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

Li, L and Islam, S 2019, 'Firm and industry specific determinants of capital structure: Evidence from the Australian market', International Review of Economics and Finance, vol. 59, pp. 425-437.


Document type: Journal Article
Collection: Journal Articles

Title Firm and industry specific determinants of capital structure: Evidence from the Australian market
Author(s) Li, L
Islam, S
Year 2019
Journal name International Review of Economics and Finance
Volume number 59
Start page 425
End page 437
Total pages 13
Publisher Elsevier BV
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.
Subject Finance
Keyword(s) Australian firms
Capital structure
Industry
Leverage
DOI - identifier 10.1016/j.iref.2018.10.007
Copyright notice © 2018 Published by Elsevier Inc
ISSN 1059-0560
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