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The Impact of Capital Structure Change on Firm Value: Some Estimates

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  1. Manzur Rahman, 1997. "Investment Opportunities And Multinationality: Evidence From Capital Structure Changes," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 20(3), pages 423-434, September.
  2. Zhang, Yonghui & Zhou, Qiankun & Jiang, Li, 2017. "Panel kink regression with an unknown threshold," Economics Letters, Elsevier, vol. 157(C), pages 116-121.
  3. Bradley W. Benson & Wallace N. Davidson III & Hongxia Wang & Dan L. Worrell, 2011. "Deviations from Expected Stakeholder Management, Firm Value, and Corporate Governance," Financial Management, Financial Management Association International, vol. 40(1), pages 39-81, March.
  4. Kitsabunnarat-Chatjuthamard, Pattanaporn & Lung, Peter & Nishikawa, Takeshi & Rao, Ramesh P., 2010. "Leverage-reducing exchange offers and bondholder-stockholder wealth transfers: A re-evaluation," International Review of Economics & Finance, Elsevier, vol. 19(1), pages 81-94, January.
  5. Harald Uhlig & Fiorella De Fiore, 2005. "Bank Finance versus Bond Finance: What Explains the Differences Between US and Europe?," 2005 Meeting Papers 618, Society for Economic Dynamics.
  6. Begona Giner & Carmelo Reverte, 2001. "Valuation implications of capital structure: a contextual approach," European Accounting Review, Taylor & Francis Journals, vol. 10(2), pages 291-314.
  7. Robert M. Hull & George E. Pinches, 1995. "Firm Size and the Information Content of Over-the-Counter Common Stock Offerings," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 4(1), pages 31-55, Spring.
  8. María del Rocío Vega Zavala & Roberto Joaquín Santillán Salgado, 2019. "Empirical evidence on the relationship of capital structure and market value among Mexican publicly listed companies," Contaduría y Administración, Accounting and Management, vol. 64(1), pages 21-22, Enero-Mar.
  9. Madhuri Malhotra & M. Thenmozhi & Arun Kumar Gopalaswamy, 2011. "Evidence on Changes in Time Varying Volatility around Bonus and Rights Issue Announcements," Working Papers 2011-061, Madras School of Economics,Chennai,India.
  10. B. Matemilola & A. Bany-Ariffin & W. Azman-Saini, 2012. "Financial Leverage and Shareholder’s Required Returns: Evidence from South Africa Corporate Sector," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 18(3), pages 601-612, March.
  11. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
  12. Beatty, Anne, 1995. "The cash flow and informational effects of employee stock ownership plans," Journal of Financial Economics, Elsevier, vol. 38(2), pages 211-240, June.
  13. Sinha, Pankaj & Bansal, Vishakha, 2014. "Interrelationship between taxes, capital structure decisions and value of the firm: A panel data study on Indian manufacturing firms," MPRA Paper 58310, University Library of Munich, Germany, revised 30 Jul 2014.
  14. Wan Mohd Nazri Wan Daud & Norlia Mat Norwani & Anizawati Ahmad Mansor & Wan Anisah Endut, 2016. "Does Financing Decision Influence Corporate Performance in Malaysia?," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 1165-1171.
  15. Yasmeen Tarek, 2019. "The Impact of Financial Leverage and CSR on the Corporate Value: Egyptian Case," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(4), pages 74-81, April.
  16. Benjamin Kleidt & Eckhard Scharmer & Dirk Schiereck, 2009. "Desinvestitionen von Aktienpaketen — Eine Analyse von Exchangeable Bonds," Schmalenbach Journal of Business Research, Springer, vol. 61(7), pages 738-780, November.
  17. Jalan, P. & Barone-Adesi, G., 1995. "Equity financing and corporate convertible bond policy," Journal of Banking & Finance, Elsevier, vol. 19(2), pages 187-206, May.
  18. Molin, Johan, 1996. "Shareholder gains from equity private placements: Evidence from the Stockholm Stock Exchange," SSE/EFI Working Paper Series in Economics and Finance 101, Stockholm School of Economics.
  19. Nicholas Apergis & John Sorros, 2011. "Long-Term Debt and the Value of the Firm,Evidence from International Listed Manufacturing Firms," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 60-72, February.
  20. Liao, Yulu & Huang, Paoyu & Ni, Yensen, 2022. "Convertible bond issuance volume, capital structure, and firm value," The North American Journal of Economics and Finance, Elsevier, vol. 60(C).
  21. Luc Renneboog & Peter G. Szilagyi, 2008. "Corporate Restructuring and Bondholder Wealth," European Financial Management, European Financial Management Association, vol. 14(4), pages 792-819, September.
  22. Robert M. Hull & Richard Fortin, 1993. "Issuance Expenses and Common Stock Offerings for Over-the-Counter Firms," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(1), pages 1-16, Fall.
