FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W1899222016> ?p ?o ?g. }

• W1899222016 abstract "In traditional financial theorizing, business cycles are of limited relevance for the understanding of capital structure mechanisms. A number of other dimensions are more important (agency costs, market timing, signaling, etc.), and business cycles proxies are not robust in empirical studies (Frank and Goyal, 2009). Recent research has evidenced that, based on a pan-European sample of listed firms, two conflicting mechanisms coexist: a pro-cyclical one, related among other things, to the primary importance of the disciplining role of debt. The other mechanism, contra-cyclical, is to be observed among firms with concentrated ownership. It is derived from risk-related considerations, comparative benefits and costs of entrenchment or discretion, and it is fostered by incentive-alignments (Reuter, 2010). We suggest that the contra-cyclical effect is underestimated in the literature, because it is of limited relevance in the paradigmatic U.S. role model with broad and liquid stock markets, strong shareholders’ rights, and dispersed ownership. Based on a sample of listed European firms, we show that both the pro- and contra-cyclical mechanisms are mediated by structural, cultural and institutional factors. We show that, on contextual dimensions corresponding to the U.S. context, some pro-cyclicality is observed, while there is limited or no contra-cyclicality (the first mechanism dominates in aggregate). This observation is reversed when contextual dimensions are opposite to that of the U.S. (the second and opposite mechanism dominates). Further, it encompasses varying dimensions of capital structures (cyclicality of leverage, market timing, dividend policies) and it extends to the following dimensions of context: ownership dispersion, institutional anchoring, transparency and risk, structural firms’ variables, the quality of the contracting environment, or still measures of national cultures, particularly the one related to bank-based macro-financial systems. Overall we complement existing institutional approaches, which emphasize the relatedness in varying contextual national dimensions." @default.
• W1899222016 created "2016-06-24" @default.
• W1899222016 creator A5003057293 @default.
• W1899222016 date "2010-01-01" @default.
• W1899222016 modified "2023-10-06" @default.
• W1899222016 title "Is the Relation Between Business Cycles and Leverage Mediated by Structural, Institutional or Cultural Factors?" @default.
• W1899222016 cites W1489759298 @default.
• W1899222016 cites W1536256355 @default.
• W1899222016 cites W1713937778 @default.
• W1899222016 cites W1979627834 @default.
• W1899222016 cites W1997500202 @default.
• W1899222016 cites W2045788863 @default.
• W1899222016 cites W2067581885 @default.
• W1899222016 cites W2084310832 @default.
• W1899222016 cites W2096718584 @default.
• W1899222016 cites W2097887473 @default.
• W1899222016 cites W2106308372 @default.
• W1899222016 cites W2108947173 @default.
• W1899222016 cites W2122479412 @default.
• W1899222016 cites W2123195276 @default.
• W1899222016 cites W2128997837 @default.
• W1899222016 cites W2129096896 @default.
• W1899222016 cites W2130727422 @default.
• W1899222016 cites W2131538393 @default.
• W1899222016 cites W2134825477 @default.
• W1899222016 cites W2142390665 @default.
• W1899222016 cites W2160867884 @default.
• W1899222016 cites W2236170374 @default.
• W1899222016 cites W2324289495 @default.
• W1899222016 cites W3125935778 @default.
• W1899222016 cites W3126003747 @default.
• W1899222016 doi "https://doi.org/10.2139/ssrn.1715924" @default.
• W1899222016 hasPublicationYear "2010" @default.
• W1899222016 type Work @default.
• W1899222016 sameAs 1899222016 @default.
• W1899222016 citedByCount "0" @default.
• W1899222016 crossrefType "journal-article" @default.
• W1899222016 hasAuthorship W1899222016A5003057293 @default.
• W1899222016 hasConcept C124101348 @default.
• W1899222016 hasConcept C144133560 @default.
• W1899222016 hasConcept C153083717 @default.
• W1899222016 hasConcept C154945302 @default.
• W1899222016 hasConcept C25343380 @default.
• W1899222016 hasConcept C41008148 @default.
• W1899222016 hasConceptScore W1899222016C124101348 @default.
• W1899222016 hasConceptScore W1899222016C144133560 @default.
• W1899222016 hasConceptScore W1899222016C153083717 @default.
• W1899222016 hasConceptScore W1899222016C154945302 @default.
• W1899222016 hasConceptScore W1899222016C25343380 @default.
• W1899222016 hasConceptScore W1899222016C41008148 @default.
• W1899222016 hasLocation W18992220161 @default.
• W1899222016 hasLocation W18992220162 @default.
• W1899222016 hasOpenAccess W1899222016 @default.
• W1899222016 hasPrimaryLocation W18992220161 @default.
• W1899222016 hasRelatedWork W2043537934 @default.
• W1899222016 hasRelatedWork W2147991347 @default.
• W1899222016 hasRelatedWork W2351315160 @default.
• W1899222016 hasRelatedWork W2613876303 @default.
• W1899222016 hasRelatedWork W2739893466 @default.
• W1899222016 hasRelatedWork W2793253569 @default.
• W1899222016 hasRelatedWork W2909688504 @default.
• W1899222016 hasRelatedWork W4200002988 @default.
• W1899222016 hasRelatedWork W4313655861 @default.
• W1899222016 hasRelatedWork W2551277715 @default.
• W1899222016 isParatext "false" @default.
• W1899222016 isRetracted "false" @default.
• W1899222016 magId "1899222016" @default.
• W1899222016 workType "article" @default.