Were Modern Capital Structure Theories Valid in Belgium Before World War I?
基于一战前比利时129家上市公司的数据，研究发现现代资本结构理论能解释历史环境下的杠杆率，与当代结论相似。
Abstract: This study investigates whether modern theories can explain capital structure in a historical environment which was characterized by poor investor protection, booming stock markets and strong banks, and in which taxes did not affect leverage. Our results, based on a unique, hand‐collected sample of 556 firm‐year observations for 129 listed companies in Belgium before World War I, are remarkably similar to findings for present‐day samples. Leverage was positively related to asset tangibility, firm size and firm age, and it was negatively related to profitability and prior stock returns. Bank relationships were associated with lower leverage.