For the purpose of our study, we systematically exclude certain topics that, while related to the leverage structure of the firm, but do not keep the determinants of the leverage as its central focus. These include literature dealing with call or conversion of securities, dividend, bond covenants and maturity, bankruptcy law, pricing and method of issuance of new securities, common and preferred stock. Second, we briefly discuss the theories on leverage under various subsection of section 3. Though such theories are undoubtedly of great empirical importance, we found that such theories have extensively been surveyed by Harris and Raviv (1991), Bradley et. al. (1984) and for the purpose of convenience we referred the authors for detailed explanation on the theories.
Grouping variables driving leverage allows discussion of the variables in one place and facilitate an examination of the relationship among similar variables. The researchers in the past have looked into the capital structure from various theoretical perspectives and brought forth a number of theories on capital structure. Accordingly, the determination of firm's leverage was postulated to fall under various theoretical model/framework. These are:-
1. Irrelevance theory: Research in this area was initiated by Modigliani and Miller
(1958);
2. Static trade-off theory: Research in this area was initiated by Myers and Majluf
(1984);
3. Asymmetric information signaling framework :本文来自优.文,论-文·网原文请找腾讯3249,114 This stream of research began with the work of Ross (1977) and Leland and Pyle (1977);
4. Models based on Agency cost :Research in this area was initiated by Jensen and Meckling (1976) building on earlier work of Fama and Miller (1972);
5. Pecking order Framework: This stream of research began with the work of Myers and Majluf (1984) and Myers (1984);
6. The legal environment Framework of capital structure: Research in this direction was initiated by La Porta et. al.(1997);
7. Target leverage Framework (Mean reversion theory): Research in this direction was initiated by Fischer et al. (1989);
8. Transaction cost Framework: Research from this perspective was initiated by Williamson (1988).
For the purpose of our study, we followed the above distinct categories as have been brought forth by the researchers. Over and above the above theoretical framework we found that there is some variables not fitting into any of the given categories, which we have put into "others" category. For the purpose of our study, Papers published in the Journals listed in table-1 in the last fifteen years (from 1991 to 2005) are reviewed.
运动会口号 Zivney and Reichenstein (1994) categorized academic finance journals as "core" and "noncore." Based on their definition, we categorized the journals into three categories: (i) Core, (ii) Non Core, and (iii) Others. We understand that our sample is the true representative of the population to reflect the state of research in determining the variables affecting the firm’s leverage. We reviewed articles in the journals through the EBSCO research database, Proquest database, Emerald full text database, Elsevie r’s Business management and accounting collection, and JSTOR database.
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