Non-linearity in the determinants of capital structure: evidence from UK firms

被引：35
|
作者：
Fattouh, Bassam [1 ]
Harris, Laurence [1 ]
Scaramozzino, Pasquale [1 ,2 ]
机构：
[1] Univ London, Dept Financial & Management Studies, SOAS, London WC1H 0XG, England
[2] Univ Roma Tor Vergata, Dept Econ, I-00133 Rome, Italy
来源：
EMPIRICAL ECONOMICS | 2008年 / 34卷 / 03期
关键词：
capital structure; quantile regression method; UK;
D O I：
10.1007/s00181-007-0128-3
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We demonstrate that, by exploiting more fully the distribution of leverage, conditional quantile regression methods yield new insights into the choice of leverage ratio. For UK listed companies we find that not only is the estimated effect of the explanatory variables different at different quantiles of the distribution, but also that the effect of a variable changes sign between low leveraged and high leveraged firms.
引用
收藏
页码：417 / 438
页数：22
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