IDEAS home Printed from https://ideas.repec.org/a/wsi/rpbfmp/v03y2000i03ns0219091500000194.html
   My bibliography  Save this article

A Survey on Capital Structure Decisions of Hong Kong Firms

Author

Listed:
  • Dennis K. K. Fan

    (Department of Finance, Chinese University of Hong Kong, Hong Kong, China)

  • Raymond W. So

    (Department of Finance, Chinese University of Hong Kong, Hong Kong, China)

Abstract

In this paper, the results of a survey on capital structure decisions of Hong Kong listed firms are reported. It is found that Hong Kong firms conformed more to the "pecking order" principle than a target long term debt-equity mix in their financing decisions. Financial managers' preferences over alternative capital raising instruments are also investigated. The degree of information asymmetry and firm size are found to have impacts on the ranking of some factors governing capital structure decisions. However, signaling motivation does not play a role in managers' financing decisions.

Suggested Citation

  • Dennis K. K. Fan & Raymond W. So, 2000. "A Survey on Capital Structure Decisions of Hong Kong Firms," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 347-365.
    • Handle: RePEc:wsi:rpbfmp:v:03:y:2000:i:03:n:s0219091500000194
    DOI: 10.1142/S0219091500000194
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S0219091500000194
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S0219091500000194?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Anchada Charoenrook & Pantisa Pavabutr, 2017. "A Window into Thai Mutual Fund Managers’ Perception and Decision-Making Process," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 20(03), pages 1-43, September.
    2. Carmen Cotei & Joseph Farhat, 2011. "An application of the two-stage Bivariate Probit–Tobit model to corporate financing decisions," Review of Quantitative Finance and Accounting, Springer, vol. 37(3), pages 363-380, October.
    3. Fan, Dennis K. K. & So, Raymond W., 2004. "What managers think of capital structure: the evidence from Hong Kong," Journal of Asian Economics, Elsevier, vol. 15(4), pages 817-830, August.

    More about this item

    Keywords

    capital structure; survey; Hong Kong;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:rpbfmp:v:03:y:2000:i:03:n:s0219091500000194. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/rpbfmp/rpbfmp.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.