Capital Structure Determinants And Speed Of Adjustment In Us (including cultural industries). A Quantile Regression Approach

Abstract

The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure choice by focusing and discussing the relative importance of firm-specific and macroeconomic variables from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method in order to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). We thus based on a partial adjustment model, find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raised up while the long-term debt ratio slows down for same periods.