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- W2146152814 abstract "Extant research examining the capital structure–performance relationship has been undertaken primarily in developed economies. These studies integrate agency theory considerations with the contingency perspective and suggest a positive interaction between sector dynamism, equity, and performance. Our study extends this research stream by examining the capital structure–performance link in a sub-Saharan economy, an underresearched but economically emerging region. Using logic undergirding a substantial stream of institutional theory-based studies that we term the institutional difference hypothesis, we argue that the implications of the capital structure–performance relationship are contingent on the extent of national-level institutional underdevelopment. Taking into account institutional differences between developed economies and those in the sub-Saharan region, we hypothesize a negative interaction between sector dynamism, equity, and firm performance in sub-Sahara. Using longitudinal data from Ghanaian corporations for 1996–1999, we find substantial support for our hypothesis. Contrary to findings from developed economies, sector dynamism negatively moderates the firm equity–performance relationship: a strongly positive effect of equity on performance in stable sectors becomes slightly negative in highly dynamic ones. We unpack the implications of these results for theory and research." @default.
- W2146152814 created "2016-06-24" @default.
- W2146152814 creator A5016178884 @default.
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- W2146152814 date "2013-10-01" @default.
- W2146152814 modified "2023-10-09" @default.
- W2146152814 title "Dynamism, Capital Structure, and Performance in a Sub-Saharan Economy: Extending the Institutional Difference Hypothesis" @default.
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- W2146152814 doi "https://doi.org/10.1287/orsc.1120.0789" @default.
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