资本结构调整速度:实证研究文献综述

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2023-02-27 DOI:10.1177/03128962231154744

Ha Thanh Nguyen, Balachandran Muniandy, Darren Henry

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引用次数: 0

摘要

我们综合了资本结构调整速度（调整速度；SOA）异质性的决定因素的实证研究。这些决定因素分为六组，即：（1）企业特定特征，（2）财务报告和管理激励，（3）公司治理，（4）非正规机构，（5）金融市场属性和（6）全经济属性。从这一分析中，我们发现了重要的潜在研究问题，这些问题与确定与解释SOA异质性的成本和摩擦相关的渠道有关，包括财务报告质量方面、公司内部和外部监控机制以及制度和文化元素。未来研究的有趣途径还包括考虑可比跨国样本的SOA动态，以及对资本结构调整的后续后果的调查。JEL分类：G30、G32、G34、M41

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Adjustment speed of capital structure: A literature survey of empirical research

We synthesize empirical studies on the determinants of the heterogeneity in the adjustment speed (speed of adjustment; SOA) of capital structure. These determinants are categorized into six groups, namely, (1) firm-specific characteristics, (2) financial reporting and managerial incentives, (3) corporate governance, (4) informal institutions, (5) financial market attributes and (6) economy-wide attributes. From this analysis, we perceive important potential research questions linked to identifying channels associated with the costs and frictions explaining SOA heterogeneity, including financial reporting quality aspects, firm internal and external monitoring mechanisms and institutional and cultural elements. Interesting avenues for future research also include considering SOA dynamics for comparable cross-country samples and the investigation of the subsequent consequences of capital structure adjustments. JEL Classification: G30, G32, G34, M41

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.