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- W2184071384 abstract "Two important capital structure theories have emerged from the general corporate finance literature: the trade-off and the pecking order theory. In previous research financial firms are typically excluded from the sample. The aim of this paper is to determine whether the capital structure decisions made by European insurers can be explained by these traditional frameworks. We systematically apply the arguments of both theories to the specific nature of the insurance business. Then, the Difference GMM estimator is used to test whether evidence in support of both theories can be found in our sample of 1,539 life insurers and 1,913 non-life insurers over a 21-year period dating from 1992 to 2012. Our empirical findings reveal that neither the trade-off nor the pecking order model that we use is able to account for the evolution of the capital structure of the insurers in our sample." @default.
- W2184071384 created "2016-06-24" @default.
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- W2184071384 date "2014-01-01" @default.
- W2184071384 modified "2023-09-27" @default.
- W2184071384 title "The Capital Structure of European Insurers" @default.
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