Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms
By Bernadette A. Minton, K. Wruck. 2001
133 citations recorded by the source corpus.
Subfields: Accounting, Strategy and Management
View Paper: https://www.semanticscholar.org/paper/fe7158ec91c662f9e73954e41bbb12058d3b1644
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Accounting
- Murray Z. Frank
- Vidhan K. Goyal
- V. Dang
- Soku Byoun
- S. Myers
- Ilya A. Strebulaev
- W. Mikkelson
- M. Partch
In Strategy and Management
- Murray Z. Frank
- Vidhan K. Goyal
- Soku Byoun
- Ilya A. Strebulaev
- W. Mikkelson
- M. Partch
- S. Myers
- V. Dang
Citations in the corpus
- The international zero-leverage phenomenon (2013, unknown): “In their early paper, Minton and Wruck (2001) focus on the persistence of a low-leverage policy. They report that 70% of the firms pursuing a low-leverage policy use it temporarily, with more than 50% of the firms dropping it within five years. Strebulaev and Yang (2006) are the first to focus expli”
- Testing the Pecking Order Theory of Capital Structure (2003, unknown): “Minton and Wruck (2001) and 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 Year -0.05 0.00 0.05 0.10 0.15 0.20 0.25 Financing deficit /net assets Net debt issued/net assets Net equity issued/net assets Fig.”
- Financing of corporations (2003, background): “The economic factors that drive the theories – taxes, costs of financial distress and information asymmetries – 45 Minton and Wruck (2001) and Lemmon and Zender (2001) find that the most conservatively financed firms do appear to be stockpiling financial slack.”
- Trade-Off and Pecking Order Theories of Debt (2007, background): “The evidence provided by Minton and Wruck (2001) seems quite similar to example 2 in Section 2.3.2.”
- Why are firms unlevered (2012, unknown): “For instance, Minton and Wruck (2001) find that firms following a conservative debt policy subsequently utilize their debt capacity to fund capital expenditures, but do not examine the role of entrenchment.”
- The Mystery of Zero-Leverage Firms (2013, background): “Minton and Wruck (2001) analyze the behavior of low-leverage firms.”
- Do Persistent Large Cash Reserves Hinder Performance? (2003, background): “Similarly, however, Minton and Wruck (2001) find that firms with more conservative financial leverage appear to have less information asymmetry.”
- Financial Flexibility and Capital Structure Decision (2011, background): “for the pecking-order theory (Shyam-Sunder and Myers (1999) and Frank and Goyal (2003))”
- An empirical analysis of zero-leverage firms: New evidence from the UK ☆ (2013, background): “Although a number of studies have examined conservative financial policies (Minton and Wruck, 2001; Lemmon and Zender, 2001; Iona et al., 2007) and their interactions with investment strategies (Marchica and Mura, 2010; Arslan-Ayaydin et al., 2012; de Jong et al., 2012; Muradoğlu and Sivaprasad,…”