期刊名称：Zbornik radova Ekonomskog fakulteta u Rijeci, Časopis za ekonomsku teoriju praksu
印刷版ISSN：1331-8004
出版年度：2018
卷号：36
期号：1
页码：55-81
DOI：10.18045/zbefri.2018.1.55
语种：English
出版社：University of Rijeka Faculty of Economics
摘要：The impact of company characteristics on bank debt financing has always been a field of conflicts among economists (e.g. trade-oJ theory vs. pecking order theory). The aim of this study is to investigate the adjustment speed of the capital structure to the optimal one. It has been verified how both company characteristics and macroeconomic factors aJect adjustments toward a leverage target. This study provides a systematic analysis of the empirical literature on the leverage by conducting a meta-analysis. In particular, the problem of publication selection bias is discussed. Our results indicate that there is an evidence of such publication selection. For Polish case, we have found that the estimation of coeffcient for lagged leverage is equal to 58.45%. It means that companies adjust its current level of leverage to the optimal value at a rate of 41.55% per year, so they need 1.3 years to reduce half of the distance to the optimum leverage. In comparison with results obtained by other researchers, it is relatively high rate of adjustment.
