Determinants of Capital Structure: An Expanded Assessment
用统一方法评估55个资本结构决定因素，发现少数因素稳健且经济重要，整体证据更支持啄序理论和供给相关理论，而非传统权衡理论和代理理论。
Abstract Using a standardized methodology, we empirically evaluate 55 proposed determinants of capital structure in terms of statistical significance, economic significance, and identification. We find that robust and economically important determinants of debt ratios are relatively few in number. Nevertheless, because each determinant relates to one of five market imperfections—taxes, distress costs, information asymmetry, agency costs, or supply frictions—we draw conclusions from the evidence as a whole regarding the explanatory power of different capital structure theories. We find greater support for pecking order theory and supply-related theories, with less support for traditional tradeoff theory and agency theory.