  23. Sze Kim Chin & Nur Adiana Hiau Abdullah, 2013. "Announcements Effect of Corporate Bond Issuance and Its Determinants," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 7(1), March.
  24. Lie, Erik & Lie, Heidi J. & McConnell, John J., 2001. "Debt-reducing exchange offers," Journal of Corporate Finance, Elsevier, vol. 7(2), pages 179-207, June.
  25. Nowak, Eric, 1998. "Finance, investment, and firm value in Germany and the US: A comparative analysis," SFB 373 Discussion Papers 1998,49, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  26. Panayotis Artikis & Georgia Nifora, 2011. "Leverage and Returns in Three Countries of Southern European Region," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 3-26.
  27. Kellen Kiambati, 2020. "Influence of credit risk on shareholder market value of commercial banks listed in Nairobi Securities Exchange," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(2), pages 107-117, March.
  28. Giuseppe Di Martino & Federico Busatto, 2018. "Equity Rights Issue and Dilutive Effect: Evidence from Italian Listed Companies," International Business Research, Canadian Center of Science and Education, vol. 11(10), pages 94-110, October.
  29. Panayiotis Artikis & Georgia Nifora, 2011. "The Industry Effect on the Relationship Between Leverage and Returns," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 1(2), pages 125-145, December.
  30. Walter Novaes, 2002. "Managerial Turnover and Leverage under a Takeover Threat," Journal of Finance, American Finance Association, vol. 57(6), pages 2619-2650, December.
  31. Thi Ngoc Bui & Xuan Hung Nguyen & Kieu Trang Pham, 2023. "The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market," IJFS, MDPI, vol. 11(3), pages 1-20, August.
  32. Chowdhury, Anup & Chowdhury, Suman Paul, 2010. "Impact of capital structure on firm’s value: Evidence from Bangladesh," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 3(3), pages 1-12, October.
  33. Mohammad Al-Suhaibani & Nader Naifar, 2014. "Islamic Corporate Governance: Risk-Sharing and Islamic Preferred Shares," Journal of Business Ethics, Springer, vol. 124(4), pages 623-632, November.
  34. Xiaojian Hu & Gang Yao & Taiyun Zhou, 2022. "Does ownership structure affect the optimal capital structure? A PSTR model for China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2458-2480, April.
  35. Robert A. Taggart, Jr., 1989. "Consistent Valuation and Cost of Capital Expressions with Corporate and Personal TAxes," NBER Working Papers 3074, National Bureau of Economic Research, Inc.
  36. Morellec, Erwan & Schürhoff, Norman, 2011. "Corporate investment and financing under asymmetric information," Journal of Financial Economics, Elsevier, vol. 99(2), pages 262-288, February.
  37. Fernández, Pablo, 1995. "Equivalence of the APV, WACC and flows to equity approaches to firm valuation," IESE Research Papers D/292, IESE Business School.
  38. Tan, Ruth S. K. & Chng, P. L. & Tong, Y. H., 2002. "Private placements and rights issues in Singapore," Pacific-Basin Finance Journal, Elsevier, vol. 10(1), pages 29-54, January.
  39. Bolaji Tunde Matemilola & Bany-Ariffin A. N. & Annuar Md. Nassir, 2018. "Interaction Effects of Country-Level Governance Quality and Debt on Stock Returns in Developing Nations," Capital Markets Review, Malaysian Finance Association, vol. 26(1), pages 19-35.
  40. Udayakumari Vidhyasagara Menon, 2016. "Impact of Capital Structure on Stock Prices: Evidence from Oman," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(9), pages 249-257, September.
  41. Normazia, M. & Hassan, Taufiq & Ariff, M. & Shamsher, M., 2013. "Private placement, share prices, volume and financial crisis: An emerging market study," Global Finance Journal, Elsevier, vol. 24(3), pages 203-221.
  42. Tischer, Sven & Hildebrandt, Lutz, 2014. "Linking corporate reputation and shareholder value using the publication of reputation rankings," Journal of Business Research, Elsevier, vol. 67(5), pages 1007-1017.
  43. Healy, Paul M. & Palepu, Krishna G., 1995. "The challenges of investor communication The case of CUC International, Inc," Journal of Financial Economics, Elsevier, vol. 38(2), pages 111-140, June.
  44. Panayiotis Artikis & Georgia Nifora, 2012. "Capital Structure, Macroeconomic Variables & Stock Returns. Evidence from Greece," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 18(1), pages 87-101, February.
  45. Robert Hull & Sungkyu Kwak & Rosemary Walker, 2012. "Explanation for market response to seasoned equity offerings," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(3), pages 634-661, July.
  46. Khoury, Nabil T. & Medina, Ephraïm, 1985. "La structure du capital : une synthèse des orientations théoriques et empiriques de la dernière décennie," L'Actualité Economique, Société Canadienne de Science Economique, vol. 61(3), pages 362-387, septembre.
