An examination of the existence of an optimal capital structure : evidence from the Australian market / by Bruce Wright.

Wright, Bruce. (1990). An examination of the existence of an optimal capital structure : evidence from the Australian market / by Bruce Wright. Honours Thesis, School of Business -- Thesis -- BComHons., The University of Queensland.

       
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Author Wright, Bruce.
Thesis Title An examination of the existence of an optimal capital structure : evidence from the Australian market / by Bruce Wright.
School, Centre or Institute School of Business -- Thesis -- BComHons.
Institution The University of Queensland
Publication date 1990
Thesis type Honours Thesis
Total pages 120
Language eng
Subjects 15 Commerce, Management, Tourism and Services
14 Economics
Formatted abstract The existence of an Optimal Capital Structure dependant upon the interactions of firm specific characteristics has long been an issue of debate among financial theorists and practitioners. This paper develops an integrated model encompassing many of the prevalent approaches to the valuation of the firm in an attempt to provide evidence or otherwise for the capital structure debate. The results of the cross-sectional analysis of the Australian Capital markets lends qualified support for the 'Pecking Order Hypothesis' of Myers and Majluf(1984), as well as documenting the large effect that size and industry have on the observed capital structure. The large extent of unexplained variation signals the need for further theoretical development, as well as the more efficient utilization of previously unavailable empirical data.

 
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