The impact of financial liberalization on capital structure adjustment in Pakistan: a doubly censored modelling

References

• Ahluwalia, M. S. 1996. “Structural Adjustment and Reform in Developing Countries.” The International Monetary and Financial System 193–228.http://link.springer.com/chapter/10.1007%2F978-1-349-24414-0_8.
   Google Scholar
• Ahsan, T., W. Man, and M. A. Qureshi. 2016a. “Mean Reverting Financial Leverage: Theory and Evidence from Pakistan.” Applied Economics 48: 379–388. doi:10.1080/00036846.2015.1080802.
   Web of Science ®Google Scholar
• Ahsan, T., M. Wang, and M. A. Qureshi. 2016b. “Firm, Industry and Country Level Determinants of Capital Structure: Evidence from Pakistan.” South Asian Journal of Global Business Research 5: 362–384. doi:10.1108/SAJGBR-05-2015-0036.
   Web of Science ®Google Scholar
• Ahsan, T., M. Wang, and M. A. Qureshi. 2016c. “How Do They Adjust Their Capital Structure along Their Life Cycle? an Empirical Study about Capital Structure over Life Cycle of Pakistani Firms.” Journal of Asia Business Studies 10: 276–302. doi:10.1108/JABS-06-2015-0080.
   Web of Science ®Google Scholar
• Alves, P., and P. Francisco. 2015. “The Impact of Institutional Environment on the Capital Structure of Firms during Recent Financial Crises.” The Quarterly Review of Economics and Finance 57: 129–146. doi:10.1016/j.qref.2014.12.001.
   Web of Science ®Google Scholar
• Alves, P. F. P., and M. A. Ferreira. 2011. “Capital Structure and Law around the World.” Journal of Multinational Financial Management 21: 119–150. doi:10.1016/j.mulfin.2011.02.001.
   Google Scholar
• Ameer, R. 2013. “Financial Liberalization and Firms’ Capital Structure Adjustments Evidence from Southeast Asia and South America.” Journal of Economics and Finance 37: 1–32. doi:10.1007/s12197-010-9158-3.
   Google Scholar
• Baker, M., and J. Wurgler. 2002. “Market Timing and Capital Structure.” The Journal of Finance 57: 1–32. doi:10.1111/1540-6261.00414.
   Web of Science ®Google Scholar
• Bayrakdaroğlu, A., İ. Ege, and N. Yazici. 2013. “A Panel Data Analysis of Capital Stucture Determinants: Empirical Results from Turkish Capital Market.” International Journal of Economics and Finance 5: 131–140. doi:10.5539/ijef.v5n4p131.
   Google Scholar
• Bekaert, G., C. R. Harvey, and C. Lundblad. 2005. “Does Financial Liberalization Spur Growth.” Journal of Financial Economics 77: 3–55.
   Web of Science ®Google Scholar
• Bekaert, G., C. R. Harvey, and C. Lundblad. 2001. “Emerging Equity Markets and Economic Development.” Journal of Development Economics 66: 465–504. doi:10.1016/S0304-3878(01)00171-7.
   Web of Science ®Google Scholar
• Bhattacharya, R. 1997. “Pace, Sequencing and Credibility of Structural Reforms.” World Development 25: 1045–1061. doi:10.1016/S0305-750X(97)00026-0.
   Web of Science ®Google Scholar
• Bontempi, M. E., and R. Golinelli. 2001. Is Financial Leverage Mean-Reverting? Unit Root Tests and Corporate Financing Models.AMSActa http://amsacta.unibo.it/662/
   Google Scholar
• Booth, L., V. Aivazian, A. D. Kunt, and V. Maksimovic. 2001. “Capital Structure in Developng Countries.” The Journal of Finance 56: 87–130. doi:10.1111/0022-1082.00320.
   Web of Science ®Google Scholar
• Bradley, M., G. A. Jarrell, and E. H. Kim. 1984. “On the Existence of an Optimal Capital Structure: Theory and Evidence.” The Journal of Finance 39: 857–878. doi:10.1111/j.1540-6261.1984.tb03680.x.
