Does debt affect firm value in Taiwan? A panel threshold regression analysis

References

• Aggarwal , R and Zong , S . 2006 . The cash flow investment relationship: international evidence of limited access to external finance . Journal of Multinational Financial Management , 16 : 89 – 104 .
   Google Scholar
• Altman , EI . 1984 . A further empirical investigation of the bankruptcy cost question . The Journal of Finance , 39 : 1067 – 90 .
   Web of Science ®Google Scholar
• Baker , M and Wurgler , J . 2002 . Market timing and capital structure . The Journal of Finance , 57 : 1 – 32 .
   Web of Science ®Google Scholar
• Bevan , AA and Danbolt , J . 2002 . Capital structure and its determinants in the UK–a decompositional analysis . Applied Financial Economics , 12 : 159 – 70 .
   Google Scholar
• Castanias , R . 1983 . Bankruptcy risk and optimal capital structure . The Journal of Finance , 38 : 1617 – 36 .
   Web of Science ®Google Scholar
• Chan , KS . 1993 . Consistency and limiting distribution of the least squares estimator of a continuous threshold autoregressive model . The Annals of Statistics , 21 : 520 – 33 .
   Web of Science ®Google Scholar
• Chung , KH and Pruitt , SW . 1994 . A simple approximation of Tobin's Q . Financial Management , 23 : 70 – 4 .
   Web of Science ®Google Scholar
• Davies , JR , David , H and McColgan , TP . 2005 . Ownership structure, managerial behaviour and corporate value . Journal of Corporate Finance , 11 : 645 – 60 .
   Web of Science ®Google Scholar
• Davies , RB . 1977 . Hypothesis testing when a nuisance parameter is present only under the alternative . Biometrika , 64 : 247 – 54 .
   Web of Science ®Google Scholar
• Davies , RB . 1987 . Hypothesis testing when a nuisance parameter is present only under the alternative . Biometrika , 74 : 33 – 43 .
   Web of Science ®Google Scholar
• Demsetz , H and Villalonga , B . 2001 . Ownership structure and corporate performance . Journal of Corporate Finance , 7 : 209 – 33 .
   Web of Science ®Google Scholar
• Dickey , DA and Fuller , WA . 1979 . Distribution of the estimators for autoregression time series with a unit root . Journal of the American Statistical Association , 74 : 427 – 32 .
   Web of Science ®Google Scholar
• Dushnitsky , G and Lenox , MJ . 2006 . When does corporate venture capital investment create firm value? . Journal of Business Venturing , 21 : 753 – 72 .
   Web of Science ®Google Scholar
• Flannery , MJ and Rangan , KP . 2006 . Partial adjustment toward target capital structure . Journal of Financial Economics , 79 : 469 – 506 .
   Web of Science ®Google Scholar
• Frank , MZ and Goyal , VK . 2004 . The effect of market conditions on capital structure adjustment . Finance Research Letters , 1 : 47 – 55 .
   Google Scholar
• Hansen , BE . 1996 . Inference when a nuisance parameter is not identified under the null hypothesis . Econometrica , 64 : 413 – 30 .
   Web of Science ®Google Scholar
• Hansen , BE . 1999 . Threshold effects in non-dynamic panels: estimation, testing and inference . Journal of Econometrics , 93 : 345 – 68 .
   Web of Science ®Google Scholar
• Hiraki , T , Inoue , H , Ito , A , Kuroki , F and Masuda , H . 2003 . Corporate governance and firm value in Japan: evidence from 1985 to 1998 . Pacific-Basin Finance Journal , 11 : 239 – 65 .
   Google Scholar
• Im , KS , Pesaran , MH and Shin , Y . 2003 . Testing for unit roots in heterogeneous panels . Journal of Econometrics , 115 : 53 – 74 .
   Web of Science ®Google Scholar
• Jensen , MC and Meckling , WH . 1976 . Theory of the firm: managerial behavior, agency cost and ownership structure . Journal of Financial Economics , 3 : 305 – 60 .
   Web of Science ®Google Scholar
• Kim , WS and Sorensen , EH . 1986 . Evidence on the impact of the agency costs of debt on corporate debt policy . Journal of Financial and Quantitative Analysis , 21 : 131 – 45 .
   Web of Science ®Google Scholar
• Levin , A , Lin , CF and Chu , C-S . 2002 . Unit root in panel data: asymptotic and finite-sample properties . Journal of Econometric , 108 : 1 – 24 .
   Web of Science ®Google Scholar
• Lindenberg , E and Ross , S . 1981 . Tobin's Q ratio and industrial organization . Journal of Business , 54 : 1 – 32 .
   Web of Science ®Google Scholar
• Mak , YT and Kusnadi , Y . 2005 . Size really matters: further evidence on the negative relationship between board size and firm value . Pacific-Basin Finance Journal , 13 : 301 – 18 .
   Google Scholar
• Miller , MH . 1977 . Debt and taxes . Journal of Finance , 32 : 261 – 75 .
   Web of Science ®Google Scholar
• Modigliani , F and Miller , MH . 1958 . The cost of capital, corporate finance, and the theory of investment . American Economic Review , 48 : 261 – 97 .
   Web of Science ®Google Scholar
• Modigliani , F and Miller , MH . 1963 . Corporate income taxes and the cost of capital: a correction . American Economics Review , 53 : 433 – 43 .
   Web of Science ®Google Scholar
• Myers , SC . 1977 . The determinants of corporate borrowing . Journal of Financial Economics , 5 : 147 – 75 .
   Web of Science ®Google Scholar
• Myers , SC . 1984 . The capital structure puzzle . Journal of Finance , 39 : 575 – 92 .
   Web of Science ®Google Scholar
• 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 : 187 – 222 .
   Web of Science ®Google Scholar
• Phillips , PCB and Perron , P . 1988 . Testing for a unit root in a time series regressions . Biometrika , 75 : 335 – 46 .
   Web of Science ®Google Scholar
• Ross , SA . 1977 . The determination of financial structure: the incentive signaling approach . Bell Journal of Economics and Management Science , 8 : 23 – 40 .
   Google Scholar
• Simpson , WG and Gleason , AE . 1972 . Board structure, ownership, and financial distress in banking firms . International Review of Economics and Finance , 8 : 281 – 92 .
   Google Scholar
• Singh , M and Faircloth , S . 2005 . The impact of corporate debt on long term investment and firm performance . Applied Economics , 37 : 875 – 83 .
   Web of Science ®Google Scholar
• Stiglitz , JE . 1972 . Some aspects of the pure theory of corporate finance: bankruptcies and takeovers . Bell Journal of Economics and Management Science , 3 : 458 – 82 .
   Google Scholar
• Tong , H . 1978 . “ On a threshold model ” . In Pattern Recognition and Signal Processing , Edited by: Chen , CH . 101 – 41 . Amsterdam : Sijthoff & Noordhoff .
   Google Scholar
• Welch , I . 2004 . Capital structure and stock returns . Journal of Political Economy , 112 : 106 – 31 .
   Web of Science ®Google Scholar