Author: Abdulaziz M. IstaitiehPublisher:
ISBN:
Category :
Languages : en
Pages : 309
Book Description
Capital Structure and Factor-product Markets
Author: Abdulaziz M. IstaitiehPublisher:
ISBN:
Category :
Languages : en
Pages : 309
Book Description
Firm's Capital Structure and Factor-Product Markets
Author: Abdulaziz IstaitiehPublisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
The objective of this work is to offer a theoretical overview of the literature that links capital structure and factor-product markets, in order to show what we do know about these connections. This literature relates some elements of the modern financial theory to the stakeholder theory, industrial organization, and firm's strategic management. Three main points could be highlighted. First, the relevant role of non-financial stakeholders in capital structure design. Second, the interactions existing between capital structure and market structure. Third, the two-direction effect between the firm's capital structure and its strategic behavior in product markets.
Corporate Capital Structures in the United States
Author: Benjamin M. FriedmanPublisher: University of Chicago Press
ISBN: 0226264238
Category : Business & Economics
Languages : en
Pages : 404
Book Description
The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
Stakeholder Theory, Market Structure and the Firm's Capital Structure
Author: Abdulaziz IstaitiehPublisher:
ISBN:
Category :
Languages : en
Pages : 37
Book Description
A new literature linking capital structure and factor-product markets has been under focus in the last few years. This literature relates some elements of the modern financial theory to the stakeholder theory, market structure, and firm's strategic behavior. In this paper, we will examine the interactions between capital structure and factor-product markets through a system of simultaneous equations with panel data. Our data set contains a sample of Spanish manufacturing firms between 1993 and 1999. We specify a financial leverage equation that depends mainly on factor-product markets. Moreover, we specify a second equation to analyze how product market concentration is affected by financial leverage, among other things. Finally, capital structure was empirically showed to affect and be affected by factor-product markets.
Capital Structure and Product Markets Interactions
Author: Murillo CampelloPublisher:
ISBN:
Category :
Languages : en
Pages : 32
Book Description
This paper provides firm- and industry-level evidence on the effects of capital structure on product market outcomes for a large cross-section of industries. The analysis uses shocks to aggregate demand as surrogates for exogenous changes in the product market environment, dealing with concerns about the endogenous nature of the relation between financial structure and competitive performance. I find that debt financing has a negative impact on firm (relative-to-industry) sales growth in industries where rivals are relatively unlevered during recessions, but not during booms. In contrast, no such effects are observed for firms competing in high-debt industries. At the industry level, I find that markups are more countercyclical when industry debt is high. The cyclical dynamics I find for firm sales growth and for industry markups are consistent with Chevalier and Scharfstein's (1996) prediction that firms that rely more heavily on external financing are more prone to boost short-term profits at the expense of future sales in response to negative shocks to demand, and that the competitive outcomes resulting from such actions depend on the financial structures of their industry rivals.
Empirical Capital Structure
Author: Christopher ParsonsPublisher: Now Publishers Inc
ISBN: 160198202X
Category : Business & Economics
Languages : en
Pages : 107
Book Description
Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Capital Structure and the Corporations's Product Market Environment
Author: A. Michael SpenceChoice of corporate capital structure in imperfect product markets
Author: Venkata Rajan SubramaniamPublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 230
Book Description
Author: Daniel J. Kovenock
Author: Franklin Allen