Empirical corporate capital structure

Murray Z. Frank and Vidhan Goyal

Chapter 2 in Handbook of Corporate Finance, 2024, pp 27-125 from Edward Elgar Publishing

Abstract: Corporate capital structure has been a key, challenging puzzle for finance for more than 50 years. Why do firms use the observed financing methods? The literature has developed useful ideas and a much-improved sense of the relevant facts to solve this puzzle. Taxes, the need to fund investments, and informational imperfections all play a role in the capital structure decisions of firms. Many other factors may also be significant, at least under some circumstances. Currently, no generally accepted unified theory adequately accounts for all of the stylized facts. This survey provides a review that focuses on the empirical aspects of the issue.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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