   Web of Science ®Google Scholar
• Bruno, M. 1992. Stabilization and Reform in Eastern Europe: A Preliminary Evaluation. IMF working paper 394, International Monetary Fund. Washington D. C. 10.5089/9781451844856.001
   Google Scholar
• Byoun, S. 2008. “How and When Do Firms Adjust Their Capital Structures toward Targets?” The Journal of Finance 63: 3069–3096. doi:10.1111/j.1540-6261.2008.01421.x.
   Web of Science ®Google Scholar
• Cook, D. O., and T. Tang. 2010. “Macroeconomic Conditions and Capital Structure Adjustment Speed.” Journal of Corporate Finance 16: 73–87. doi:10.1016/j.jcorpfin.2009.02.003.
   Web of Science ®Google Scholar
• Demirguc-Kunt, A., and V. Maksimovic. 1996. “Stock Market Development and Financing Choices of Firms.” The World Bank Economic Review 10: 341–369. doi:10.1093/wber/10.2.341.
   Web of Science ®Google Scholar
• Donaldson, G. 1961. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston: Harvard, Graduate School of Business Administration.
   Google Scholar
• Drobetz, W., D. C. Schilling, and H. Schröder. 2015. “Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle.” European Financial Management 21: 936–973. doi:10.1111/eufm.v21.5.
   Web of Science ®Google Scholar
• Drobetza, W., and G. Wanzenried. 2006. “What Determines the Speed of Adjustment to the Target Capital Structure?” Applied Financial Economics 16: 941–958. doi:10.1080/09603100500426358.
   Google Scholar
• Elsas, R., and D. Florysiak. 2012. “Heterogeneity in the Speed of Adjustment Towards Target Leverage.” Journal of Finacial Economics 103: 88–112.
   Google Scholar
• Elsas, R., and D. Florysiak. 2015. “Dynamic Capital Structure Adjustment and the Impact of Fractional Dependent Variables.” Journal of Financial and Quantitative Analysis 50: 1105–1113. doi:10.1017/S0022109015000496.
   Web of Science ®Google Scholar
• Fan, J. P. H., S. Titman, and G. Twite. 2012. “An International Comparison of Capital Structure and Debt Maturity Choices.” Journal of Financial and Quantitative Analysis 47: 23–56. doi:10.1017/S0022109011000597.
   Web of Science ®Google Scholar
• Fischer, E. O., R. Heinkel, and J. Zechner. 1989. “Dynamic Capital Structure Choice: Theory and Tests.” The Journal of Finance 44: 19–40. doi:10.1111/j.1540-6261.1989.tb02402.x.
   Web of Science ®Google Scholar
• Getzmann, A., S. Lang, and K. Spremann. 2014. “Target Capital Structure and Adjustment Speed in Asia.” Asia-Pacific Journal of Financial Studies 43: 1–30. doi:10.1111/ajfs.12038.
   Web of Science ®Google Scholar
• Han Kim, E., and V. Singal. 2000. “Stock Market Openings: Experience of Emerging Economies*.” The Journal of Business 73: 25–66. doi:10.1086/jb.2000.73.issue-1.
   Google Scholar
• Henry, P. B. 2000. “Do Stock Market Liberalizations Cause Investment Booms?” Journal of Financial Economics 58: 301–334. doi:10.1016/S0304-405X(00)00073-8.
   Web of Science ®Google Scholar
• Hovakimian, A., and G. Li. 2011. “In Search of Conclusive Evidence: How to Test for Adjustment to Target Capital Structure.” Journal of Corporate Finance 17: 33–44. doi:10.1016/j.jcorpfin.2010.07.004.
   Web of Science ®Google Scholar
• Jõeveer, K. 2013. “Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Transition Economies.” Journal of Comparative Economics 41: 294–308. doi:10.1016/j.jce.2012.05.001.
   Web of Science ®Google Scholar
• Jong, A. D., R. Kabir, and T. T. Nguyen. 2008. “Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants.” Journal of Banking & Finance 32: 1954–1969. doi:10.1016/j.jbankfin.2007.12.034.
   Web of Science ®Google Scholar
• Kaminsky, G., and S. Schmukler 2003. Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization. National Bureau of Economic Research.
