Items with full text/Total items : 90074/105197 (86%)
Visitors : 7159071
Online Users : 43
Please use this identifier to cite or link to this item:
|Title: ||How and When Do Firms Adjust Their Capital
Structures toward Targets?- Manager Debt Tendency|
|Authors: ||王瑪如, 林哲瑋|
|Keywords: ||Target Capital Structure, Debt Tendency, Similar Parallel, Quasi-Constant,Quantile Regression|
|Issue Date: ||2013-08-07 09:22:40 (UTC+8)|
|Abstract: ||Previous study did not explore the manager’s debt tendency to influence the|
target capital structure. This study wants to defines “Debt Tendency Coefficient” to
explore differences of Taiwan managers’ debt tendency and to verify the existence of
target capital structures. After knowing existence of debt tendency coefficient, this
study will use quantile regression alternative to general regression to estimate the
target debt ratio. In order to understand the Taiwanese managers towards target capital
structure adjustment process and characteristics.
If firms adjust their capital structures toward targets, and if there are adverse
selection costs associated with asymmetric information, Byoun(2008) suggested a
financing needs-induced adjustment framework to examine the dynamic process by
which firms adjust their capital structures. And he found that most adjustments occur
when firms have above-target (below-target) debt with a financial surplus (deficit).
Byoun (2008) used the U.S. data and adopted ordinary least squares estimators as
all the company's target debt ratio estimators. He received the same results with the
prior forecast. The samples were classified as moderate tendency to borrow enough
samples sufficient to ignore the use of ordinary least squares estimator bias resulting
from impact of the financing needs-induced adjustment framework.
However, we initially found that there are many managers of low debt tendency
in our sample of Taiwanese listed companies, unlike the U.S. data that is most of the
sample of moderate debt tendency. At this point, if the use of ordinary least squares
estimators as all the company's target debt ratio estimator may occur very serious
estimated bias of target debt ratio ,it lead validation of" financing needs-induced
adjustment framework " to be unable do the right observation. As such, we plan to
switch to quantile regression estimator, as all of the company's target debt ratio
estimator to improve the target debt ratio is estimated bias, with a view to the
satisfaction of the successful predictions in advance, and found that the capital
structure adjustment framework under Taiwan's managers of unique low-debt
|Relation: ||2010中部學術財金研討會 論文發表|
|Appears in Collections:||[財務金融學系] 會議論文|
Files in This Item:
There are no files associated with this item.
All items in ASIAIR are protected by copyright, with all rights reserved.