Unobservable effects and speed of adjustment to target capital structure
The paper investigates whether unobservable firm-specific effects such as managerial ability is a major component of the target capital structure. We apply the system generalized method of moments that accounts for unobservable firm-specific effects. Our results reveal that unobservable firm-specifi...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Universiti Malaysia Sarawak
2015
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| Online Access: | http://psasir.upm.edu.my/id/eprint/46813/1/Unobservable%20effects%20and%20speed%20of%20adjustment%20to%20target%20capital%20structure.pdf |
| _version_ | 1825929749621374976 |
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| author | Matemilola, Bolaji Tunde Amin Noordin, Bany Ariffin Wan Ngah, Wan Azman Saini Md Nassir, Annuar |
| author_facet | Matemilola, Bolaji Tunde Amin Noordin, Bany Ariffin Wan Ngah, Wan Azman Saini Md Nassir, Annuar |
| author_sort | Matemilola, Bolaji Tunde |
| collection | UPM |
| description | The paper investigates whether unobservable firm-specific effects such as managerial ability is a major component of the target capital structure. We apply the system generalized method of moments that accounts for unobservable firm-specific effects. Our results reveal that unobservable firm-specific effects such as managerial ability are a major component that explains most of the cross-sectional variation in firms’ capital structure in Malaysia. |
| first_indexed | 2024-03-06T09:01:16Z |
| format | Article |
| id | upm.eprints-46813 |
| institution | Universiti Putra Malaysia |
| language | English |
| last_indexed | 2024-03-06T09:01:16Z |
| publishDate | 2015 |
| publisher | Universiti Malaysia Sarawak |
| record_format | dspace |
| spelling | upm.eprints-468132019-04-12T01:27:33Z http://psasir.upm.edu.my/id/eprint/46813/ Unobservable effects and speed of adjustment to target capital structure Matemilola, Bolaji Tunde Amin Noordin, Bany Ariffin Wan Ngah, Wan Azman Saini Md Nassir, Annuar The paper investigates whether unobservable firm-specific effects such as managerial ability is a major component of the target capital structure. We apply the system generalized method of moments that accounts for unobservable firm-specific effects. Our results reveal that unobservable firm-specific effects such as managerial ability are a major component that explains most of the cross-sectional variation in firms’ capital structure in Malaysia. Universiti Malaysia Sarawak 2015 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/46813/1/Unobservable%20effects%20and%20speed%20of%20adjustment%20to%20target%20capital%20structure.pdf Matemilola, Bolaji Tunde and Amin Noordin, Bany Ariffin and Wan Ngah, Wan Azman Saini and Md Nassir, Annuar (2015) Unobservable effects and speed of adjustment to target capital structure. International Journal of Business and Society, 16 (3). pp. 470-479. ISSN 1511-6670 http://publisher.unimas.my/ojs/index.php/IJBS/article/view/580 |
| spellingShingle | Matemilola, Bolaji Tunde Amin Noordin, Bany Ariffin Wan Ngah, Wan Azman Saini Md Nassir, Annuar Unobservable effects and speed of adjustment to target capital structure |
| title | Unobservable effects and speed of adjustment to target capital structure |
| title_full | Unobservable effects and speed of adjustment to target capital structure |
| title_fullStr | Unobservable effects and speed of adjustment to target capital structure |
| title_full_unstemmed | Unobservable effects and speed of adjustment to target capital structure |
| title_short | Unobservable effects and speed of adjustment to target capital structure |
| title_sort | unobservable effects and speed of adjustment to target capital structure |
| url | http://psasir.upm.edu.my/id/eprint/46813/1/Unobservable%20effects%20and%20speed%20of%20adjustment%20to%20target%20capital%20structure.pdf |
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