dc.contributor | Facultad de Ciencias Economicas y Empresariales | es_ES |
dc.contributor.author | Castro Castro, Paula | |
dc.contributor.author | Tascón Fernández, María Teresa | |
dc.contributor.author | Amor Tapia, Borja | |
dc.contributor.author | de Miguel, Alberto | |
dc.contributor.other | Economia Financiera y Contabilidad | es_ES |
dc.date | 2016 | |
dc.date.accessioned | 2024-03-22T13:18:39Z | |
dc.date.available | 2024-03-22T13:18:39Z | |
dc.identifier.citation | Castro, P., Tascón Fernández, M. T., Amor-Tapia, B., y Miguel, A. de. (2016). Target leverage and speed of adjustment along the life cycle of European listed firms. BRQ Business Research Quarterly, 19(3), 188–205. https://doi.org/10.1016/J.BRQ.2016.01.003. | es_ES |
dc.identifier.issn | 2340-9436 | |
dc.identifier.other | https://www.sciencedirect.com/science/article/pii/S2340943616000165?via%3Dihub | es_ES |
dc.identifier.uri | https://hdl.handle.net/10612/19320 | |
dc.description.abstract | [EN] This paper analyzes differences in target leverage and speed of adjustment across
three life cycle stages of European listed firms: introduction, growth and maturity. We determine
that profitability and tangibility are the most stable determinants, whereas growth
opportunities and size exhibit changing effects across stages. The speed of adjustment does
not increase as the firms evolve, as firms in introduction are able to adjust the fastest. Firms
changing stage adjust leverage at a lower speed, and their target is more affected by profitability,
primarily when the change is from growth to maturity. Finally, we confirm the existence
of long-term debt targets, by providing evidence that the next-year target is a relevant factor
to explain current debt when firms change from one stage to another. | es_ES |
dc.language | eng | es_ES |
dc.publisher | Elsevier | es_ES |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internacional | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/ | * |
dc.subject | Economía | es_ES |
dc.subject | Empresas | es_ES |
dc.subject | Finanzas | es_ES |
dc.subject.other | Capital structure | es_ES |
dc.subject.other | Target leverage | es_ES |
dc.subject.other | Firm’s life cycle | es_ES |
dc.subject.other | Speed of adjustment | es_ES |
dc.title | Target leverage and speed of adjustment along the life cycle of European listed firms | es_ES |
dc.type | info:eu-repo/semantics/article | es_ES |
dc.identifier.doi | 10.1016/J.BRQ.2016.01.003 | |
dc.description.peerreviewed | SI | es_ES |
dc.relation.projectID | info:eu-repo/grantAgreement/MICINN/ Programa Nacional de Investigación Fundamental/ ECO2011-29144-C03-01/ES/ GOBIERNO CORPORATIVO Y CREACION DE VALOR EN UN CONTEXTO DE CRISIS FINANCIERA | es_ES |
dc.relation.projectID | info:eu-repo/grantAgreement/MECD/ Programa Nacional de Formación/ AP2012-1959/ES// | es_ES |
dc.rights.accessRights | info:eu-repo/semantics/openAccess | es_ES |
dc.journal.title | BRQ Business Research Quarterly | es_ES |
dc.volume.number | 19 | es_ES |
dc.issue.number | 3 | es_ES |
dc.page.initial | 188 | es_ES |
dc.page.final | 205 | es_ES |
dc.type.hasVersion | info:eu-repo/semantics/publishedVersion | es_ES |
dc.description.project | Financial support from the Spanish Ministry of Science and Innovation (ECO2011-29144-C03-01) and support from the University of Leon (ULE2012-1) are gratefully acknowledged. Paula Castro also acknowledges the Grant FPU (AP2012-1959) from the Spanish Ministry of Education, Culture and Sports | es_ES |