Publicação
Capital structure determinants and the impact of the 2008 financial crisis: evidence from North America
| Resumo: | This paper aims to investigate the capital structure determinants of North American firms and to analyze the impact of the 2008 financial crisis. To conduct the study, a panel data set from 2000 to 2019 comprisingabout434 North American was used and 3 models were estimated. The empirical results indicate that size and market-to-book value positively influence leverage, whereas profitability, growth opportunities, tangibility, and liquidity influence it negatively. Non-debt tax shields do not impact firm leverage. Regarding the crisis effect, the results demonstrate that it modified the influence that size, profitability, liquidity, and market-to-book value have on leverage. |
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| Autores principais: | Ferreira, Joana Vila-Chã |
| Assunto: | Capital structure Financial crisis Leverage Firm-level variables |
| Ano: | 2021 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| Resumo: | This paper aims to investigate the capital structure determinants of North American firms and to analyze the impact of the 2008 financial crisis. To conduct the study, a panel data set from 2000 to 2019 comprisingabout434 North American was used and 3 models were estimated. The empirical results indicate that size and market-to-book value positively influence leverage, whereas profitability, growth opportunities, tangibility, and liquidity influence it negatively. Non-debt tax shields do not impact firm leverage. Regarding the crisis effect, the results demonstrate that it modified the influence that size, profitability, liquidity, and market-to-book value have on leverage. |
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