Decisions: Which Factors are Reliably Important?Corporate Finance: Capital Structure & Payout Policies eJournal
-
R. Castanias (1983)
Bankruptcy Risk and Optimal Capital StructureJournal of Finance, 38
-
R. Shibata (1980)
Asymptotically Efficient Selection of the Order of the Model for Estimating Parameters of a Linear ProcessAnnals of Statistics, 8
-
T. Eldomiaty, M. Ismail (2004)
A Bayesian Approach for Testing the Debt Signaling Hypothesis in a Transitional Market: Perspectives from EgyptSRPN: Developing World (Topic)
-
Toni Whited (1992)
Debt, liquidity constraints, and corporate investment: evidence from panel dataSocial Science Research Network
-
SC Myers (1984)
The capital structure puzzleJ Finan, 39
-
Andrew Chen, E. Kim (1979)
Theories of Corporate Debt Policy: A SynthesisJournal of Finance, 34
-
H Akaike (1969)
Fitting autoregressive models for controlAnn Math Stat, 21
-
DJ Lucas, RL McDonald (1990)
Equity issues and stock price dynamicsJ Finan, 45
-
J. Pinegar, Lisa Wilbricht (1989)
What Managers Think of Capital Structure Theory: A SurveyFinancial Management, 18
-
MH Miller (1988)
The Modigliani-Miller proposition after thirty yearsJ Econ Perspect, 2
-
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
-
Javier Sánchez-Vidal, J. Martín-Ugedo (2005)
Financing Preferences of Spanish Firms: Evidence on the Pecking Order TheoryReview of Quantitative Finance and Accounting, 25
-
EF Fama, KR French (1992)
The cross-section of expected stock returnsJ Finan, 47
-
M. Lasfer (1995)
AGENCY COSTS, TAXES AND DEBT, 1
-
Franco Modigliani (1963)
CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION, 53
-
Jerold Warner (1977)
Bankruptcy Costs: Some EvidenceJournal of Finance, 32
-
René Stulz (1990)
Managerial discretion and optimal financing policiesJournal of Financial Economics, 26
-
R. Rajan, Luigi Zingales (1994)
What Do We Know About Capital Structure? Some Evidence from International DataNBER Working Paper Series
-
H. Akaike (1969)
Fitting autoregressive models for predictionAnnals of the Institute of Statistical Mathematics, 21
-
Norman Toy, Arthur Stonehill, Lee Remmers, Richard Wright, Theo Beekhuisen (1974)
A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing SectorJournal of Financial and Quantitative Analysis, 9
-
G. Furnival, R. Wilson (2000)
Regressions by Leaps and BoundsTechnometrics, 42
-
E. Schwartz, J. Aronson (1967)
SOME SURROGATE EVIDENCE IN SUPPORT OF THE CONCEPT OF OPTIMAL FINANCIAL STRUCTUREJournal of Finance, 22
-
H. DeAngelo, Ronald Masulis (1980)
Optimal Capital Structure Under Corporate and Personal TaxationERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)
-
Michael Jensen, W. Meckling (1976)
Theory of the Firm -
T. Styš (1988)
An extension of the maximum principleBulletin of The Polish Academy of Sciences Mathematics, 36
-
S. Tsai (2005)
Dynamic Models of Investment DistortionsReview of Quantitative Finance and Accounting, 25
-
Willard Carleton, I. Silberman (1977)
JOINT DETERMINATION OF RATE OF RETURN AND CAPITAL STRUCTURE: AN ECONOMETRIC ANALYSIS -
Financial Year Book (Cairo: Fiani and Partners) -
Alan Miller (1991)
Subset Selection in Regression -
Aydin Ozkan (2001)
Determinants of Capital Structure and Adjustment to Long Run Target: Evidence From UK Company Panel DataJournal of Business Finance & Accounting, 28
-
Manak Gupta (1969)
THE EFFECT OF SIZE, GROWTH, AND INDUSTRY ON THE FINANCIAL STRUCTURE OF MANUFACTURING COMPANIESJournal of Finance, 24
-
M. Bradley, G. Jarrell, E. Kim (1984)
ON THE EXISTENCE OF AN OPTIMAL CAPITAL STRUCTURE: THEORY AND EVIDENCEJournal of Finance, 39
-
D Galai, R Masulis (1976)
The option pricing model and the risk factor of stockJ Finan Econ, 3
-
JR Graham, CR Harvey (2001)
The theory and practice of corporate finance: evidence from the fieldJ Finan Econ, 60
-
A. Auerbach (1983)
Real Determinants of Corporate LeverageNBER Working Paper Series
-
MC Jensen, WH Meckling (1976)
Theory of the firm: managerial behavior, agency costs and ownership structureJ Finan Econ, 3
- Publisher
- Springer Journals
- Copyright
- Copyright © 2008 by The Author(s)
- Subject
- Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
- ISSN
- 0924-865X
- eISSN
- 1573-7179
- DOI
- 10.1007/s11156-008-0091-x
- Publisher site
- See Article on Publisher Site
Abstract
It has been realized that none of the three basic theories of capital structure presents a complete answer to the actual determinants of corporate financing decisions. This study attempts to model the practice of capital structure decisions according to the basic premises of each theory of capital structure: trade-off theory, pecking-order theory and free cash flow theory. The methodology addresses modeling long-term and short-term debt financing decisions based on ten different statistical criteria using data from Egypt stock market. The empirical evidence indicates that four models of corporate financing are influenced by the trade-off theory relatively. The contributions of this paper are as follows. First, this study offers a more refined and comprehensive methodology for modeling firms’ capital structure decisions. Second, the results of this study compare to those of previous studies of other developing countries and thus add an element of external validity.
Journal
Review of Quantitative Finance and Accounting – Springer Journals
Published: May 2, 2008