教師資料查詢 | 類別: 期刊論文 | 教師: 蘇志偉 Su, Chih-wei (瀏覽個人網頁)

標題:What Should They Do? Capital Structure Behavior in Financially-distressed Firms
學年99
學期1
出版(發表)日期2010/12/01
作品名稱What Should They Do? Capital Structure Behavior in Financially-distressed Firms
作品名稱(其他語言)
著者Chang, Hsu-ling; Su, Chi-wei; Weng, Liang-chieh; Chen, Yahn-shir
單位淡江大學國際貿易學系暨國際企業研究所
出版者Lagos: Academic Journals
著錄名稱、卷期、頁數African Journal of Business Management 4(18), pp.4110-4117
摘要We set out in the present study to analyze the differences in capital structure within financially-distressed firms under the ‘trade-off’ and ‘pecking order’ theories, and to determine which financing approach is more beneficial to such financially-distressed firms. Our econometric analysis is performed under the following two steps. Firstly, we select a number of firms under financial distress and attempt to identify their capital structure in order to determine their characteristics. Secondly, we divide our sample of financially-distressed firms into two categories, the first of which are referred to as ‘Truly Failed’ firms, whilst the second category is referred to as ‘Normal’ firms (those previously in financial distress but which subsequently recovered and ultimately resumed their normal operations). Prior to the occurrence of financial distress, support is provided by both the ‘Normal’ firms and ‘Truly Failed’ firms for the ‘pecking order’ theory, thereby indicating that these firms have no specific preferences for financing. Following the occurrence of financial distress, the empirical results on the ‘Normal’ firms continue to provide support for the ‘pecking order’ theory, whereas the results on the ‘Truly Failed’ firms provide no such support.
關鍵字Financial distress;capital structure;trade-off theory;pecking order theory
語言英文
ISSN1993-8233
期刊性質國外
收錄於SSCI
產學合作
通訊作者Su, Chi-wei
審稿制度
國別奈及利亞
公開徵稿
出版型式紙本
相關連結
SDGs
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