   Google Scholar
• Khwaja, A. I., and A. Mian. 2005. “Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market.” The Quarterly Journal of Economics 120: 1371–1411. doi:10.1162/003355305775097524.
   Web of Science ®Google Scholar
• King, R. G., and R. Levine. 1993. “Finance and Growth: Schumpeter Might Be Right.” The Quarterly Journal of Economics 108: 717–737. doi:10.2307/2118406.
   Web of Science ®Google Scholar
• La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. W. Vishny. 1997. “Legal Determinants of External Finance.” The Journal of Finance 52: 1131–1150. doi:10.1111/j.1540-6261.1997.tb02727.x.
   Web of Science ®Google Scholar
• Laeven, L. 2003. “Does Financial Liberalization Reduce Financing Constraints?” Financial Management 32: 5–34. doi:10.2307/3666202.
   Web of Science ®Google Scholar
• Little, I., T. Scitovsky, and M. Scott. 1975. Industry and Trade in Some Developing Countries: A Comparartive Study. Oxford: Oxford University Press.
   Google Scholar
• Miller, D. 1999. “The Market Reaction to International Cross-Listings: Evidence from Depositary Receipts.” Journal of Financial Economics 51: 103–123. doi:10.1016/S0304-405X(98)00045-2.
   Web of Science ®Google Scholar
• Modigliani, F., and M. H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review 48: 261–297.
   Web of Science ®Google Scholar
• Modigliani, F., and M. H. Miller. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction.” American Economic Review 53: 433–443.
   Web of Science ®Google Scholar
• Myers, S. C. 1984. “The Capital Structure Puzzle.” The Journal of Finance 39: 575–592. doi:10.2307/2327916.
   Web of Science ®Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13: 187–221. doi:10.1016/0304-405X(84)90023-0.
   Web of Science ®Google Scholar
• Nachane, D. M. 2006. Econometrics: Theoretical foundations and empirical perspectives. India: Oxford University Press.
   Google Scholar
• Ott, L. R., and M. Longnecker. 2001. Statistical Methods and Data Analysis. 5th ed. CA, USA: Duxbury Pacific Grove.
   Google Scholar
• Oztekin, O., and M. J. Flannery. 2012. “Institutional Determinants of Capital Structure Adjustment Speeds.” Journal of Financial Economics 103: 88–112. doi:10.1016/j.jfineco.2011.08.014.
   Web of Science ®Google Scholar
• Porta, R., L. A., F. Lopez-De- Silanes, A. Shleifer, and R. W. Vishny. 1998. “Law and Finance.” The Journal of Political Economy 106: 1113–1155. doi:10.1086/250042.
   Web of Science ®Google Scholar
• Qureshi, M. A. 2009. “Does Pecking Order Theory Explain Leverage Behaviour in Pakistan?” Applied Financial Economics 19: 1365–1370. doi:10.1080/09603100902817592.
   Google Scholar
• Rajan, R. G., and L. Zingales. 1995. “What Do We Know about Capital Structure? Some Evidence from International Data.” The Journal of Finance 50: 1421–1460. doi:10.1111/j.1540-6261.1995.tb05184.x.
   Web of Science ®Google Scholar
• Sheikh, N. A., and M. A. Qureshi. 2014. “Crowding-Out or Shying-Away: Impact of Corporate Income Tax on Capital Structure Choice of Firms in Pakistan.” Applied Financial Economics 24: 1249–1260. doi:10.1080/09603107.2014.925053.
   Google Scholar
• Titman, S., and R. Wessels. 1988. “The Determinants of Capital Structure Choice.” The Journal of Finance 43: 1–19. doi:10.1111/j.1540-6261.1988.tb02585.x.
   Web of Science ®Google Scholar
• Tongkong, S. 2012. “Key Factors Influencing Capital Structure Decision and Its Speed of Adjustment of Thai Listed Real Estate Companies.” Procedia - Social and Behavioral Sciences 40: 716–720. doi:10.1016/j.sbspro.2012.03.254.
   Google Scholar
• Venkiteshwaran, V. 2011. “Partial Adjustment toward Optimal Cash Holding Levels.” Review of Financial Economics 20: 113–121. doi:10.1016/j.rfe.2011.06.002.
   Google Scholar