Network effects in corporate financial policies

• 成果类型: Article
• 署名作者: Grieser, William; Hadlock, Charles; LeSage, James; Zekhnini, Morad
• 署名单位: Texas Christian University; Michigan State University; Texas State University System; Texas State University San Marcos
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.05.060
• 发表日期: 2022
• 页码: 247-272
• 关键词: capital structure; peer effects; networks; Spatial econometrics

摘要

We present a spatial econometrics framework for estimating peer effects in capital struc-ture. This approach exploits the heterogeneous and intransitive nature of peer networks to identify economically informative structural coefficients. In models of leverage levels, we detect significant peer-effect leverage coefficients that are on the order of 0.20, indicating a moderate but substantive level of strategic complementarity in capital structure decisions. We argue that prior estimates in the literature substantially overstate the magnitude of the underlying relation. Our evidence is robust to a wide variety of model modifications and supports the hypothesis that leverage is an important strategic choice variable . (c) 2021 Elsevier B.V. All rights reserved.