Operating Leverage, Profitability, and Capital Structure
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要Operating leverage increases profitability and reduces optimal financial leverage. Thus, operating leverage generates a negative relation between profitability and financial leverage that is thought to be inconsistent with the trade-off theory, but is commonly observed in the data. We demonstrate the effect of operating leverage on firms’ profitability and financial leverage, as well as on the empirical relation between profitability and financial leverage, by using China’s entry into the World Trade Organization in 2001 and its effect on the capital-labor ratio of US firms.
著者Zhiyao Chen, Jarrad Harford, Avraham Kamara
期刊名稱Journal of Financial and Quantitative Analysis
出版年份2019
月份2
卷號54
期次1
頁次369 - 392
國際標準期刊號0022-1090
電子國際標準期刊號1756-6916
語言美式英語

上次更新時間 2021-22-01 於 01:41