不平等与资本结构

IF 3.8 2区 经济学 Q1 BUSINESS, FINANCE Journal of Banking & Finance Pub Date : 2025-05-01 Epub Date: 2025-03-22 DOI:10.1016/j.jbankfin.2025.107432
Stefano Lugo
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引用次数: 0

摘要

高收入人群将更多的储蓄投向股市,而将更少的储蓄投向信贷市场和银行存款。因此,收入不平等的加剧转化为债务资本相对供给的预期减少。预计非金融企业将通过调整其资本结构来迎合这些转变。在美国或非美国公司的面板样本上估计的工具变量模型的结果以及几个稳健性检查在经验上支持这一预测。与理论化的家庭投资组合渠道一致,杠杆与地方收入不平等之间的负相关关系是由企业不太可能进入非本地资本市场驱动的。当利用欧元的引入作为对欧洲公司相对于非国内投资者敞口的外生冲击时,这一结果得到了证实。
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Inequality and capital structure
High-income individuals direct a higher share of their savings toward the stock market and a lower share toward credit markets and bank deposits. An increase in income inequality thus translates into an expected decrease in the relative supply of debt capital. Nonfinancial corporations are predicted to cater to these shifts by adjusting their capital structure. Results from instrumental variable models estimated on a panel sample of either US or non-US corporations and several robustness checks empirically support this prediction. Consistent with the theorized household portfolio channel, the negative relation between leverage and local income inequality is driven by corporations less likely to have access to non-local capital markets. This result is confirmed when exploiting the introduction of the euro as an exogenous shock to European firms’ relative exposure to non-domestic investors.
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来源期刊
CiteScore
6.40
自引率
5.40%
发文量
262
期刊介绍: The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.
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