27 Pages Posted: 4 Feb 2015
Date Written: January 30, 2015
We demonstrate the importance of firm-specific and industry-specific factors in the leverage decision of Australian firms. Empirical findings show that some firm-specific factors vary across industry, while prior literature assumes equal impact of these factors. In addition, we find that industry-specific factors have direct and indirect impact on the formation of capital structure of Australian firms.
Keywords: Capital Structure, Firm-Specific factors, Industry-Specific factors
JEL Classification: G30, G32
Suggested Citation: Suggested Citation
Li, Lary and Islam, Silvia Zia, Firm and Industry Specific Determinants of Capital Structure: Evidence from Australian Market Paper (January 30, 2015). 2015 Financial Markets & Corporate Governance Conference. Available at SSRN: https://ssrn.com/abstract=2557861 or http://dx.doi.org/10.2139/ssrn.2557861