资本结构
信息不对称
杠杆(统计)
盈利能力指数
证券交易所
财务
业务
公司财务
经济
债务
微观经济学
货币经济学
计算机科学
机器学习
作者
Muhammad Munir Ahmad,Ahmed Imran Hunjra,Faridul Islam,Qasim Zureigat
出处
期刊:International Journal of Emerging Markets
[Emerald (MCB UP)]
日期:2021-08-03
卷期号:18 (9): 2718-2734
被引量:7
标识
DOI:10.1108/ijoem-01-2021-0086
摘要
Purpose The authors examine the impact of asymmetric information on firm's financing decisions, the feedback effect of changes in capital structure on the level of asymmetric information, and the speed of adjustments in capital structure on its target leverage. Design/methodology/approach The authors extract the data on 280 non-financial firms listed in the Pakistan Stock Exchange (PSX) from the DataStream. The authors implement the generalized method of moments (GMM), complemented by the fixed effect model (FEM) to estimate the model coefficients. Findings The authors find that asymmetric information significantly affects the financing decisions; and that on average, firms adjust 26% of the total debt toward their target capital structure. The negative effect from the difference between the observed and target changes in leverage on asymmetric information confirms that capital structure changes act as a signal for future profitability and helps the management to lower its level of asymmetric information. Originality/value The findings offer fresh insight into the effect of asymmetric information on financing decisions, as well as the speed of adjustment of capital structure toward its target leverage, in the context of the firms working in emerging markets like Pakistan. To the authors’ best knowledge, this is the first study to investigate the impact of asymmetric information on financing decisions that incorporate firm's age, size and the global financial crises 2007–2008. The authors construct an asymmetric information index using both accounting and finance measures of asymmetry.
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