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Capital structure and business cycles

Akhtar, Shumi


This study investigates the relationship between business cycles and capital structure. Specifically, it extends the work of Lemmon (2008), by incorporating the effect of four different stages of the business cycle - peak, contraction, trough and expansion - on the relative importance of the unobserved permanent component of the capital structure. Results indicate that business cycles play an important role in explaining the unobserved permanent component of leverage ratios after controlling...[Show more]

CollectionsANU Research Publications
Date published: 2011
Type: Journal article
Source: Accounting and Finance
DOI: 10.1111/j.1467-629X.2011.00425.x


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