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政大典藏 > College of Commerce > Department of Accounting > Periodical Articles > Item 140.119/64049

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64049

Title:	Determinants of capital structure choice: A structural equation modeling approach
Authors:	Chingfu Chang,;Alice C. Lee,;Cheng F. Lee, 張清福
Contributors:	會計系
Keywords:	Capital structure;Structural equation modeling;Debt;Equity
Date:	2009-05
Issue Date:	2014-02-20 10:04:32 (UTC+8)
Abstract:	In their seminal research on the determinants of capital structure choice using structural equation modeling (SEM), Titman and Wessels [Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1–19] obtain weak results and hence call for further investigation. We apply a Multiple Indicators and Multiple Causes (MIMIC) model, with refined indicators, to a pooled sample for the period 1988–2003 and find more convincing results than those obtained by Titman and Wessels. With the capital structure measured simultaneously by the ratios of long-term debt, short-term debt, and convertible debt to the market value of equity, our results show that growth is the most important determinant of capital structure choice, followed in order by profitability, collateral value, volatility, non-debt tax shields, and uniqueness. Moreover, we find that long-term debt is the most important proxy of capital structure, followed by short-term debt, and then convertible debt.
Relation:	The Quarterly Review of Economics and Finance, 49(2), 197-213
Source URI:	http://dx.doi.org/10.1016/j.qref.2008.03.004
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.qref.2008.03.004
DOI:	10.1016/j.qref.2008.03.004
Appears in Collections:	[Department of Accounting] Periodical Articles

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