THAI FIRMS' HISTORIES AND THEIR CAPITAL STRUCTURE

被引：0

作者：

Law, Tak Yan ^{[1
]}

Chong, Terence Tai-Leung ^{[1
]}

机构：

[1] Chinese Univ Hong Kong, Dept Econ, Shatin, Hong Kong, Peoples R China

来源：

ANNALS OF FINANCIAL ECONOMICS | 2011年 / 6卷 / 01期

关键词：

Capital structure; pecking-order theory; market timing theory; trade-off theory;

D O I：

10.1142/S2010495211500047

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the impacts of profitability, stock price performance and growth opportunity on the capital structure of firms in Thailand. The methodology of Kayhan and Titman (2007) is applied to model the dynamics of debt ratios. The results suggest that the leverage ratios of Thai firms do adjust towards their target levels. The deviations from the target due to the pecking-order and market timing effects are found to be significant. In contrast to Kayhan and Titman (2007), our results show that the market timing behavior does not persist.

引用

页数：14

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