What are the Capital Structure Determinants for Tax‐Exempt Organizations?
研究了在没有税收激励的情况下，免税组织资本结构的决定因素，发现债务使用与资产有形性、增长和规模正相关，与年龄、流动性和盈利能力负相关，并揭示了行业特定差异。
Abstract I study the determinants of capital structure in the absence of tax incentives. I find that debt use is positively related to asset tangibility, growth, and size, and negatively related to age, liquidity, and profitability. Tax‐exempt sector‐specific findings indicate that debt is also positively related to the efficacy of state laws against the misuse of assets and to the percentage of decision makers that are paid and negatively related to decision‐maker compensation and to charitable contributions. Religious organizations most commonly borrow from internal sources, those in education use tax‐exempt bonds, while human services organizations use mortgages and notes payable.