Survival of the fittest or the fattest? Exit and financing in the trucking industry

• 成果类型: Article
• 署名作者: Zingales, L
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/0022-1082.00039
• 发表日期: 1998
• 页码: 905-938
• 关键词: capital structure; empirical-analysis; deregulation; INVESTMENT; leverage; policies; debt

摘要

This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the prederegulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely to survive the deregulation shock, even after controlling for various measures of efficiency. This effect is stronger in the imperfectly competitive segment of the motor carrier industry. High debt seems to affect survival by curtailing investments and reducing the price per ton-mile that a carrier can afford to charge after deregulation.