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Firm and industry specific determinants of capital structure: Evidence from the Australian market

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  • Li, Larry
  • Islam, Silvia Z.

Abstract

We demonstrate the importance of firm-specific and industry-specific factors in the leverage decision on a sample of Australian publicly listed companies from 1999 to 2012. Empirical findings show that some firm-specific factors vary across industries, whereas, several previous studies find an equal impact of these factors. In addition, we find that industry-specific factors have direct and indirect impacts on the formation of the capital structure of Australian firms, but the results of some industry-specific factors are subject to the choices of leverage ratios. Overall, we conclude that industry-specific factors are important in terms of corporate capital structure formation.

Suggested Citation

  • Li, Larry & Islam, Silvia Z., 2019. "Firm and industry specific determinants of capital structure: Evidence from the Australian market," International Review of Economics & Finance, Elsevier, vol. 59(C), pages 425-437.
    • Handle: RePEc:eee:reveco:v:59:y:2019:i:c:p:425-437
    DOI: 10.1016/j.iref.2018.10.007
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    More about this item

    Keywords

    Leverage; Capital structure; Industry; Australian firms;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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