How and When Do Firms Adjust Their Capital Structures toward Targets

By Soku Byoun. 2008

632 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/09d9aeaba20500f9cbdd58163c02c880a31c7a7a

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Citations in the corpus

Financial flexibility, corporate investment and performance: evidence from financial crises (2013, neutral): “The academic literature argues that the motives to attain financial flexibility are related to the future ability and need of firms to raise external funds and restructure their financing at low cost (DeAngelo and DeAngelo 2007; Gamba and Triantis 2008; Byoun 2008).”
Employment Protection, Investment, and Firm Growth (2019, positive): “We calculate operating cash flows following Byoun (2008).”
Equity Mispricing and Leverage Adjustment Costs (2012, positive): “…adjustment based on sunk and incremental costs such that in firm years where adjustment costs are higher, the firm moves more slowly toward its TL. Byoun (2008) finds that most adjustments occur when firms have above-target debt with a financial surplus or when they have below-target debt with a…”
Financial Flexibility and Capital Structure Decision (2011, background): “…(1984), Titman and Wessels (1993), Chang and Dasgupta (2003), and Lemmon and Zender (2004) under the pecking-order framework and Frank and Goyal (2003), Fama and French (2002), Barclay and Smith (2005), Leary and Roberts (2005), Strebulaev (2007), and Byoun (2008) under the tradeoff framework.”
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases (2012, neutral): “Although this definition is close to the ‘financing surplus/deficit’ used in Kayhan and Titman (2007) and Byoun (2008), we make two modifications that are necessary for our purposes.”
Why are firms unlevered (2012, neutral): “7 See, for example, Fama and French (2002), Leary and Roberts (2005), Flannery and Rangan (2006), and Byoun (2008).”
Financing of working capital requirement, financial flexibility and SME performance (2016, background): “The literature has defined financial flexibility as the ability of a firm to access and restructure its financing at a low cost (Gamba, Triantis 2008; Byoun 2008).”
Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models (2012, methodology): “The first is a two-stage procedure (Shyam-Sunder and Myers, 1999; Fama and French, 2002; Byoun, 2008), in which one regresses actual leverage on the firm-specific characteristics in (2), obtains the fitted values ˆ̀∗it = β̂ ′ xit (with β̂ being the consistent estimate of β) and then uses this proxy…”
Corporate Governance and the Dynamics of Capital Structure: New Evidence (2014, neutral): “(2005), Chava et al. (2005), Huang et al. (2005), Harford et al. (2005), Jiraporn et al. (2006), and Jiraporn and Gleason (2007).”
In Search of Robust Methods for Dynamic Panel Data Models in Empirical Corporate Finance (2015, positive): “16Following Flannery and Rangan (2006) and subsequent capital structure studies (Byoun, 2008; Faulkender et al., 2012), in those regressions we regress leverage on its lagged value and eight explanatory variables, namely profitability, market-to-book, depreciation, firm size, tangibility, research a”
The Dynamics of Cash (2010, methodology): “The SOA of debt is estimated by firm from an autoregressive OLS procedure similar to the one in Figure 3, using the set of control variables in Byoun (2008), which includes industry median debt, the marginal tax rate, Q, operating income, depreciation and amortization, a dividend dummy, size, fixed…”