  47. Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2003. "The Great Depression and the Friedman-Schwartz hypothesis," Proceedings, Federal Reserve Bank of Cleveland, pages 1119-1215.
  48. D'Mello, Ranjan & Gruskin, Mark & Kulchania, Manoj, 2018. "Shareholders valuation of long-term debt and decline in firms' leverage ratio," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 352-374.
  49. Chung, Kee H. & Wright, Peter & Charoenwong, Charlie, 1998. "Investment opportunities and market reaction to capital expenditure decisions," Journal of Banking & Finance, Elsevier, vol. 22(1), pages 41-60, January.
  50. Tischer, Sven & Hildebrandt, Lutz, 2011. "Linking corporate reputation and shareholder value using the publication of reputation rankings," SFB 649 Discussion Papers 2011-065, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
  51. Süleyman Serdar KARACA & Arif SAVSAR, 2012. "The Effect Of Financial Ratios On The Firm Value: Evidence From Turkey," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 7(1(19)/ Sp), pages 56-63.
  52. Niket Jindal & Leigh McAlister, 2015. "The Impacts of Advertising Assets and R&D Assets on Reducing Bankruptcy Risk," Marketing Science, INFORMS, vol. 34(4), pages 555-572, July.
  53. Michael C. Jensen, 1987. "The free cash flow theory of takeovers: a financial perspective on mergers and acquisitions and the economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 31, pages 102-148.
  54. Ed Vos & Carolyn Forlong, 1996. "The Agency Advantage of Debt over the Lifecycle of the Firm," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 5(3), pages 193-211, Fall.
  55. Sorin Gabriel Anton, 2016. "Cash Holdings and Firm Value: A Study of Listed Firms in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 409-414, February.
  56. Wayne H. Mikkelson, 1983. "Capital Structure Change and Decreases in Stockholders' Wealth: A Cross-Sectional Study of Convertible Security Calls," NBER Working Papers 1137, National Bureau of Economic Research, Inc.
  57. Zalina Zainudin & Zarina Mohd Zaki & Abdul Razak Abdul Hadi & Hafezali Iqbal Hussain & Mazhar Hallak Kantakji, 2019. "Investor Sentiment and Firm Financial Performance of Malaysian IPO Firms: Pre and Post Financial Crisis," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 450-458, August.
  58. repec:hum:wpaper:sfb649dp2005-042 is not listed on IDEAS
  59. Mbodja Mougoué & Ramesh P. Rao, 2003. "The Information Signaling Hypothesis of Dividends: Evidence from Cointegration and Causality Tests," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3‐4), pages 441-478, April.
  60. Lei Guo & Luying Xu, 2021. "The Effects of Digital Transformation on Firm Performance: Evidence from China’s Manufacturing Sector," Sustainability, MDPI, vol. 13(22), pages 1-18, November.
  61. Muradoğlu, Yaz Gülnur & Sivaprasad, Sheeja, 2012. "Capital structure and abnormal returns," International Business Review, Elsevier, vol. 21(3), pages 328-341.
  62. Jo-Yu Wang & Chih-Hsuan Chang & Juo-Lien Wang, 2024. "Do Prior Financial Events to Share Repurchase Announcements Matter?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 23(2), pages 197-226, June.
  63. An, Zhe & Li, Donghui & Yu, Jin, 2015. "Firm crash risk, information environment, and speed of leverage adjustment," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 132-151.
  64. Robert M Hull & JuliAnn Mazachek, 2001. "Junior‐for‐senior announcements," Review of Financial Economics, John Wiley & Sons, vol. 10(3), pages 213-225.
  65. Aktham Maghyereh, 2005. "Dynamic Capital Structure: Evidence From The Small Developing Country Of Jordan," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 13(1), pages 1-32, June.
  66. Dyussembina, Saule & Park, Kunsu, 2024. "Book-tax differences, dividend payout, and firm value," International Review of Financial Analysis, Elsevier, vol. 91(C).
  67. Lorraine D’Mello & Sheeja Sivaprasad, 2015. "An Investment Strategy Based on Leverage: Evidence from BSE 500," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 14(3), pages 210-238, December.
  68. Julius B. Adesina & Barine M. Nwidobie & Oluwatosin O. Adesina, 2015. "Capital Structure and Financial Performance in Nigeria," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 5(2), pages 21-31, February.
  69. Robert Hull, 2020. "Pass-Through and C Corp Outputs under TCJA," IJFS, MDPI, vol. 8(3), pages 1-32, August.
  70. Ravid, S. Abraham & Venezia, Itzhak & Ofer, Aharon & Pons, Vicente & Zuta, Shlomith, 2007. "When are preferred shares preferred? Theory and empirical evidence," Journal of Financial Stability, Elsevier, vol. 3(3), pages 198-237, October.
  71. Carl Chiarella & Toan Pham & Ah Boon Sim & Madeleine Tan, 1991. "Determinants of Corporate Capital Structure: Australian Evidence," Working Paper Series 3, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  72. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.
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