Arbeitspapier
Macroeconomic Uncertainty and Firm Leverage
This paper investigates the link between the optimal level of non-financial firms' leverage and macroeconomic uncertainty. We develop a structural model of a firm's value maximization problem that predicts that as macroeconomic uncertainty increases the firm will decrease its optimal level of borrowing. We test this proposition using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1991-2001. The estimates confirm that as macroeconomic uncertainty increases, firms decrease their levels of leverage. Furthermore, we demonstrate that our results are robust with respect to the inclusion of the index of leading indicators.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 443
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
- Thema
-
leverage
uncertainty
non-financial firms
panel data
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Baum, Christopher F.
Stephan, Andreas
Talavera, Oleksandr
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Baum, Christopher F.
- Stephan, Andreas
- Talavera, Oleksandr
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2004
Ähnliche Objekte (12)
Chemisch induzierte Zellproliferation und Kanzerogenese : retrospektive Untersuchung der Zellproliferation mittels Nachweis des Zellproliferationsmarkers PCNA in der Leber von Ratten aus toxikologischen Studien
Musiktherapie bei neurotischen Störungen : eine klinische Untersuchung
Macroeconomic Uncertainty and Firm Leverage
Outsourcing and Firm-level Performance
Persistence and determinants of firm profit in emerging markets
A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
The impact of road infrastructure on productivity and growth: some preliminary results for the German manufacturing sector
Der Nutzen von Firmendaten für die wirtschaftspolitische Beratung (Editorial)
Assessing the contribution of public capital to private production
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach
Regional infrastructure policy and its impact on productivity: a comparison of Germany and France
Chemisch induzierte Zellproliferation und Kanzerogenese : retrospektive Untersuchung der Zellproliferation mittels Nachweis des Zellproliferationsmarkers PCNA in der Leber von Ratten aus toxikologischen Studien
Musiktherapie bei neurotischen Störungen : eine klinische Untersuchung
Macroeconomic Uncertainty and Firm Leverage
Outsourcing and Firm-level Performance
Persistence and determinants of firm profit in emerging markets
A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
The impact of road infrastructure on productivity and growth: some preliminary results for the German manufacturing sector
Der Nutzen von Firmendaten für die wirtschaftspolitische Beratung (Editorial)
Assessing the contribution of public capital to private production
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach
Regional infrastructure policy and its impact on productivity: a comparison of Germany and France
Chemisch induzierte Zellproliferation und Kanzerogenese : retrospektive Untersuchung der Zellproliferation mittels Nachweis des Zellproliferationsmarkers PCNA in der Leber von Ratten aus toxikologischen Studien
Musiktherapie bei neurotischen Störungen : eine klinische Untersuchung
Macroeconomic Uncertainty and Firm Leverage
Outsourcing and Firm-level Performance
Persistence and determinants of firm profit in emerging markets
A Schumpeter-inspired Approach to the Construction of R&D Capital Stocks
The impact of road infrastructure on productivity and growth: some preliminary results for the German manufacturing sector
Der Nutzen von Firmendaten für die wirtschaftspolitische Beratung (Editorial)
Assessing the contribution of public capital to private production
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach
The contribution of transport and human capital infrastructure to local private production: a partial adjustment approach