| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5165 |
| 来源ID | Working Paper 5165 |
| Leverage, Investment, and Firm Growth | |
| Larry Lang; Eli Ofek; Rene M. Stulz | |
| 发表日期 | 1995-07-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and growth holds for firms with low Tobin's q, but not for high-q firms or firms in high-q industries. Therefore, leverage does not reduce growth for firms known to have good investment opportunities, but is negatively related to growth for firms whose growth opportunities are either not recognized by the capital markets or are not sufficiently valuable to overcome the effects of their debt overhang. |
| URL | https://www.nber.org/papers/w5165 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562608 |
| 推荐引用方式 GB/T 7714 | Larry Lang,Eli Ofek,Rene M. Stulz. Leverage, Investment, and Firm Growth. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5165.pdf（535KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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