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Título
Target leverage and speed of adjustment along the life cycle of European listed firms
Autor
Facultad/Centro
Área de conocimiento
Título de la revista
BRQ Business Research Quarterly
Número de la revista
3
Datos de la obra
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.
Editor
Elsevier
Fecha
2016
ISSN
2340-9436
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.
Materia
Palabras clave
Peer review
SI
ID proyecto
- 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
- info:eu-repo/grantAgreement/MECD/ Programa Nacional de Formación/ AP2012-1959/ES//
URI
DOI
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