Environmental Dynamism, Capital Structure and Performance : A Theoretical Integration and An Empirical Test  

Oleh:

Simerly, Roy L. ; Mingfang, Li

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 21 no. 1 (2000), page 31-50.
Topik: capital; environmental dynamism; organizational economics; capital structure; strategy; firm performance

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

An ongoing argument in financial management has been how to craft a capital sturcture which maximizes shareholder wealth. This question has gained prominence within the strategic manegement field beacuse of the apparent link between capital structure and the ability of firms to compete. By integrating models from organizational economics with the strategic management literature, we are able to theorize that a firm's capital structure is influenced by environmental dynamism, and that the match between environmental dynamism and capital structure is associated with superior economic performance. Our large - scale empirical analyses provide supportive evidence for the proposition that competitive environments moderate the relationships between capital structure and economic performance. From a theoretical standpoint, these findings provide another link between capital structure and corporate strategy. More importantly, we are able to move the discussion beyond the limitations of financial risk and incorporate the strategy concept of decision making under uncertainty. For practical application, these findings offer informed advice for managers on how to craft a capital structure.

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