EN
Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries
Abstract
The issue of target leverage for corporate firms in developing countries has received little attention in extant literature, especially countries in Africa. Given the imperfection that exists in African financial markets that may limit firms access to external capital, this study investigates dynamic adjustment towards a target debt ratio. In addition, the study used a dynamic panel data estimation technique to determine adjustment costs and speed of adjustment in non-financial firms in selected African countries over the period 2003 to 2012. The study finds that the firms make dynamic adjustment to a target leverage with low adjustment costs and relatively fast speed of adjustment.
Keywords
Ayrıntılar
Birincil Dil
İngilizce
Konular
-
Bölüm
-
Yayımlanma Tarihi
1 Haziran 2015
Gönderilme Tarihi
1 Haziran 2015
Kabul Tarihi
-
Yayımlandığı Sayı
Yıl 2015 Cilt: 5 Sayı: 2
APA
Etudaiye-muhtar, O. F., & Ahmad, R. (2015). Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries. International Journal of Economics and Financial Issues, 5(2), 482-488. https://izlik.org/JA26UP59DF
AMA
1.Etudaiye-muhtar OF, Ahmad R. Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries. IJEFI. 2015;5(2):482-488. https://izlik.org/JA26UP59DF
Chicago
Etudaiye-muhtar, Oyebola Fatima, ve Rubi Ahmad. 2015. “Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries”. International Journal of Economics and Financial Issues 5 (2): 482-88. https://izlik.org/JA26UP59DF.
EndNote
Etudaiye-muhtar OF, Ahmad R (01 Haziran 2015) Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries. International Journal of Economics and Financial Issues 5 2 482–488.
IEEE
[1]O. F. Etudaiye-muhtar ve R. Ahmad, “Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries”, IJEFI, c. 5, sy 2, ss. 482–488, Haz. 2015, [çevrimiçi]. Erişim adresi: https://izlik.org/JA26UP59DF
ISNAD
Etudaiye-muhtar, Oyebola Fatima - Ahmad, Rubi. “Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries”. International Journal of Economics and Financial Issues 5/2 (01 Haziran 2015): 482-488. https://izlik.org/JA26UP59DF.
JAMA
1.Etudaiye-muhtar OF, Ahmad R. Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries. IJEFI. 2015;5:482–488.
MLA
Etudaiye-muhtar, Oyebola Fatima, ve Rubi Ahmad. “Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries”. International Journal of Economics and Financial Issues, c. 5, sy 2, Haziran 2015, ss. 482-8, https://izlik.org/JA26UP59DF.
Vancouver
1.Oyebola Fatima Etudaiye-muhtar, Rubi Ahmad. Empirical Evidence of Target Leverage, Adjustment Costs and Adjustment Speed of Non-Financial Firms in Selected African Countries. IJEFI [Internet]. 01 Haziran 2015;5(2):482-8. Erişim adresi: https://izlik.org/JA26UP59DF