Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues

By Armen Hovakimian, Gayané Hovakimian, Hassan Tehranian. 2004

648 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/fa10ee35c79c110c8f09f7c218a6832d39e71a24

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Citations in the corpus

Access to Capital, Capital Structure, and the Funding of the Firm (2009, methodology): “As in Hovakimian et al. (2001), I estimate the target debt ratios with the predicted debt ratios from the leverage regressions (third column of Table III).24 The results are reported in the first two columns in Table V. The results are in line with the hypothesis that public firms’ leverage adjusts ”
Macroeconomic Conditions and Capital Structure Adjustment Speed (2010, neutral): “Firms with higher R&D expenses and higher selling expenses tend to have unique assets and develop unique products, which may indicate higher bankruptcy costs (Titman, 1984; Hovakimian et al., 2004).”
Corporate Governance and the Dynamics of Capital Structure: New Evidence (2014, positive): “Firms with more valuable tangible assets should enjoy higher credibility with regard to repaying their debts, as well as a relatively lower risk of bankruptcy, such that their debt capacity should be higher (Titman and Wessels, 1988; Hovakimian et al., 2004).”
Employee well-being, firm leverage, and bankruptcy risk. (2010, positive): “This is in line with Hovakimian et al. (2001) and Lipson and Mortal (2009).”
Corporate governance and financing decisions of Ghanaian listed firms (2007, background): “In addition to the independent variables, the model includes certain control variables for the firms’ attributes which also influence capital structure decisions of firms (see Titman and Wessels, 1988; Fischer et al., 1989, Shyam-Sunder and Myers, 1999; Al-Sakran, 2001; Hovakimian et al., 2004; Abor”
Deviation from the Target Capital Structure and Acquisition Choices (2011, neutral): “Majluf (1984), Jensen (1986), Hart and Moore (1995)).”
Testing Theories of Capital Structure and Estimating the Speed of Adjustment (2009, methodology): “which debt or equity increases by more than 5% of beginning-of-year assets, the same definition that has been used, for example, in Hovakimian, Hovakimian, and Tehranian (2004) and Korajczyk and Levy (2003).”
Climate Risk and Capital Structure (2019, positive): “…firms with higher Tobin’s Q values are less leveraged, which 19 For example, see Titman and Wessels (1988), Rajan and Zingales (1995), Graham, Lemmon, and Schallheim (1998), Hovakimian, Opler, and Titman (2001), and Strebulaev and Yang (2013). reflects their greater risk and potential for growth.”