Asset specificity, firm heterogeneity and capital structure
实证研究了专用性资产和企业独特特征对资本结构差异的影响，发现企业特定效应是杠杆率差异的主要来源，表明战略与资本结构紧密相关。
Abstract This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm‐specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure.