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The Determinants of Capital Structure and its Effects on Corporate Performance:an Econometric Analysis Based on 7,440 US Companies

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1 SUMMARY This paper presents empirical findings in support of the main theories developed on capital structure and its determinants, and on the impact of debt ratio on firm’s performance. Empirical results based on 2001 accounting data for 7,440 US firms are consistent with past literature on the topic, and imply that the agency costs, the level of firm’s tangibility and the ownership structure play a fundamental role in financing decision. Unexpectedly, the tax rate, which has been extensively considered as one of the main determinant in financing decision, it is not statistically significant to the current model and it appears to be an irrelevant factor in financial policy. The current paper provide also additional support to the hypothesis of the existence of an optimal debt ratio, which balances the tax deductions gains from high leverage with the additional expenses that it implies, namely the cost of servicing the debt, and all the costs related to the increased risk of financial distress and bankruptcy. Taken as a whole entity, the optimal capital structure for US firms analysed ranges somewhere in between 40 and 50 percent, within which the marginal benefits derived from leverage are equal to the marginal costs.

Anteprima della Tesi di Massimiliano Neri

Anteprima della tesi: The Determinants of Capital Structure and its Effects on Corporate Performance:an Econometric Analysis Based on 7,440 US Companies, Pagina 1

Tesi di Laurea

Facoltà: Scienze Economiche e Aziendali

Autore: Massimiliano Neri Contatta »

Composta da 63 pagine.

 

Questa tesi ha raggiunto 1806 click dal 20/03/2004.

 

Consultata integralmente 12 volte.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.