Performance Relevance of Capital Structure Choices
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Le tri à trois modèles
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Corporate finance study of leverage and firm productivity; although motivated by discrepancies across prior studies, it answers the finance question itself rather than studying the literature.
The study examines corporate leverage and firm performance, not research itself.
Corporate-finance study of leverage and firm performance; object is firm value, not science.
Résumé
This study identified the reasons behind the discrepancies in the result from the past empirical studies about the effect of leverage on the firm value. Most importantly, by using the Malmquist productivity change index and its components as the proxy for corporate performance, the effect of leverage on corporate performance and the effect of corporate performance on leverage are identified. The results reveal that leverage no not affect the Malmquist productivity change index but the micro analysis shows that leverage defined in total debts to total assets affects technical change significantly but do not affects efficiency change. The reserve causality tests show that the Malmquist productivity change index and its component do not affect leverage. Hence it is proved that leverage do not improve the corporate performance.
Conservé avec la notice de tri, où il sert de preuve aux étiquettes ci-dessus.
La notice
- Revue
- International Journal of Economics and Finance
- Thématique
- Corporate Finance and Governance
- Domaine
- Business, Management and Accounting
- Établissements canadiens
- —
- Organismes subventionnaires
- —
- Mots-clés
- Leverage (statistics)Capital structureEconomicsBusinessEconometricsProxy (statistics)DebtIndustrial organizationMacroeconomicsMathematicsStatistics
- Résumé présent dans OpenAlex
- oui