文章基本信息

标题：Financial Pressure and Balance Sheet Adjustment by UK Firms
本地全文：下载
作者：Andrew Benito y Garry Young
期刊名称：Documentos de Trabajo / Banco de España
印刷版ISSN：0213-2710
电子版ISSN：1579-8666
出版年度：2002
卷号：1
出版社：Banco de España
摘要：This paper examines the ﬁnancial policies and balance sheet adjustment of com- panies. Using a large panel of quoted UK ﬁrms, we estimate models for dividends, new equity issuance and investment, relating them to debt adjustment. The results suggest that while dividends are sticky in the short run, they are an important means of balance sheet adjustment in the long run. Other evidence supports the idea that companies actively target their balance sheet by variation in dividends, new equity issues and investment. There is evidence for ﬁnancial pressure eﬀects of debt-servicing costs on investment and dividends but not new equity issuance.
关键词：Key Words: Financial pressure; dividends; equity issues; debt; investment; com- pany panel data.