ASSET SPECIFICITY, FIRM HETEROGENEITY AND CAPITAL STRUCTURE

• 成果类型: Article
• 署名作者: BALAKRISHNAN, S; FOX, I
• 署名单位: Washington State University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.4250140103
• 发表日期: 1993
• 页码: 3-16
• 关键词: strategy; FIRM SPECIFIC ASSETS; capital structure

摘要

This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm-specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure.