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Capital structure in U.S., a quantile regression approach with macroeconomic impacts

Journal of Economics Bibliography

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Title Capital structure in U.S., a quantile regression approach with macroeconomic impacts
 
Creator KALOUDIS, Andreas; UNIVERSITY OF PATRAS
TSOLIS, Dimitrios;

University of Patras, Cultural Heritage and New Technologies Department, Patras, Greece.

. +306988254810

. dtsolis@upatras.gr
 
Subject Capital structure; Quantile regression; Macroeconomy; Firm characteristics; Total debt; U.S.; Panel data; Hausman test; Fixed effects model; Unbalanced sample.
B22; B40; E60.
 
Description Abstract. The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure adjustment in different macroeconomics states by focusing and discussing the relative importance of firm-specific and macroeconomic characteristics from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). Thus, based on a partial adjustment model, we find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raises up while the long-term debt ratio slows down for same periods.Keywords. Capital structure, Quantile regression, Macroeconomy, Firm characteristics, Econometry, Total debt, U.S., Panel data, Hausman test, Fixed effects model, Unbalanced sample. JEL. B22, B40, E60.
 
Publisher Journal of Economics Bibliography
 
Contributor —
 
Date 2018-03-18
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.kspjournals.org/index.php/JEB/article/view/1593
10.1453/jeb.v5i1.1593
 
Source Journal of Economics Bibliography; Vol 5, No 1 (2018): March; 1-17
2149-2387
 
Language eng
 
Relation http://www.kspjournals.org/index.php/JEB/article/view/1593/1566
 
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http://creativecommons.org/licenses/by-nc/4.0