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    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/64049


    题名: Determinants of capital structure choice: A structural equation modeling approach
    作者: Chingfu Chang,;Alice C. Lee,;Cheng F. Lee,
    張清福
    贡献者: 會計系
    关键词: Capital structure;Structural equation modeling;Debt;Equity
    日期: 2009-05
    上传时间: 2014-02-20 10:04:32 (UTC+8)
    摘要: 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.
    關聯: The Quarterly Review of Economics and Finance, 49(2), 197-213
    資料來源: http://dx.doi.org/10.1016/j.qref.2008.03.004
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1016/j.qref.2008.03.004
    DOI: 10.1016/j.qref.2008.03.004
    显示于类别:[會計學系] 期刊論文

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