Capital structure dynamics with restricted equity issuance: Evidence from Chinese post-IPO firms

Michael Gombola, Feng Ying Liu, De Wai Chou

研究成果: 雜誌貢獻文章

1 引文 斯高帕斯(Scopus)

摘要

Chinese firms offer unique insight into capital structure dynamics because tradeoffs and constraints involved differ greatly from Western firms. Greater constraints on equity issuance combined with lesser tax benefits and bankruptcy cost should present fewer incentives for a target capital structure. Nevertheless, we find the capital structure behavior over time of Chinese firms is similar to US firms in gravitating toward a common mean and exhibiting at least as much persistence, and a similar speed of adjustment. Perhaps capital structure dynamics of both American and Chinese firms are based on managerial preferences that stem from tradition or observed practices rather than any of the extant theories.

原文英語
頁(從 - 到)72-85
頁數14
期刊Asia Pacific Management Review
24
發行號1
DOIs
出版狀態已發佈 - 2019 三月 1

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management

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