![What managers think of capital structure: the evidence from Hong Kong [An article from: Journal of Asian Economics]](https://www.ebooknetworking.net/books/B00/0RQ/bigB000RQZADY.jpg)
What managers think of capital structure: the evidence from Hong Kong [An article from: Journal of Asian Economics]
Book Details
Author(s)D.K.K. Fan, R.W. So
PublisherElsevier
ISBN / ASINB000RQZADY
ISBN-13978B000RQZAD2
MarketplaceFrance 🇫🇷
Description
This digital document is a journal article from Journal of Asian Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper studies Hong Kong managers' financing decisions, using the results of two surveys, one conducted in 1994 and other in 1999. The pecking order principle was found to be preferred to maintaining a target financing mix. Tax benefits were not important criterion. No signaling motivation was found on the part of the managers. The Asian financial crisis led managers to prefer equity to debt. Managers did not follow a set of principles mechanically in making financing decisions, but also considered the current market conditions. Post crisis data suggest that managers behaved in a manner consistent with their survey responses.
Description:
This paper studies Hong Kong managers' financing decisions, using the results of two surveys, one conducted in 1994 and other in 1999. The pecking order principle was found to be preferred to maintaining a target financing mix. Tax benefits were not important criterion. No signaling motivation was found on the part of the managers. The Asian financial crisis led managers to prefer equity to debt. Managers did not follow a set of principles mechanically in making financing decisions, but also considered the current market conditions. Post crisis data suggest that managers behaved in a manner consistent with their survey responses.
