Rezumat articol ediţie STUDIA UNIVERSITATIS BABEŞ-BOLYAI

În partea de jos este prezentat rezumatul articolului selectat. Pentru revenire la cuprinsul ediţiei din care face parte acest articol, se accesează linkul din titlu. Pentru vizualizarea tuturor articolelor din arhivă la care este autor/coautor unul din autorii de mai jos, se accesează linkul din numele autorului.

 
       
         
    STUDIA OECONOMICA - Ediţia nr.2 din 2004  
         
  Articol:   DINAMICA STRUCTURII CAPITALULUI / THE DYNAMICS OF CAPITAL STRUCTURE.

Autori:  VIOREL DORIN LĂCĂTUŞ. 		 
       
         
  Rezumat:  The common approach in empirical capital structure research aimed at studying the determinants of optimal leverage by analyzing the association between observed leverage and a set of explanatory variables. This approach has two major shortcomings. First, the observed leverage need not necessarily be the optimal leverage. Second, the empirical analyses, having essentialy non-dinamic character , are unable to shed any light on the way firms should adjust the dinamic of their capital structure .This paper presents a dynamic adjustment model, and uses and panel data methodology applied to in order to specifically establish the determinants of a time-varying optimal capital structure. In addition, the model acknowledges that at any point in time firms� observed leverage may not be optimal, and firms differ in their speed of adjustment towards the optimal capital structure, which itself may be changing over time within the same firm. We also attempt to identify factors determining the speed of adjustment. We argue that firms generally develop capital structures do not fit the target , and that they adjust very slowly to it.  
         
     
         
         
      Revenire la pagina precedentă