Credit Ratings And Capital Structure  

Oleh:

Kisgen, Darren J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1035-1072.
Topik: RATING; credit ratings; capital structure; investment policy; impact analysis; studies
Fulltext: p 1035.pdf (366.25KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This paper examines to what extent credit ratings directly affect capital structure decisions. The paper outlines discrete costs (benefits) associated with firm credit rating level differences and tests whether concerns for these costs (benefits) directly affect debt and equity financing decisions. Firms near a credit rating upgrade or downgrade issue less debt relatives to equity than firms not near a change in rating. This behavior is consistent with discrete costs (benefits) of rating chnages but is not explained by traditional capital structure theories. The results persist within previous empirical tests of the packing order and tradeoff capital structure theories.

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