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Testing leverage patterns of Dutch non-financial firms across time: convergence & persistence

Sakhi, Reshad (2011) Testing leverage patterns of Dutch non-financial firms across time: convergence & persistence.

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Abstract:In this thesis one finds that the corporate capital structure of Dutch non-financial firms do not only converge over time but they also persist. The feature regarding persistence component is found to have been caused by firm specific time invariant factors. Firm fixed effects on a five year base have even more explanation power than firm fixed effects on a yearly base. The time varying determinants often applied by researcher do not only behave differently under different financials systems, but also loss their marginal effect when firm-fixed effects are added. In overall the results show that capital structure studies are more difficult than implied by previous research
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
Link to this item:https://purl.utwente.nl/essays/62645
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