{"id":12301,"date":"2014-06-25T08:35:18","date_gmt":"2014-06-25T06:35:18","guid":{"rendered":"https:\/\/hub.hslu.ch\/ifz\/?p=12301"},"modified":"2014-06-25T08:35:18","modified_gmt":"2014-06-25T06:35:18","slug":"capital-structure-inertia-and-product-market-competition","status":"publish","type":"post","link":"https:\/\/hub.hslu.ch\/ifz\/2014\/06\/25\/capital-structure-inertia-and-product-market-competition\/","title":{"rendered":"Capital Structure Inertia and Product Market Competition"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" alt=\"\" src=\"https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2012\/06\/gabrielle-Foto.png\" width=\"132\" height=\"234\" \/><\/p>\n<p><em>von\u00a0<a href=\"http:\/\/www.hslu.ch\/hochschule-luzern\/h-ueber-uns\/h-person.htm?id_person=1011916&amp;id_teilschule=25650&amp;row=0\" target=\"_blank\">Prof. Dr. Gabrielle Wanzenried<\/a><\/em><br \/>\n<em>Forschungsleiterin und Dozentin am\u00a0<a href=\"http:\/\/www.hslu.ch\/ifz\" target=\"_blank\">Institut f\u00fcr Finanzdienstleistungen Zug IFZ<\/a><\/em><\/p>\n<p>Based on a sample of US non-financial and non-utility firms over fiscal years from 1990 to\u00a02010, this paper empirically examines how capital structure inertia differs across industries and\u00a0to what extend such differences can be explained by product market competition. We find that\u00a0firms in more competitive industries tend to be more inert with their capital structure decisions.\u00a0This result could be explained by the disciplinary effect of debt, which serves as a substitute to\u00a0product market competition.<\/p>\n<p><a href=\"https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2014\/06\/1234.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-12307\" alt=\"1234\" src=\"https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2014\/06\/1234.jpg\" width=\"495\" height=\"269\" srcset=\"https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2014\/06\/1234.jpg 495w, https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2014\/06\/1234-300x163.jpg 300w\" sizes=\"auto, (max-width: 495px) 100vw, 495px\" \/><\/a><\/p>\n<p>When product market competition is low, managers are more\u00a0active with regard to capital structure decisions, especially debt use to constrain the free cash<br \/>\nflow problem. In addition, we explore the explanatory power of transaction costs, which is a\u00a0common explanation for capital structure inertia. Our results show that large firms are more\u00a0inert than small firms. This provides evidence that transaction costs, at least, do not play a\u00a0critical role in explaining capital structure inertia.<\/p>\n<p>Read more in the IFZ Working Paper No. 0025\/2014 &#8211; click\u00a0<a href=\"https:\/\/hub.hslu.ch\/ifz\/wp-content\/blogs.dir\/165\/files\/sites\/6\/2014\/06\/222.pdf\">here<\/a>\u00a0to download<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>von\u00a0Prof. Dr. Gabrielle Wanzenried Forschungsleiterin und Dozentin am\u00a0Institut f\u00fcr Finanzdienstleistungen Zug IFZ Based on a sample of US non-financial and non-utility firms over fiscal years from 1990 to\u00a02010, this paper empirically examines how capital structure inertia differs across industries and\u00a0to what extend such differences can be explained by product market competition. We find that\u00a0firms in<\/p>\n","protected":false},"author":257,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[146],"tags":[],"class_list":["post-12301","post","type-post","status-publish","format-standard","hentry","category-forschung"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Capital Structure Inertia and Product Market Competition - 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