A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing Sector

Norman Toy, Arthur Stonehill, Lee Remmers, Richard Wright and Theo Beekhuisen

Journal of Financial and Quantitative Analysis, 1974, vol. 9, issue 5, 875-886

Abstract: The purpose of this paper is to test the hypothesis that three financial performance variables, namely, growth, profitability, and risk, are determinants of corporate debt ratios in the manufacturing sector in industrialized countries. In particular, a linear model is hypothesized and Ordinary Least Squares is used to estimate the coefficients for the relationship. The sample used contains 816 firms in four selected industries in five industrialized countries during the period 1966–72.

Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jfinqa:v:9:y:1974:i:05:p:875-886_02

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