UNOBSERVABLE EFFECTS AND SPEED OF ADJUSTMENT TO TARGET CAPITAL STRUCTURE

被引：0
|
作者：
Matemilola, Bolaji Tunde [1 ]
Noordin, Bany Ariffin Amin [1 ]
Ngah, Wan Azman Saini Wan [1 ]
Nassir, Annuar Md [1 ]
机构：
[1] Univ Putra Malaysia, Serdang 43400, Malaysia
来源：
INTERNATIONAL JOURNAL OF BUSINESS AND SOCIETY | 2015年 / 16卷 / 03期
关键词：
Capital Structure; Unobservable Effects; System GMM; Malaysia;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper investigates whether unobservable firm-specific effects such as managerial ability is a major component of the target capital structure. We apply the system generalized method of moments that accounts for unobservable firm-specific effects. Our results reveal that unobservable firm-specific effects such as managerial ability are a major component that explains most of the cross-sectional variation in firms' capital structure in Malaysia.
引用
收藏
页码：470 / 479
页数：10
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