Asset specificity, firm heterogeneity and capital structure

Srinivasan Balakrishnan and Isaac Fox

Strategic Management Journal, 1993, vol. 14, issue 1, 3-16

Abstract: This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm‐specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure.

Date: 1993
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