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Title page for etd-0114109-013935


URN etd-0114109-013935 Statistics This thesis had been viewed 2067 times. Download 24 times.
Author Sheve-hwa Huang
Author's Email Address No Public.
Department Management Business Administration
Year 2008 Semester 1
Degree Master Type of Document Master's Thesis
Language Chinese&English Page Count 133
Title THE INFERENCE OF ECONOMIC CONDITIONS ON OPTIMAL DYNAMIC CAPITAL STRUCTURE
Keyword
  • Economic Condition
  • Dynamic Capital Structure
  • Optimal Leverage
  • Optimal Leverage
  • Dynamic Capital Structure
  • Economic Condition
  • Abstract This paper analyzes the optimal leverage and the factors that influence optimal leverage of the companies listed on Taiwan Stock Exchange and OTC in Taiwan with a dynamic capital structural model by incorporating economic conditions factors so as to examine the impacts of these factors on the speed of adjusting a corporate optimal capital structure. The empirical finding shows that a booming economy is beneficial to the adjusting speed of a corporate optimal capital structure. Meanwhile, there is a significantly positive correlation between leverage ratios and firm size. However, the correlation with profitability is negative. In a recession, companies pay more focus on fundamentals and take a gradual approach in adjusting their capital structure by taking into accounts costs and other factors. When the influence of individual variables on leverage is greater than that of an economic boom, there is a significantly positive correlation between leverage ratios, firm size and collateralized asset value. However, there is a significantly negative correlation with non-debt tax shield, growth opportunity, profitability and equity structure.
    Advisor Committee
  • Ruey-shii Chen - advisor
  • Ming-feng Hsu - co-chair
  • Yung-cheng Huang - co-chair
  • Files indicate in-campus access only
    Date of Defense 2008-12-26 Date of Submission 2009-01-14


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