RDP 9313: The Determinants of Corporate Leverage: A Panel Data Analysis References

Allen, D.E. (1991), ‘The Determinants of the Capital Structure of Listed Australian Companies: The Financial Manager's Perspective’, Australian Journal of Management, 16, 103–123.

Allen, D.E. (1992), ‘The Pecking-Order Hypothesis: Australian Evidence’, Curtin University of Technology, Curtin Business School.

Altman, E.I. (1984), ‘A Further Empirical Investigation of the Bankruptcy Cost Question’, Journal of Finance, 39, 1067–1089.

Amihud, Y., B. Lev, and N.G. Travlos (1990), ‘Corporate Control and the Choice of Investment Financing: The Case of Corporate Acquisitions’, Journal of Finance, 45, 603–616.

Ang, J.S., J.H. Chua and J.J. McConnell (1982), ‘The Administrative Costs of Corporate Bankruptcy: A Note’, Journal of Finance, 37, 219–226.

Baltagi, B.H. (1985), ‘Pooling Cross-Sections With Unequal Time-Series Lengths’, Economics Letters, 18, 133–136.

Baltagi, B.H. and Y. Chang (1992), ‘Monte Carlo Results on Several New and Existing Tests for the Error Component Model’, Journal of Econometrics, 54, 95–120.

Bernanke, B.S. and J.Y. Campbell (1988), ‘Is There a Corporate Debt Crisis?’, Brookings Papers on Economic Activity, 1, 83–139.

Bradley, M., G. Jarrell and E.H. Kim (1984), ‘On the Existence of an Optimal Capital Structure: Theory and Evidence’, Journal of Finance, 39, 857–878.

Breusch, T.S. and A.R. Pagan (1980), ‘The Lagrange Multiplier Test and its Application to Model Specification in Econometrics’, Review of Econometric Studies, 47, 239–253.

Callen, T., S. Morling and J. Pleban (1992), ‘Dividends and Taxation: A Preliminary Investigation’, Reserve Bank of Australia Research Discussion Paper 9211.

Cantor, R. (1990), ‘Effects of Leverage on Corporate Investment and Hiring Decisions’, Federal Reserve Bank of New York Quarterly Review, Summer, 31–41.

Castanias, R. (1983), ‘Bankruptcy Risk and Optimal Capital Structure’, Journal of Finance, 38, 1617–1635.

Chaplinsky, S. and G. Niehaus (1990), ‘The Determinants of Inside Ownership and Leverage’, University of Michigan, Working Paper, referenced in Harris and Raviv (1991).

Chow, G.C. (1960), ‘Tests of Equality Between Sets of Coefficients in Two Linear Regressions’, Econometrica, 28, 591–605.

Copeland, T.E. and J.F. Weston (1983), Financial Theory and Corporate Policy, Addison-Wesley Publishing Company Inc., Reading, Massachusetts.

DeAngelo, H. and R.W. Masulis (1980), ‘Optimal Capital Structure Under Corporate and Personal Taxation’, Journal of Financial Economics, 8, 3–29.

Dews, N., J. Hawkins and T. Horton (1992), ‘Measuring the Cost of Capital in Australia’, Reserve Bank of Australia Research Discussion Paper 9205.

Furlong, F.T. (1990), ‘Tax Incentives for Corporate Leverage in the 1980's’, Federal Reserve Bank of San Francisco Economic Review, 3–17.

Gatward, P. and I.G. Sharpe (1992), ‘The Determinants of Financial Structure of Australian Firms – 1967–1985: A Dynamic Simultaneous Equation Analysis’, The University of New South Wales, School of Banking and Finance, Working Paper Series 44.

Gertler, M. and S. Gilchrist (1993), ‘The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence’, Federal Reserve System, Finance and Economics Discussion Series 93–5.

Harris, M. and A. Raviv (1991), ‘The Theory of Capital Structure’, Journal of Finance, 46, 297–355.

Hausman, J.A. (1978), ‘Specification Tests in Econometrics’, Econometrica, 46, 1251–1271.

Hausman, J.A. and W.E. Taylor (1981), ‘Panel Data and Unobservable Individual Effects’, Econometrica, 49, 1377–1398.

