Investment, capital structure, and complementarities between debt and new equity

被引：10
|
作者：
Stenbacka, R [1 ]
Tombak, M
机构：
[1] Swedish Sch Econ & Business Adm, Helsinki, Finland
[2] Queens Univ, Queens Sch Business, Kingston, ON K7L 3N6, Canada
来源：
MANAGEMENT SCIENCE | 2002年 / 48卷 / 02期
关键词：
investments; financial constraints; capital structure; complementarities;
D O I：
10.1287/mnsc.48.2.257.260
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
We study simultaneous investment and financing decisions made by incumbent owners in the presence of capital market imperfections, We present a theory for how the optimal combination of debt and equity financing depends on the firm's internal funds. We identify complementarities between the two financial instruments. We test these predictions empirically with panel data on 3,119 corporations in the COMPUSTAT database. Our estimates using instrumental variable techniques support our theoretical predictions regarding the link between internal funds and capital investments, as well as the interaction effects between debt and new equity. We explore implications for managers, financiers, and policy makers.
引用
收藏
页码：257 / 272
页数：16
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