Financial constraint and the choice between leasing and debt

Jane Raung Lin, Chia Jane Wang, De Wei Chou, Fei Chun Chueh

研究成果: 雜誌貢獻文章

14 引文 斯高帕斯(Scopus)

摘要

Earlier studies suggest that companies use debt and leases interchangeably as the alternative external financing choice. We provide evidence that firms are not indifferent between debt and leases and the lease versus debt decision depends on the extent to which firms are financially constrained. For the most constrained firms leasing (debt) is negatively (positively) related to internal funds and for the less constrained firms the results are just the opposite. Our findings support the hypothesis that constrained firms tend to choose leasing over debt financing. The results are robust to various estimation methods that control for endogeneity and panel dynamics.

原文英語
頁(從 - 到)171-182
頁數12
期刊International Review of Economics and Finance
27
DOIs
出版狀態已發佈 - 2013 六月 1
對外發佈Yes

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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