Honda, Y. (1985), ‘Testing the Error Components Model with Non-normal Disturbances’, Review of Economic Studies, 52, 681–690.

Hsiao, C. (1989), Analysis of Panel Data, Econometric Society Monographs, Cambridge University Press, New York.

Industry Commission (1991), ‘Availability of Capital’, Industry Commission Report, 18.

Jensen, M.C. (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review, 76, 323–329.

Jensen, M.C. and W. Meckling (1976), ‘Theory of the Firm: Managerial Behaviour, Agency Costs, and Capital Structure’, Journal of Financial Economics, 3, 305–360.

Kale, J.R., T.H. Noe and G.G. Ramirez (1991), ‘The Effect of Business Risk on Corporate Capital Structure: Theory and Evidence’, Journal of Finance, 46, 1693–1715.

Kester, W.C. (1986), ‘Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations’, Financial Management, 15, 5–16.

Long, M. and I. Malitz (1985), ‘The Investment-Financing Nexus: Some Empirical Evidence’, Midland Corporate Finance Journal, 3, 53–59.

Lowe, P. and T. Rohling (1993), ‘Agency Costs, Balance Sheets and the Business Cycle’, Reserve Bank of Australia Research Discussion Paper forthcoming.

Lowe, P. and G. Shuetrim (1992), ‘The Evolution of Corporate Financial Structure: 1973–1990’, Reserve Bank of Australia Research Discussion Paper 9216.

Macfarlane, I.J. (1989), ‘Money Credit and the Demand for Debt’, Reserve Bank of Australia, Bulletin, May, 21–31.

Macfarlane, I.J. (1990), ‘Credit and Debt: Part II’, Reserve Bank of Australia, Bulletin, May, 27–34.

Maddala, G.S. (1977), Econometrics, McGraw-Hill, Singapore.

Masulis, R.W. (1988), The Debt/Equity Choice, Ballinger Publishing Company, New York.

Miller, M.H. (1977), ‘Debt and Taxes’, Journal of Finance, 32, 261–276.

Miller, M.H. (1988), ‘The Modigliani-Miller Propositions After Thirty Years’, Journal of Economic Perspectives, 2, 99–120.

Mills, K., S. Morling and W. Tease (1993), ‘The Influence of Financial Factors on Corporate Investment’, Reserve Bank of Australia Research Discussion Paper 9308.

Modigliani, F. and M.H. Miller (1958), ‘The Cost of Capital, Corporation Finance, and the Theory of Investment’, American Economic Review, 48, 261–297.

Modigliani, F. and M.H. Miller (1963), ‘Corporate Income Taxes and the Cost of Capital: A Correction’, American Economic Review, 53, 433–443.

Moulton, B.R. and W.C. Randolph (1989), ‘Alternative Tests of the Error Component Model’, Econometrica, 57, 685–693.

Myers, S.C. and N.S. Majluf (1984), ‘Corporate Financing and Investment Decisions when Firms have Information that Investors do not have’, Journal of Financial Economics, 13, 187–221.

Newey, W.K. and K.D. West (1987), ‘A Simple, Positive Semi-definite Heteroscedasticity and Autocorrelation Consistent Covariance Matrix’, Econometrica, 55, 703–708.

Pender, H. (1991), ‘Does a Tax Bias Toward Corporate Use of Debt Finance Remain?’, in Issues in Business Finance, Economic Planning Advisory Council, Background Paper 15, 41–74.

Pender, H. and Steven Ross (1993), ‘Income Tax and Asset Choice in Australia’, Economic Planning Advisory Council, Research Paper 3.

Pinegar, M.J. and L. Wilbricht (1989), ‘What Managers Think of Capital Structure Theory: A Survey’, Financial Management, 18, 82–89.

Ramsey, J.B. (1969), ‘Tests for Specification Errors in Classical Linear Least-Squares Regression Analysis’, Journal of the Royal Statistical Society, Series B, 31, 350–371.

Stevens, G. (1991), ‘The Rise in Private Debt in the 1980s: Why Did it Happen, and Will it Continue in the 1990s’, in The Surge In Australia's Private Debt: Causes, Consequences, Economic Planning Advisory Council, June, 43–63.

Titman, S. and R. Wessels (1988), ‘The Determinants of Capital Structure Choice’, Journal of Finance, 43, 1–19.