The Dynamics of Capital Structure Choice：A Comparison between Lodging Firms and Software Firms

• Main Authors: Kuei Hao Chang, 張桂豪
• Other Authors: Prof. Chin-Chia Liang
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/27248899769289823303

碩士 === 大葉大學 === 國際企業管理學系碩士班 === 102 === This study reverifis the mixed results between capital structure theories and previous empirical studies, and it further identifies lodging firms’ unique leverage behavior through a comparison to software firms, using a dynamic panel data model analysis. The findings indicate that fixed assets and growth opportunities are positively and profitability is negatively related to firms’ leverage ratio of the lodging industry. Meanwhile, fixed assets are positively and agency cost and profitability are negatively related to firm’s leverage ratio of the software firms, the hypothesis of pecking order theory is supported. However, we find that size is positively related to firms’ leverage ratio of the lodging industry, the hypothesis of trade-off theory is supported. Keywords: Dynamic panel data model, Capital structure, Trade-off theory, Pecking order theory.