Debt, Incentives and Performance: Evidence from UK Panel Data
利用英国面板数据，在考虑资本结构内生性和动态性的基础上，重新检验了债务对绩效的影响，发现以往忽视内生性的研究结论需谨慎对待。
A large body of theoretical literature suggests that capital structure plays an important role as a managerial incentive mechanism. What of the evidence for the agency approach? Cross‐sectional empirical studies have identified a positive effect of leverage on expected performance (measured by Q) for firms with low growth opportunities. However, this evidence does not take into account the endogeneity of capital structure decisions. Our paper investigates the determinants of capital structure and performance, allowing for endogeneity and dynamics. Our results suggest that conclusions reached by previous studies which did not take into account the endogeneity issue should be treated with caution.