The impact of management confidence on capital structure
Description
This paper represents one of the first studies to document the empirical relation between capital structure and management confidence. In a unique sample of US firms that have existed for over 25 years we find management confidence, as proxied by University of Michigan Consumer Sentiment Index, is highly significant in explaining firm financing decisions. When management confidence is higher firms have higher levels of debt. This result is robust to different definitions of leverage and...[Show more]
Collections | ANU Research Publications |
---|---|
Date published: | 2005 |
Type: | Working/Technical Paper |
URI: | http://hdl.handle.net/1885/43086 |
Download
File | Description | Size | Format | Image |
---|---|---|---|---|
F0505.pdf | 104.85 kB | Adobe PDF |
Items in Open Research are protected by copyright, with all rights reserved, unless otherwise indicated.
Updated: 17 November 2022/ Responsible Officer: University Librarian/ Page Contact: Library Systems & Web Coordinator