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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/78480

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78480

Title:	Macroeconomic Conditions, Firm-Level Productivity, and Capital Structure Choices
Authors:	Huang, Hsing-Hua;Chen, Wei-Kuang;Lin, Chia-Fan 陳威光;林家帆
Contributors:	金融系
Keywords:	Capital;Capital Structure;Firm;Firm Level;Manufacturing;Productivity
Date:	2011-03
Issue Date:	2015-09-15 14:42:57 (UTC+8)
Abstract:	This study develops a simple structural model to scrutinize a firm`s capital structure choices in consideration of macroeconomic conditions and firm-level productivity shocks by which the dynamics of the firm`s unlevered asset value and EBIT are endogenously determined. The model particularly generates the implication that the optimal debt ratio is negatively correlated to the return volatility of macroeconomic conditions, but positively correlated to that of firm-level productivity. We further provide some supportive empirical evidence from US manufacturing firms.
Relation:	Middle Eastern Finance and Economics, 11, 44-52
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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