✦ LIBER ✦

The impact of macroeconomic uncertainty on firms' changes in financial leverage

✍ Scribed by Christopher F. Baum; Atreya Chakraborty; Boyan Liu

Publisher: John Wiley and Sons
Year: 2010
Tongue: English
Weight: 109 KB
Volume: 15
Category: Article
ISSN: 1076-9307
DOI: 10.1002/ijfe.406

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

We investigate the relationship between a firm's measures of corporate governance, macroeconomic uncertainty and changes in leverage. Recent research highlights the role of governance in financing decisions. Previous research also indicates that macroeconomic uncertainty affects a firm's ability to borrow. In this paper we investigate how both these channels of influence affects firms' financing decisions. Our findings show that macroeconomic uncertainty has an important role to play, both by itself and in interaction with a measure of corporate governance. Copyright © 2009 John Wiley & Sons, Ltd.

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