The Effects of Uncertainty on the Leverage of Non-Financial Firms
نویسندگان
چکیده
The paper investigates the link between the optimal level of non-financial firms’ shortterm leverage and macroeconomic and idiosyncratic sources of uncertainty. We develop a structural model of a firm’s value maximization problem that predicts a negative relationship between uncertainty and optimal level of borrowing. This proposition is tested using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1993–2003. The estimates confirm that as either form of uncertainty increases firms decrease their levels of short-term leverage. This effect is stronger for macroeconomic uncertainty than for idiosyncratic uncertainty.
منابع مشابه
بررسی تأثیر نااطمینانی تورم بر ساختار سرمایه شرکتهای پذیرفته شده در بورس اوراق بهادار تهران
هدف تحقیق حاضر بررسی تأثیر نااطمینانی نرخ تورم بر ساختار سرمایه شرکتهای پذیرفته شده در بورس اوراق بهادار تهران است. بدین منظور نمونهای مشتمل بر ۱۸۶ شرکت تولیدی عضو بورس اوراق بهادار تهران در بازه زمانی ۱۳۹۲-۱۳۸۵ مورد بررسی قرار گرفت. از مدلGARCH نمایی (EGARCH) برای محاسبه نااطمینانی نرخ تورم استفاده شد و جهت برآورد مدل اصلی، رگرسیون دادههای تابلویی با اثرات ثابت مورد استفاده قرار گرفت. در ا...
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