TESTING THE RELEVANCE OF ALTERNATIVE CAPITAL STRUCTURE THEORIES IN SERBIAN ECONOMY
Abstract
Keywords
Full Text:
PDFReferences
Abor, J. (2008). Determinants of the capital structure of Ghanaian firms (AERC Research Paper No. 176). Nairobi: African Economic Research Consortium.
Antoniou, A., Guney, Y., & Paudyal, K. (2002). The Determinants of Corporate Capital Structure: Evidence from European Countries. Durham: University of Durham.
Baker, M., & Wurgler, J. (2000). The equity share in new issues and aggregate stock returns. Journal of Finance, 55(5), 2219‒2257. DOI: 10.1111/0022-1082.00285
Barclay, M.J., Heitzman, S.M., & Smith, C.W. (2013). Debt and taxes: Evidence from the real estate industry. Journal of Corporate Finance, 20, 74–93. DOI: 10.1016/j.jcorpfin.2012.12.002
Bauer, P. (2004). Determinants of capital structure: Empirical evidence from the Czech republic. Czech Journal of Economics and Finance, 54(1‒2), 2–21.
Bas, T., Muradoglu, G., & Phylaktis, K. (2009). Determinants of capital structure in developing countries (CBS Working Paper No. 106). London: Cass Business School.
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. Journal of Finance, 56(1), 87–130. DOI: 10.1596/978-0-8213-6700-1
DeAngelo, H., & Ronald W. M. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3–29. DOI: 10.1016/0304-405X(80)90019-7
Demirgüç-Kunt, A., & Maksimovic, V. (1999). Institutions, financial markets and firm debt maturity. Journal of Financial Economics, 54(3), 295–336. DOI: 10.1016/S0304-405X(99)00039-2
Drobetz, W., & Fix, R. (2005). What are the determinants of the capital structure? Some evidence for Switzerland. Swiss Journal of Economics and Statistics, 141(1), 71–113.
Fama, F.E., & French, K.R. (2005). Financing decisions: who issues stock? Journal of Financial Economics, 76(3), 549–582. DOI: 10.1016/j.jfineco.2004.10.003
Friend, I., & Lang, L.H.P. (1988). An empirical test of the impact of managerial self- interest on corporate capital structure. Journal of Finance, 43(2), 271–281. DOI: 10.2307/2328459
Gitman, L.J. (2003). Principles of Managerial Finance. Boston: Addison Wesley – Pearson education.
Green, C.J., Murinde, V., & Suppakitjarak, J. (2002). Corporate Financial Structure in India. South Asia Economic Journal, 4(2), 245–273. DOI: 10.1177/139156140300400205
Hernadi, P., & Ormos, M. (2012). Capital structure and its choice in central and eastern Europe. Acta Oeconomica, 62(2), 229–263. DOI: 10.1556/AOecon.62.2012.2.5
Hovakimian, A., Opler, T., & Titman, S. (2001). The debt-equity choice. Journal of Financial and Quantitative Analysis, 36(1), 1–24. DOI: 10.2307/2676195
Jensen, G.R., Lundstrum, L., & Miller, R. (2010). What do dividend reductions signal? Journal of Corporate Finance, 16(5), 736–747. DOI: 10.1016/j.jcorpfin.2010.06.009
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329.
Jensen, M.C., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics, 3(4), 305–360. DOI: 10.1016/0304-405X(76)90026-X
Kim, C., Mauer, D.C., & Sherman. A.E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33(3), 335–359. DOI: 10.2307/2331099
Lipson, M.L., & Mortal, S. (2009). Liquidity and capital structure. Journal of Financial Markets, 12(4), 611–644. DOI: 10.1016/j.finmar.2009.04.002
Martin, J., Cox, S., & MacMinn, R. (1988). The Theory of Finance: Evidence and Application. Chicago: Dryden Press.
Ministarstvo finansija Republike Srbije. (2015). Makroekonomski podaci, 30. januar 2015. [Macroeconomic Data, 30 January 2015]. Preuzeto sa http://www.mfin.gov.rs/pages/article.php?id=11362.
Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Modigliani, F., & Miller. M. (1963). Corporate income taxes and the cost of capital: a correction. American Economic Review, 53(3), 433–443.
Myers, S. C. (1993). Still searching for optimal capital structure. Journal of Applied Corporate Finance, 6(1), 4–14. DOI: 10.1111/j.1745-6622.1993.tb00369.x
Myers, S. C. (1984). The capital structure puzzle. Јournal of Finance, 39(3), 574–592. DOI: 10.1111/j.1540-6261.1984.tb03646.x
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics. 5(2), 147–175. DOI: 10.1016/0304-405X(77)90015-0
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economic Review, 13(2), 187–221. DOI: 10.1016/0304-405X(84)90023-0
Rajan, R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421–1460. DOI: 10.1111/j.1540-6261.1995.tb05184.x
Republički zavod za statistiku (2010). Klasifikacija delatnosti [Business Activity Classification]. Preuzeto sa http://webrzs.stat.gov.rs/WebSite/userFiles/file/ Klasifikacija%20delatnosti/Klasifikacija.pdf
Šarlija, N., & Harc, M. (2012). The impact of liquidity on the capital structure: a case study of Croatian firms. Business Systems Research, 3(1), 30–36. DOI: 10.2478/v10305-012-0005-1
Sakatan, R. (2010). The capital structure in developing countries: Saudi Arabia (Doctoral thesis). Retrieved from: http://ssrn.com/abstract=2144187.
Shyam-Sunder, L., & Myers, S. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244. DOI: 10.1016/S0304-405X(98)00051-8
Stančić, P. (2007). Kompromisna teorija strukture kapitala [Static Tradeoff Theory]. Računovodstvo, 51(1-2), 76–84.
Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1–19.
Todorović, M. (2011). Psihologija i finansijski menadžment - bihevioralne korporativne finansije [Psychology and Financial Management – Behavioral Corporate Finance]. Ekonomika preduzeća, 59(5-6), 275–287. DOI: 10.5937/ekopre1106275T
Wald, J.K. (1999). How firm characteristics affect capital structure: an international comparison. Journal of Financial Research, 22(2), 161–187. DOI: 10.1111/j.1475-6803.1999.tb00721.x
DOI: https://doi.org/10.22190/TEME1604309S
Refbacks
- There are currently no refbacks.
© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804