山口経済学雑誌

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山口経済学雑誌 Volume 68 Issue 1-2
published_at 2019-07-31

The impact of market timing on capital structure under differentinstitutional shareholder ratio

マーケット・タイミング行動の資本構成への影響についての検証 : 異なる機関投資家の保有比率における比較検討
Chen Liqian
fulltext
1.05 MB
C050068000104.pdf
Descriptions
This paper empirically tests the impact of market timing on capital structure under different institutional shareholder ratio. The results show the impact of market timing on capital structure is stronger for firms with higher institutional shareholder ratio and weaker for firms with lower institutional shareholder ratio, which indicate that firms with higher institutional shareholder ratio seem to time the issuance of equity more actively, so that the impact of market timing on capital
structure increased. These results are consistent no matter use book leverage or market leverage as the indicator of capital structure.