2,833
Views
81
CrossRef citations to date
0
Altmetric
Original Articles

The impact of corporate debt on long term investment and firm performance

&
Pages 875-883 | Published online: 22 Aug 2006

References

References

  • Bernstein J Nadiri M 1984 Rate of return, research and development and structure of production Temporary Equilibrium and Costs of Adjustment (Ed.) MIT Press Boston
  • Bhagat , S and Welch , I . 1995 . Corporate research and development investments: international comparisons . Journal of Accounting and Economics , 19 ( 2/3 ) : 443 – 70 .
  • Chiao , C . 2002 . Relationship between debt, R&D and physical investment, evidence from us firm–level data . Applied Financial Economics , 12 : 105 – 21 .
  • Denis , DJ and Denis , DK . 1993 . Managerial discretion, organizational structure, and corporate performance: a study of leveraged recapitalization . Journal of Accounting and Economics , 16 : 209 – 36 .
  • Grossman S Hart O 1982 Corporate financial structure and managerial incentives The Economics of Information and Uncertainty (Ed.) J. McCall University of Chicago Press Chicago
  • Hall B 1992 Investment and research and development at the firm level: does the resource of financing matter? NBER Working Paper No. 4096
  • Harris , M and Raviv , A . 1990 . Capital structure and the informational role of debt . Journal of Finance , 45 ( 2 ) : 321 – 49 .
  • Harris , M and Raviv , A . 1991 . The theory of capital structure . Journal of Finance , 46 ( 1 ) : 297 – 356 .
  • Hoshi , T , Kashyap , A and Scharfstein , D . 1991 . Corporate structure, liquidity, and investment: evidence from Japanese industrial groups . Quarterly Journal of Economics , 106 ( 1 ) : 33 – 60 .
  • Jensen , MC . 1986 . Agency costs of free cash flow, corporate finance, and takeovers . American Economic Review , 76 ( 2 ) : 323 – 9 .
  • Jensen , MC . 1989 . Eclipse of the public corporation . Harvard Business Review , 67 ( 5 ) : 61 – 75 .
  • Lach , S and Rob , R . 1996 . R&D investment and industry dynamics . Journal of Economics and Management Strategy , 5 : 217 – 49 .
  • Lach S Schankerman M 1989 Dynamics of R&D and physical investment in the scientific sector 97 880 904
  • Lang , L , Ofek , E and Stulz , RM . 1996 . Leverage, investment, and firm growth . Journal of Financial Economics , 40 ( 1 ) : 3 – 29 .
  • Leland , HE and Pyle , DH . 1977 . Informational asymmetries, financial structure, and financial intermediation . Journal of Finance , 32 ( 2 ) : 371 – 87 .
  • Mairesse J Siu A 1984 An extended accelerator model of R&D and physical investment R&D, Patents, Productivity (Ed.) Z. Griliches The University of Chicago Press Chicago 271 97
  • Minton , B and Schrand , C . 1999 . The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing . Journal of Financial Economics , 54 : 423 – 60 .
  • Modigliani , F and Miller , MH . 1958 . The cost of capital, corporation finance and the theory of investment . American Economic Review , 48 ( 3 ) : 261 – 97 .
  • Myers , SC . 1977 . Determinants of corporate borrowing . Journal of Financial Economics , 5 ( 2 ) : 147 – 75 .
  • Myers , SC and Majluf , NS . 1984 . Corporate financing and investment decisions when firms have information that investors do not have . Journal of Financial Economics , 13 ( 2 ) : 187 – 221 .
  • Peyer , UC and Shivdasani , A . 2001 . Leverage and internal capital markets: evidence from leveraged recapitalizations . Journal of Financial Economics , 59 ( 3 ) : 477 – 504 .
  • Ross , SA . 1977 . The determination of financial structure: the incentive–signaling approach . Bell Journal of Economics , 8 ( 1 ) : 23 – 40 .
  • Stiglitz , J and Weiss , A . 1983 . Alternative approaches to analyzing markets with asymmetric information: reply . American Economic Review , 73 ( 1 ) : 246 – 9 .
  • Stulz , RM . 1990 . Managerial discretion and optimal financing policies . Journal of Financial Economics , 26 ( 1 ) : 3 – 28 .
  • Whited , TM . 1992 . Debt, liquidity constraints, and corporate investment: evidence from panel data . Journal of Finance , 47 ( 4 ) : 1425 – 60 .
  • Williamson , OE . 1988 . Corporate finance and corporate governance . Journal of Finance , 43 ( 3 ) : 567 – 91 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.