Non-linearity in the determinants of capital structure: evidence from UK firms |
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| Authors: | Bassam Fattouh Laurence Harris Pasquale Scaramozzino |
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| Affiliation: | (1) Department for Financial and Management Studies, SOAS, University of London, Thornhaugh Street, London, WC1H 0XG, UK;(2) Department of Economics, Universita’ di Roma Tor Vergata, Via Columbia, 2 - 00133 Rome, Italy |
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| Abstract: | We demonstrate that, by exploiting more fully the distribution of leverage, conditional quantile regression methods yield new insights into the choice of leverage ratio. For UK listed companies we find that not only is the estimated effect of the explanatory variables different at different quantiles of the distribution, but also that the effect of a variable changes sign between low leveraged and high leveraged firms. |
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| Keywords: | Capital structure Quantile regression method UK |
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