The dynamic trade-off view of capital structure is based on partial adjustment models that find that firms adjust towards target levels. In this paper, we estimate the speed of adjustment based on the first difference of the lead leverage levels (actual lead) and lag leverage levels (actual lag)...

Our paper estimates the speed of moment adjustment based on the first difference of the lead (t 1) leverage levels (actual lead) and lag (t-1) leverage levels (actual lag) to the first difference of simulated lead (target) leverage levels and lag levels (actual lag leverage) for firm level data....

This paper estimates firms' speed of adjustment by measuring the difference between simulated debt levels (target) and actual leverage (observed) levels to the difference between real leverage levels and lag levels based on the unit of observation (firm level) data. We test the impact of...

Purpose - The purpose of the present study was twofold: (1) to examine the direct effect of the dimensions of opportunity (i.e. ethical climate and institutional policy) and dimensions of job pressure (i.e. workload and work pressure) on workplace deviance (i.e. organisational and interpersonal...

This paper provides a critical review on the relevance and impact of agency problems and its impact on the borrowing levels of firms. We provide a brief look at the fundamental theoretical predictions from a basic framework established in the literature. Furthermore, we discuss the implications...

Prior literature on corporate governance and performance provides mixed evidence on the impact of various corporate governance measures on performance indicators. However, most of literatures adopt the Ordinary Least Square (OLS). This method is based on the central tendency, which may not...

In this paper, we estimate the speed of adjustment for firm level data. We introduce an extrinsic limitation to the model to test the impact on rate of adjustment. We find that extrinsic limitations have a significant impact on speed of adjustment

We investigate the relationship between bank liquidity risk and credit risk and the impact of bank capital on liquidity risk. Using 19 Malaysian commercial banks data over 2002-2011 and applying dynamic panel data GMM estimation after controlling for bank-specific and macroeconomic variables,...

The awareness on the harmful effects of chemicals present in food is increasing among the consumers. The trend towards purchasing organic food is growing among people. A study to identify what actually induces consumers to turn towards organic food is important. Some of the prominent motivating...

This paper examines the timing behaviour of firms in the UK. We estimate intrinsic value of firms' equities and find that managers do indeed time security issue which leads them to deviate away from target leverage levels. We further find that equity mispricing influences issue decisions as well...